Wednesday, November 8, 2023
HomeMarket ResearchPhotograph market 2023: mirrorless cameras and video

Photograph market 2023: mirrorless cameras and video


 

Pictures has been the one sector within the international technical shopper items (TCG) market to take pleasure in a stable gross sales enhance in 2023.

Amid stagnant shopper confidence and tight family budgets, it noticed year-on-year development of 9% in January to August, whereas home home equipment, shopper electronics, IT, workplace and telecom sectors all slumped. Take the poor efficiency of Latin America (-15%) and Russia and Kazakhstan mixed (-13%) out of the equation together with Western Europe’s flat dynamics (+2%), and the bounce-back seems to be even stronger, with development of 20% within the Center East and Africa, 18% in China and 16% in Rising Asia.

With gross sales worth at 1% above pre-pandemic baselines, it appears the sector is lastly displaying modest hints of long-term restoration, having been the weakest of the TCG sectors because the begin of the Covid-19 disaster.

Right here we have a look at 6 key traits within the international photograph market and the way manufacturers and retailers can discover alternatives amid fragile shopper confidence.

Blog-Photo-market-trends-2023-image-1

The smartphone continues to overshadow the devoted digital digital camera

When the primary touchscreen smartphones made waves in 2007/2008, the digital camera trade was in sturdy well being. However it wasn’t lengthy earlier than this new know-how had a damaging impression on digital camera purchases. Since peaking in 2010, worldwide digital digital camera shipments by members of the Digicam & Imaging Merchandise Affiliation (CIPA) have plummeted by 93%.

Cameras constructed into telephones might stay inferior to devoted digital cameras, and single lens reflex cameras (SLRs) particularly, however customers can see that the standard is bettering 12 months on 12 months. Plus, they’ve the benefit of being shut at hand and easy to function.

After all, smartphone dependancy is fuelled by social media, which now counts 4.8 billion customers globally—greater than half the world’s inhabitants. For each 100 folks linked to the web, 93 are social media customers, spending a mean of two hours and 24 minutes scrolling daily. If photograph manufacturers and retailers are to outsmart the smartphone, they should attraction to those international legions of content material creators, displaying them fast and handy new methods to make and share high-quality photographs and video.

 

Mirrorless cameras proceed to drive the imaging market

The precedent set by the smartphone as a small, light-weight, handy digital camera is now fueling the widespread adoption of compact system cameras (CSCs). These mirrorless cameras and their lenses accounted for 73% of the imaging market’s $7 billion turnover within the 12 months to August 2023.

CSCs grew by 22% and CSC lenses by 17% over that interval. In sharp distinction, SLRs and their lenses plummeted by 31% and 28% respectively over the identical interval. Actually, demand for SLR merchandise has fallen by round 70% on pre-pandemic ranges.  

Blog-Photo-market-trends-2023-image-2

 

It exhibits that when customers are selecting cameras, they overwhelmingly now go for these smaller, lighter fashions that are usually much less complicated than SLRs with out typically compromising on picture high quality or options. Producers and retailers dedicated to digital SLRs ought to concentrate on differentiating options the place they will supply a superior expertise, equivalent to bigger sensors that may seize extra mild in low-light settings. 

 

The boundaries between picture and video creation are blurring

The unstoppable unfold of social media and vlogging is growing the variety of younger customers making, sharing, and watching video content material.

For producers within the digital digital camera market this presents the chance to supply an improve from smartphones to cameras and tools that allow customers to provide each video and stills at prime quality.

Reflecting this social media-fueled development, we’re seeing the typical DSC proprietor drop in age. Greater than half are actually aged between 16 and 34—up 4 share factors since 2022—and 30% are Gen Z, making them between 11 and 26, whereas 56% don’t have kids, in line with gfkNewron Client Intelligence.

Blog-Photo-market-trends-2023-image-3

Illustrating video’s upward trajectory, battery life and video decision have been among the many prime 4 options influencing product selection in Q1 2023, cited by 38% and 31% of customers respectively in the identical gfkNewron research.

Though megapixels are nonetheless deemed extra necessary than video decision, customers are starting to say this much less because the vlogging universe expands, whereas decision particularly for video is rising in significance.

The amount share of cameras with 4k+ video decision has already doubled since 2019 and reached 90% worth share in August 2023 in contrast with 81% in 2021 and 52% in 2019.

Blog-Photo-market-trends-2023-image-4

 

Worth is a prime buy driver

Digicam consumers have historically primarily based their buy selections at the start on worth. But, for the second 12 months working, worth is simply the second prime buy driver after product options in 2023, cited by 61% of customers. Customers clearly prioritize the standard and performance of their package, and are ready to stretch their budgets for a digital camera that matches their standards.

The mid-range worth class of US$1,000—$2,000 grew within the first eight months of 2023, pushed by CSC and changeable lenses.

Nonetheless, the $3,000+ worth class shrank in APAC and Europe in addition to the LATAM market.

 

Lenses compensate for muted demand

Lenses income recovered on pre-pandemic ranges in January to August 2023, largely because of common worth rises in recent times, with gross sales worth up by 18% on 2019 however unit gross sales down by 11%.

The one focal size lens nonetheless guidelines, commanding 34% of worth share, although the usual zoom and telezoom stay steady, accounting for over half of gross sales worth between them.

Common CSC lens costs stabilized in 2022 and fell within the first eight months of the 12 months to US$926, however SLR lenses have fallen extra steeply, down from US$707 simply two years in the past to $538 as of August 2023.

Blog-Photo-market-trends-2023-image-5

 

Motion cameras are again in motion

After three years within the doldrums, motion cameras posted stable development in 2023 with quantity and worth rising by 13% and 19% respectively.

One clarification is that touring is again on the agenda after the restrictive years of the pandemic. Yr-on-year unit gross sales crashed by nearly 25% in 2020 because the Covid-19 disaster pressured folks to remain at house. However this droop was primarily pushed by European markets, the place nearly half of all of the cameras are bought. Quantity within the APAC market grew by 20% within the 12 months to August 2023 whereas the smaller MEA and LATAM markets noticed development of 17% and 10% respectively, demonstrating the worth of branching out to new areas.

 

Conclusion

The ever-expanding universe of social media content material creators gives a key alternative to draw customers by means of compact, handy cameras that supply superior stills and video.

The digital camera market is turning into increasingly area of interest in its choices – reflecting the truth that consumers are actually extra knowledgeable and complicated By retaining tempo with shopper traits in numerous segments and areas, manufacturers and retailers can place themselves for development in opposition to steep competitors from the smartphone.

In the meantime, international tourism’s post-pandemic restoration is properly superior, and we count on to see this additional mirrored in digital camera gross sales as customers begin to dream huge once more about making memorable journeys overseas.

 

Catch the newest tech traits and our tackle how they impression your small business.

Visit our technology trends insights page



RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Recent Comments