LONDON--(BUSINESS WIRE)--The global camera accessories market size is expected to decline by USD 1.27 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with limited impact on the full-year economic growth.
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The global sales of camera accessories are largely proportional to the sale of digital cameras, such as DSLR cameras and MILCs. As a result of continuous technological advances in digital imaging, a number of DSLRs and MILCs with HD picture and video quality are now available in the market. Apart from the improved picture and video quality, a large number of advanced cameras offer compatibility with a wide variety of lenses. This allows users to customize their cameras to suit their requirements. The increasing compatibility of cameras with lenses having different resolutions, apertures, and focal lengths has resulted in a rise in the sale of lenses, thereby contributing to the growth of the global camera accessories market. The high demand for advanced digital cameras has also resulted in increased sales of other camera accessories, including bags, cases, and straps.
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As per Technavio, the availability of affordable digital cameras will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Camera Accessories Market: Availability of Affordable Digital Cameras
The global digital camera market has been witnessing steady growth since the inception of digital cameras in 2003. Consecutively, with constant technological advances, digital camera vendors began manufacturing affordable digital cameras to boost their sales. For instance, SONY DSC-W830, Canon PowerShot Elph 190 IS, and Kodak PixPro FZ53 are some of the affordable digital cameras available in the market. Vendors manufactured affordable digital cameras with higher resolution imaging and essential features to penetrate into developing economies where consumers are more price-sensitive compared with developed economies. With the increased availability of affordable entry-level digital cameras in developing countries, the demand for camera accessories also grew. This boosted the market growth and is expected to continue to contribute to the growth of the global camera accessories market during the forecast period.
“Factors such as the technological advances, and the increased market penetration of smartphone camera accessories will have a significant impact on the growth of the camera accessories market value during the forecast period,” says a senior analyst at Technavio.
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Camera Accessories Market: Segmentation Analysis
This market research report segments the camera accessories market by distribution channel (online and offline) and geography (North America, Europe, APAC, South America, and MEA).
The North American region led the camera accessories market share in 2019, followed by Europe, APAC, South America, and MEA respectively. However, during the forecast period, the MEA region is expected to register the highest incremental growth due to the large number of sports tournaments for which organizers hire professional photographers.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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