Global Camera Accessories Market 2017-2021
About Camera Accessories
Camera accessories are equipment used by photographers to enhance the camera performance. A camera is an optical device used to capture and store images and videos in a digital format. Several digital cameras, such as point-and-shoot cameras, have built-in lenses. Cameras such as mirrorless interchangeable lens cameras (MILCs) and digital single-lens reflex (DSLR) cameras have interchangeable lenses. The global camera accessories market is driven by many growth factors. One of the major drivers for this market is the increase in the use of cameras as they are used in the travel and tourism industry, to upload pictures and videos on social media platforms, and in the film industry. Another major driver for the global camera accessories market is the increase in the replacement of old camera accessories.
Technavio’s analysts forecast the global camera accessories market to decline at a CAGR of (3.75%) during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global camera accessories market for 2017-2021. To calculate the market size, the report considers the revenue generated from the sales of camera accessories, including lenses, batteries, chargers, docking stations, tripods, bags, and cases.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Camera Accessories Market 2017-2021
Technavio recognizes the following companies as the key players in the global camera accessories marketCanon, Nikon, Panasonic, Samsung Electronics, and Sony:
Other Prominent Vendors in the market are: Benro, Delkin Devices, Fujifilm, Metz-Werke, Miller Camera Support Equipment, Olympus, Ricoh, Sigma Corporation of America, Slik, Velbon, and VitecGroup.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Technological advances. With the rising demand for advanced digital cameras, technological advances in the global camera accessories market are becoming evident. Some of the major advances are the development of new accessories that can be used to enhance the performance and utility of cameras and accessories that provide better stability and new angles to photography. Leading DSLR and digital camera manufacturers, such as Nikon and Canon, are providing a wide variety of new and advanced accessories for their cameras. These accessories are made available to consumers through manufacturers’ online channels”
According to the report, one of the major drivers for this market is High demand for advanced digital cameras. The global sales of camera accessories are largely proportional to the sales 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 sales of lenses, thereby contributing to the growth of the global camera accessories market. The high demand for advanced digital cameras has also resulted in the increased sales of other camera accessories, including bags, cases, and straps.
Further, the report states that one of the major factors hindering the growth of this market is Declining cost of camera accessories. With the continuous rise in demand for camera accessories from amateur and professional photographers, the prices of camera accessories are steadily declining as of 2017. As the majority of the revenue in the global digital camera market comes from developing nations in APAC, the prices of camera accessories have a limited scope for increment because of price-sensitive consumers. APAC has the largest consumer base for digital cameras, with countries such as China and India contributing major shares to the revenue of the global camera market. In such a scenario, camera and camera accessory manufacturers need to constantly engage in competitive pricing, which ultimately leads to a decline in the average cost of these accessories.
Canon, Nikon, Panasonic, Samsung Electronics, and Sony, Benro, Delkin Devices, Fujifilm, Metz-Werke, Miller Camera Support Equipment, Olympus, Ricoh, Sigma Corporation of America, Slik, Velbon, and VitecGroup.