Europe Digital Camera Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Compact Digital Camera, Bridge Camera, DSLR Camera, Mirrorless Camera, Digital Rangefinder Camera, and Line-Scan Camera) and End user (Personal and Professional)
The digital camera market in Europe is expected to grow from US$ 1,986.10 million in 2021 to US$ 2,734.02 million by 2028; it is estimated to grow at a CAGR of 4.7% from 2021 to 2028.
Increase in demand for lightweight and high-quality digital cameras is also bolstering the growth of the industry. With the growing trend toward photography, the demand for digital cameras is expanding. Digital camera allows to capture and store photos and videos digitally rather than printing it to film as per traditional analog cameras. As the consumers are becoming enthusiastic toward sight capturing, the demand for compact, lightweight, and high-quality cameras is rising. Further, the introduction of digital cameras and smartphones has created photography a mainstream profession, which have subsequently generated the need for high quality cameras with user-friendly interface and affordable price. The use of point & shoot digital cameras has been ideal for simple still photography since long time as they offer ease in operation along with compactness and are quite budget friendly. However, the demand for such cameras is often replaced by smartphones possessing high performing in-built cameras supporting casual photography. Hence, digital camera manufacturers are focused toward building lightweight, compact, and high-quality digital cameras, which could provide better imaging than a flagship smartphone and could effectively match the needs of personal and professional photographers. For instance, the growing focus toward pocket friendly and lighter cameras, which could offer better autofocus coverage and superior video performance, has created the demand for compact digital cameras, bridge camera, and mirrorless cameras. To support the expanding demand for compact cameras, manufacturers such as Sony have come up with miniature cameras with advanced and better-quality sensors placed in it. Sony launched RX100, in which the concept of the 1-inch sensor class has been highlighted. The 1-inch sensor has approximately four times better surface area of the chips used in premium smartphones and entry-level point-and-shoots, which helps obtain significantly clearer and better images, especially at high International Organization for Standardization (ISO). Further, to obtain effective balance over image quality and noise control, the focus has been made upon 20MP resolution for such sensor type. Hence, it is quite evitable that the demand for lightweight, compact, and high-quality digital cameras is significantly high and is expected to proliferate the growth of the digital camera market.
In Europe, currently the UK and Russia are the hardest-hit countries by the coronavirus pandemic. It is estimated to suffer an economic hit due to a lack of revenue from various industries, as the country recorded the highest number of coronavirus cases followed by France, Spain, Italy, and Germany. Other member states have implemented drastic measures and travel restrictions, including partially closing their borders. The government in various countries such as Italy and Spain have imposed complete lockdown in various areas for multiple weeks, which affected the business activities in these countries. Businesses in the above-mentioned countries either had to suspend their operations or reduce their activities in a substantial manner, which resulted in supply and demand disruptions and affected the sales of companies operating in the region. As the region has abundant tourist and heritage places for individuals to plan their trips and capture beautiful memories with the help of these high-end camera, the growth prospective of digital cameras is broad in this region; however, as the cases in various European countries are high, the growth of digital cameras might get disrupted in 2020.
The professional segment led the digital camera market based on end user type in 2020. It includes end users who take pictures for their own enjoyment. Digital camera is used by people on vacations to document memories. Due to modern technology, photography has become a routine thing for many people. Various cameras are being developed by manufacturers to suit to the needs of every aspiring and photography enthusiast. Compact digital camera, zoom compact camera, and adventure camera are mainly utilized for personal use, which is ultimately drives the digital camera market.
The overall Europe digital camera market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining overview and forecast for the Europe digital camera market with respects to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Europe digital camera market. Canon Inc; Eastman Kodak Company; FUJIFILM Holdings Corporation; Hasselblad; Leica Camera AG; Nikon Corporation; OM Digital Solutions Corporation; Panasonic Corporation; RICOH IMAGING COMPANY, LTD.; and Sony Corporation are among the leading companies in the Europe digital camera market.
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