Mirrorless Camera Segment to Dominate APAC Digital Camera Market during 2020–2028
According to The Insight Partners market research study on “APAC Digital Camera Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and End User,” is expected to reach US$ 4,725.49 million by 2028 from US$ 2,950.78 million in 2021. The market is estimated to grow at a CAGR of 7.0% from 2021 to 2028. The report provides trends prevailing in the APAC digital camera market along with the drivers and restraints pertaining to the market growth. Expanding demand for mirrorless cameras is the major factor driving the growth of the APAC digital camera market. However, introduction of premium smartphones and high cost associated with the digital cameras hinder the growth of APAC digital camera market.
The COVID-19 is anticipated to cause a significant economic loss in the Asia Pacific region. The consequence and impact can be even worse and totally depends on the spread of the virus. The governments of various Asia Pacific countries are taking possible steps to restrict the spread of the virus by announcing lockdown, which in turn has negatively impacted the revenue generated by the digital camera market. The ongoing COVID-19 is anticipated to cause huge disruptions in the growth of various industries of Asia Pacific region. For instance, China is the global manufacturing hub for various industries and the largest raw material supplier. However, after a strict two-month lockdown especially in Wuhan area, China is now relaxing restrictions as the number of new cases have dropped drastically in past month (<10 cases/ day) and factories have started with preventive measures in place, especially in the crucial consumer electronics sector. However, the uncertainty regarding the future outbreak especially in countries such as India and few other Asian countries, where the graph is going upwards may affect the growth of digital camera market in coming quarters. The disruptions in the demand for tourism activities, film shootings, and other type of gatherings have been impacted due to social distancing norms and restrictions may further affect the demand in Asian countries.
The market for digital camera market is segmented into type, end user, and country. Based on type, the market is segmented into compact digital camera bridge camera (including super zoom cameras), digital single lens reflex (DSLR) camera, mirrorless cameras, digital rangefinder cameras, and line-scan camera. In 2020, the mirrorless cameras segment held the largest share APAC digital camera market. Based on application, the digital camera market is categorized into personal and professional. In 2020, the professional segment held the largest share APAC digital camera market. Based on country, the market is segmented into Australia, China, India, Japan, South Korea, Rest of APAC
Canon Inc; Eastman Kodak Company; FUJIFILM Holdings Corporation; Hasselblad; Leica Camera AG; Nikon Corporation; OM Digital Solutions Corporation; Panasonic Corporation; RICOH IMAGING COMPANY, LTD.; Sony Corporation; are among the leading companies in the APAC digital camera market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, Canon Inc. had announced that the company is currently developing the new EOS R3 full-frame mirrorless camera. This new camera is designed to provide professional and enthusiast customers with the high-level basic functionality they demand.
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