Mirrorless Camera Market – By Type (Fixed Lens & Interchangeable Lens), By Stabilization (Lens Based & Sensor Based), By Sensor Size (1/2.3”, 1\" (CX), Four Thirds, APS-C & Full Frame), By Distribution Channel (Online Stores & Offline Stores), By Geography - Global Opportunity Analysis & Industry Forecast, 2023-2030
Mirrorless Camera Market Overview:
Mirrorless Camera Market
size is estimated to reach $2.2 billion by 2030, growing at a CAGR of 4.7%
during the forecast period 2023-2030. Rising disposable income, changing
consumer lifestyles, easy accessibility and affordability and the growing
content creation trend, particularly in the digital media space involving
photos and videos. As social media platforms and online content continue to
gain popularity, there is an increasing demand for high-quality visuals, which
in turn causes the demand for mirrorless cameras.
According to Photutorial data, 1.72 trillion photos were captured globally in 2022 and by 2025, more than 2 trillion photos will be taken each year. Mirrorless cameras have grown in popularity over the years due to their smaller and more compact size than DSLRs, making them easier to transport and more versatile. Mirrorless cameras also have advanced autofocus systems and high-quality image sensors, which result in sharp, clear images with accurate colors. In addition to that, these cameras are popular among visual artists and content creators due to their ability to shoot in high-definition (HD) and 4K video. Furthermore, as mirrorless camera technology continues to improve, more photographers are turning to mirrorless cameras for their versatility and high-quality performance.
Market Snapshot:
Mirrorless
Camera Market - Report Coverage:
The
“Mirrorless Camera Market Report -
Forecast (2023-2030)” by IndustryARC, covers an in-depth analysis of the
following segments in the Mirrorless Camera Market.
COVID-19 / Ukraine Crisis - Impact Analysis:
The pandemic has considerably reduced consumer spending, particularly during the early months of the outbreak, resulting in a drop in sales and revenue. The pandemic has also disrupted the supply chain and manufacturing processes, leading to production delays and shortages of specific camera models and components. On the other hand, the pandemic has also increased demand for online content as more people spend their time at home and online. Consequently, there is an increased demand for high-quality cameras, including mirrorless models, for content creation.
The Russia-Ukraine war has broader consequences on the global economy, including energy prices, supply chains, and trade flows. These macroeconomic factors have indirectly impacted consumer purchasing power and overall demand for consumer electronics, including mirrorless cameras.
Key Takeaways:
∙ Fastest Growth of Asia Pacific Region
Asia Pacific region is analyzed to grow with the highest CAGR 5.1% in the global mirrorless camera market during the forecast period 2023-2030. Rising disposable income and consumer spending on electronics has led to a growing demand for mirrorless camera technology in the region. In addition, the popularity of social media and content creation in countries such as China, Japan, India, and South Korea is expected to continue fueling the demand for high-quality cameras. Moreover, the increasing popularity of travel and tourism in the Asia Pacific is contributing to the demand for mirrorless cameras. As more people explore and document their journeys, the need for portable, lightweight, and high-performance cameras becomes essential.
∙ CMOS Sensors: The Pervasive Powerhouse in the Camera Industry
The CMOS sensor offers several advantages over conventional sensors, such as better colour reproduction, a higher dynamic range, and reduced noise, resulting in better image quality. As a result, it has gained popularity among expert photographers and videographers who require high-quality images and videos. In addition, CMOS technology is widely used in consumer electronics products such as electronic devices, smartphones, etc. Hence, it makes it cheap and readily available and has a vast scope for research and development in future. For instance, in March 2023, Panasonic revealed that they have been working on a new organic photoconductive film (OPF) CMOS image sensor designed to improve image quality performance, and particularly colour performance in comparison to Backside Illuminated CMOS sensors, used in the majority of cameras today.
∙ Sensor-Based Stablization is Leading the Market
Sensor-based stabilization cameras account the market share of $0.83 Billion. Sensor-based stabilization has several/ advantages, including compatibility with a broad range of lenses, including vintage lenses without built-in stabilization. Furthermore, sensor-based stabilization has advanced in recent years, with newer systems capable of identifying and correcting for even greater camera shake. As a result, it has become a more appealing choice for professional photographers and videographers who require the highest image clarity and stability. For instance, Sony is known for its emphasis on sensor-based or in-body image stabilization (IBIS). Sony announced the ZV-FF, a full-frame camera designed for content creators, in March 2023. According to Sony, this is the smallest full-frame camera with IBIS and AI-based processing. They claim that the IBIS has been improved to provide up to 30% more stabilization.
∙ Competition from Smartphone as a Major Challenge
The mirrorless camera industry faces a significant challenge from smartphones, as these devices continually improve their camera capabilities and gain popularity among consumers. Smartphone manufacturers such as Apple, Samsung, and Google have introduced advanced features like multi-lens systems, computational photography, and AI-driven image processing algorithms, narrowing the gap between smartphones and dedicated mirrorless cameras. This shift in consumer behavior is evident in market with declining camera sales and rising smartphone sales. Social media platforms also play a role, as users prefer the convenience of capturing, editing, and sharing photos and videos directly from their smartphones. The emergence of camera-enhancing accessories further supports the competition, as companies offer external lenses and attachments specifically designed for smartphones. In response, mirrorless camera manufacturers are focused on innovation and differentiation, introducing features like high-speed autofocus, in-body image stabilization, and high-resolution sensors to cater to photography enthusiasts and professionals who demand superior image quality and advanced capabilities.
Mirrorless
Camera Market Share (%) By Region, 2022
Key Market Players:
Product/Service launches, approvals, patents
and events, acquisitions, partnerships and collaborations are key strategies
adopted by players in the Mirrorless Camera Market. The top 10 companies in
this industry are listed below:
- Sony Group Corporation
- Nikon Corporation
- Panasonic Corporation (Lumix)
- Canon Inc.
- Fujifilm Holdings Corporation
- Olympus Corporation
- Leica Camera AG
- Pentax Corporation
- Samsung Electronics Co., Ltd.
- Victor Hasselblad AB
Scope of the Report:
The Mirrorless Camera Market is projected to grow at 4.7% CAGR during the forecast period 2023-2030.
Global Mirrorless Camera Market size is estimated to be $1.6 billion in 2023 and is projected to reach $2.2 billion by 2030
The leading players in the Mirrorless Camera Market are Sony Group Corporation, Nikon Corporation, Panasonic Corporation, Canon Inc, Fujifilm Holdings Corporation, Olympus Corporation, Leica Camera AG, Pentax Corporation, Samsung Electronics Co Ltd, Victor Hasselblad AB and others.
Advancements in sensor technology, growing demand for full-frame mirrorless cameras, and integration with other technologies are some of the 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major mirrorless camera market trends, which will create growth opportunities for the market during the forecast period.
The rising demand for high-quality content creation, particularly in the era of social media, the trends such as professional photography and the rapid development in sensor technology are the driving factors of the market.