Technavio Forecasts Worldwide Camera Accessories Market to hit USD 951.82 Million between 2020 and 2025

NEW YORK, Jan. 19, 2022 /PRNewswire/ -- There has been constantly a high demand for advanced digital cameras which is significantly driving the global camera accessories market, as per the latest research report of "Global Camera Accessories Market - Forecast and Analysis Report 2021-2025".

If we look back at the historic data, for instance, the sales of camera accessories are largely proportional to the sales of digital cameras globally such as DSLR and MILC cameras. Moreover, the rise in the demand for high-quality photos and videos is also fueling the growth of camera accessories.

Key Camera accessories Market Report Highlights:

1. Market decline 2020-2025: USD 951.82 million
2. Market momentum & CAGR: Decelerate at a CAGR of (4.82%)
3. YoY growth (%): (3.79%)
4. Performing market contribution: MEA at 2%
5. Key consumer countries: The US

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Regional Market Analysis

With 87% of smartphone users from North America, this region is expected to reach a saturation point during 2021-2025.

Even though there is an increase in the number of photography enthusiasts, the global camera market is estimated to decline.

Apart from the advanced cameras equipment, the two key reasons for the camera accessories market's growth in North America are:

• In North America, there has been an early adoption of digital cameras which is significantly impacting the revenue share of the market in the region.
  
• Also, the high penetration of smartphones is also posing a threat to the camera accessories market. The shipment of smartphones from the US vendors such as Apple, Samsung, LG, Lenovo accounted for 87% of the global market share.
  
  As a result, demand for alternative cameras in North America is expected to saturate the market.

For Additional Information about the regional market: Request for a free sample report.

Key Vendors and Vendor Strategies

Canon Inc., FUJIFILM Holdings Corp., Hitachi Ltd., Koninklijke Philips NV, Nikon Corp., Olympus Corp., RED Digital Cinema LLC, Ricoh Co. Ltd., Samsung Electronics Co. Ltd., Sony Corp. are the key vendors in the camera accessories market.

The vendors in the market are constantly focusing on broadening their product portfolio through investing in planning, designing, developing, and acquiring new players. Additionally, vendors are focusing on expanding their existing facilities.

For instance:

• To sustain in a highly competitive market, the vendors have to develop new ideas as well as stay updated with the emerging technologies that could influence service lines.
• Established vendors like Nikon Corp. and Canon Inc. are consistently working on ways to improve their product quality and enhance the existing features to compete in the global camera accessories market.
• Moreover, the camera accessory market faces threats due to a decline in the camera market and intense competition from the regional players. Hence, the camera accessory vendors are pushing their products by offering competitive pricing.

Download our free sample report to get a brief understanding about various other vendors and the vendors strategies.

Key Market Drivers

Our analysts have extensively outlined the information on the key market drivers and their impact on the camera accessories market.

• Growth in demand for advanced digital cameras:
• The continuous rise in digital imaging has resulted in an increase in the production of a number of digital cameras such as DSLR and MILCs with HD picture and video quality.

Furthermore, the improved picture and video quality have boosted the compatibility of cameras with a variety of lenses allowing the users to customize their cameras as per requirements.

Also with the advancement of cameras, there has been a rise in other associated products such as bags, cases, straps which are considered to be essentials for protecting the expensive and delicate digital cameras from dust, water, and other damages. Thus, the global camera accessories market is significantly driven by the introduction of advanced cameras.

To know about a few other market drivers, trends, and challenges.

Download our free sample report

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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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