Is the digital camera market recovering?

It's no secret that the digital camera market has shrunk in recent years. According to some analysts, this trend is primarily due to the rise of smartphones with better cameras and the impact of the pandemic.

However, a recent report published by PetaPixel indicates that digital camera sales in Japan increased in 2024 compared to 2023.

Canon’s sales volume in 2024 was 151.4% of its 2023 level. Fujifilm landed in second place with an 18.6% market share.

Market Recovery Indicators:

• Increased Shipments: The Camera & Imaging Products Association (CIPA) reported that global shipments of mirrorless cameras reached approximately $17 billion in the first half of 2023, marking a 20% year-over-year increase and setting a record high for the third consecutive year.

• Growth Projections: The global digital camera market size was valued at USD 7.16 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 4.8% from 2024 to 2030.

The shift towards smartphones with advanced camera capabilities continues to impact the digital camera market, necessitating innovation and adaptation from traditional camera manufacturers.

I believe digital cameras will always have a market, even as they compete with smartphones. The fact remains that, due to size limitations, the image quality of photos taken with smartphones cannot match that of mirrorless cameras. Over time, lenses and digital cameras will continue to become smaller and more efficient, but their superior image quality will ensure their place in the market.