Photography Equipment Market size to grow by USD 3.61 billion from 2023 to 2028, The market is fragmented due to the presence of prominent companies like ARRI AG, Bron Elektronik AG and Canon Inc., and many more – Technavio

NEW YORK, Jan. 9, 2024 /PRNewswire/ — The photography equipment market is estimated to grow by USD 3.61 billion from 2023 to 2028, growing at a CAGR of 5.5%. The photography equipment market is fragmented owing to the presence of many global and regional companies. A few prominent companies that offer photography equipment market are ARRI AG, Bron Elektronik AG, Canon Inc., Carl Zeiss AG, CASIO Computer Co. Ltd., Eastman Kodak Co., FUJIFILM Corp., Kenko Tokina Co. Ltd, Leica Camera AG, Nikon Corp., Olympus Corp., Panasonic Holdings Corp., Phase One AS, Polaroid International B.V., Ricoh Co. Ltd., Samsung Electronics Co. Ltd., SIGMA Corp., Sony Group Corp., SZ DJI Technology Co. Ltd., and Tamron Co. Ltd.

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Company Offering:

• ARRI AG – The company offers photography equipment such as camera stabilizer systems, electronic control systems, and lenses.
• Bron Elektronik AG – The company offers photography equipment such as Satos 1600 J, Satos 3200 J, and Pulso L 3200 J.
• Canon Inc. – The company offers photography equipment such as EOS R6, EOS M50 Mark 2, EOS R10, EOS RP, and EOS 90D.
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Based on Geography, the market is classified as North America, APAC, Europe, South America, and Middle East and Africa. APAC is estimated to contribute 42% to the growth of the global market during the forecast period. Another region offering significant growth opportunities to market players is North America. The US is the major contributor to the market in the region.  This market growth is strongly driven by the demand from professional users for advanced cameras, lenses and studio equipment.

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• Impactful driver- The Photography Equipment Market experiences notable growth driven by the increasing replacement demand for compact cameras. This growth affects DSLR cameras, mirrorless cameras, camera lenses, tripods, camera bags, memory cards, photo printers, drone cameras, action cameras, lens filters, and backdrops. The demand for compact camera replacements stands as a significant driver, influencing market dynamics and encouraging innovation in the development and enhancement of diverse photography equipment.
• Key Trend – The Photography Equipment Market witnesses a prevailing trend driven by the increasing demand for smart connectivity within cameras. This trend influences battery grips, camera straps, film cameras, remote shutter releases, underwater housings, lighting reflectors, photo albums, photography books, cleaning kits for cameras, video cameras, and on-camera monitors. Embracing smart connectivity revolutionizes equipment functionalities, meeting consumers’ evolving needs and preferences while reshaping the market landscape towards innovative, interconnected photography solutions.
• Major Challenges – The Photography Equipment Market is facing challenges with the widespread adoption of smartphones, impacting speed lights, photo editing software, darkroom equipment, gimbals/stabilizers, macro photography gear, wireless transmitters, studio lighting, light meters, and flash units. The ubiquitous use of smartphones for photography competes with dedicated equipment, posing a challenge for market growth. To counter this trend, innovation, and differentiation are vital to meet distinct needs and sustain market relevance amid smartphone dominance.

Market Segmentation

• Based on the distribution Channel, the market is classified into offline and online. The offline segment is estimated to witness significant growth during the forecast period. Various photography equipment, including digital compact cameras, DSLR cameras, GPS receivers, lens mounts, optical filters, photographic chemicals, films, lenses, superzoom lenses, and more, are distributed offline. This involves retail channels such as specialty stores, hypermarkets, department stores, and warehouse clubs. Additionally, market players operate retail stores and are consistently expanding their retail presence.

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Related Reports

The photography services market is estimated to grow by USD 9,611.08 million between 2022 and 2027 accelerating at a CAGR of 4.39%.

The camera accessories market is estimated to grow at a CAGR of 3.71% between 2022 and 2027. The size of the market is forecast to increase by USD 856.09 million.

TOC:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Distribution Channel

7 Market Segmentation by Product 

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Company Landscape

12 Company  Analysis

13 Appendix

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SOURCE Technavio