Mirrorless Camera Market - Forecasts from 2021 to 2026

The global mirrorless camera market is expected to grow at a compound annual growth rate of 3.67% over the forecast period to reach a market size of US$2.54 billion in 2026, from US$1.97 billion in 2019. The market is expected to surge in the coming years, because of the rise in disposable income, changing consumer lifestyle and trends, increasing urbanization, and others. According to the United Nations, 68% of the global population is expected to live and reside in urban areas by the year 2050, up from 55% in the year 2018. Until a few years ago, photography was a field, which was made by the high price of professional quality photography equipment. With better access to novel and advanced solutions and technology, the gap between photography as a profession and as a hobby has reduced. The growth in the usage of mirrorless and DSLR cameras has led to a rise in innovations, that make the products more user-friendly. Moreover, companies have been spending a significant sum of capital t develop novel and advanced products for their customers. Fujifilm, one of the major Japanese players in the market, stated that they expect the demand from mirrorless cameras to overtake and cross that of DSLRs, in the coming period. The company also stated that in global markets, such as the United States and Europe, the mirrorless camera had already overtaken DSLRs. With these trends, the market for the mirrorless camera is expected to surge at an exponential rate, during the forecast period.

Technological Advancements.

The market is expected to surge in the coming years, because of the rise in innovation and advancement in mirrorless camera products. The novel and advanced mirrorless cameras features and have the latest photographic technology, speedy burst shooting, offers high-resolution sensors, and superb and high-quality video. The novel mirrorless cameras also provide outstanding connectivity and are more compact than a DSLR. Major companies have been investing a significant sum of the camera to develop novel photographic solutions for their respective customers. For Instance, Fujifilm, one of the key players in the market, provides Fujifilm X-T4, which is an all-rounder mirrorless camera. The camera has a sensor size of APS-C and has a resolution of 26.1 MP. It has autofocus at 425-point AF. Other players are also making significant developments in the market. For Instance, one of the major players in the market provides Canon EOS R6, which is a mirrorless camera, with a full-frame sensor size, and has a resolution of 20.1 MP. The camera also has super and fine autofocus, dual card slots, and an impressive IBIS system. Nikon and Sony are two of the major players in the market, with a substantial revenue share. These companies have invested a considerable sum of capital to enhance their photographic portfolio, in the past few years. Nikon provides model Z6 II, which is a mirrorless camera, with a full-frame sensor size, and has a resolution of 24.5 MP. The camera also has autofocus at 273-point hybrid. These trends are expected to have a positive effect on the market, during the forecast period.

Regional Analysis.

North America is expected to have a significant share in the market, because of the growth in popularity among consumers due to its capability of providing high-quality photographs. Moreover, rising interests in fashion, wildlife, wedding, and fashion photography have increases the growth of the digital camera market. High disposable income in the United States and Canada, is also a major factor in the mirrorless camera market growth. The rise of social media is also a major factor in the overall market growth, during the forecast period. Europe and Asia Pacific region are also expected to have a major share in the market during the forecast period because of the rising popularity of social media in those regions, increasing fashion trends, and others. In Asia, the market is expected to be led by India and China, because of the rise in the popularity of wildlife photography, the big movie and film industry, and other factors. Japan is also expected to have a major share in the market, due to the presence of key and imperative players, such as Sony, Panasonic, LG, and others, in the country. The country also boasts one of the largest economies in the world, which is expected to be a driving factor in the overall mirrorless camera market growth, during the forecast period.

Latest Trends.

• In April 2021, Canon, one of the major players in the market, announced the development of its novel and top-end mirrorless camera. The company had been developing EOS R3, to compete with Nikon’s high-end Z9 mirrorless camera. The novel EOS R3 had been in the development stage and it had been expected to outdo Canon’s EOS R5 mirrorless camera.
• In April 2021, Nikon, one of the biggest firms in the market, announced novel firmware updates for its major Z series mirrorless cameras. The novel updates would be available to download from 26th April 2021 and would cover the Nikon Z7 II, Z6 II, Z7, Z6, Z5, and Z50. The novel updates are expected to enhance the quality of the company’s mirrorless camera.
• In April 2021, Fujifilm Corporation, one of the major players in the market, announced the launch of two novel mirrorless cameras, the X-E4, and GFX100S. The Fujifilm GFX100S would be the novel and latest addition to the GFX Series of Mirrorless digital cameras, which had been equipped with an advanced large-format sensor. The new mirrorless camera weighs 32 ounces and would be equipped with the X-processor 4 high-speed image processing engine.
• In March 2021, Sony India announced the launch of a novel full-frame mirrorless camera, which has been called the Sony Alpha 1. The novel contains Sony’s latest upgrades and features and has been priced at Rs 5,59,990, in the Indian market.
• In February 2021, Panasonic, one of the major players in the market, announced the launch of a novel mirrorless camera in its latest addition to the company’s LUMIX series, LUMIX BGH1, especially for the Indian market. The company stated that this would be the LUMIX’s first box style digital single-lens mirrorless camera. The novel camera could be used by professional filmmakers in India and had been approved by Netflix, as a major and primary camera for the filming of Netflix Originals.

Segmentation:

By Type

• Fixed Lens
• Interchangeable Lens

By Distribution Channel

• Online
• Offline

By Geography

• North America
• USA
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• UK
• Germany
• France
• Italy
• Others
• Middle East and Africa
• Saudi Arabia
• South Africa
• Others
• Asia Pacific
• Japan
• China
• India
• Australia
• Others