Mirrorless cameras, commonly used term for mirrorless interchangeable lens cameras (MILC), are digital cameras with interchangeable lens that are fitted with image sensors to provide image to the EVF (electronic viewfinder). Termed as “mirrorless” as these cameras do not have a mirror in the optical path and is characterized as lightweight to handle, smaller for easy portability, and simple to use. Though smartphones have eaten out a significant chunk out of the digital cameras market in the recent past, the market for mirrorless cameras is expected to expand at a healthy CAGR during the forecast period of 2017 to 2025, gaining traction from a number of factors such as increasing disposable income among the urban population and social media trend that is quickly engulfing the younger and older generation alike.
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Global Mirrorless Cameras Market: Key Trends
Image sharing social media platforms such as Facebook, Instagram, WhatsApp, and Twitter may have helped camera-fitted smartphones to be the cause of most of photos captured across the world, mirrorless cameras have been slow but steadily luring the financially-equipped population for its sheer quality of pictures. Consistently new product launches that attract the enthusiasts, research and development to device that new technologically advanced camera that can stand out of the competition, and declining overall cost are some of the other factors augmenting the demand in the global mirrorless cameras market.
Another boon for the mirrorless cameras market has been the increasing penetration of ecommerce, wherein the prospect customers can not only purchase the products of their choice, they can also made decisions via reviews as well as educate potential customers. On the other hand, though significant cost continues to prove as a barrier, the mirrorless cameras market is also hindered by the lack of proper after sales customer care.
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Global Mirrorless Cameras Market: Market Potential
Nevertheless, rapidly increasing buying ability of urban population in the emerging economies is expected to open new opportunities for the vendors operating in the global mirrorless cameras market. Developing nations such as India, China, South Korea, Japan, and Australia house nearly the half of the world’s population and disposable income is incrementing. The vendors operating in the global mirrorless cameras market are expected to enter these new markets, if they already haven’t, and gain new consumer base.
Global Mirrorless Cameras Market: Regional Outlook
Some of the most important regions for the vendors operating in the global mirrorless cameras are North America, Europe, Asia Pacific, and the Middle East. North America gains maximum demand from the developed countries of the U.S., world’s fourth most populous country, and Canada, whereas Europe closely follows with profitable countries such as the U.K., Germany, France, and Italy serving most of the demand. In the near future, Asia Pacific is projected to increment the demand in the mirrorless cameras market at a healthy CAGR during the forecast period of 2017 to 2025 with increasing disposable income and deep social media penetration.
Global Mirrorless Cameras Market: Competitive Landscape
Canon, Sony, and Nikon are some of the key companies currently operating in the global mirrorless cameras market. Each of these companies consistently enhance their products as well as depend on aggressive market strategies to spread the word in order to gain new consumers. In the near future, favorable customer service is also expected to gain importance as a strategy to maintain consumer base. Panasonic and Samsung Electronics are couple of other prominent players operational in the global mirrorless cameras market with significant shares.
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