Photographic equipment used by both professional and non-professional photographers globally. The increasing popularity of online retailing is growing rapidly. Consumers have an option to choose photography equipment that matches their requirement and is compatible with the digital camera that they own. Various market players strategize and manufacture products with some add-on features and designs to stay ahead in the competition in the upcoming years.According to AMA, the market for Photography Equipment is expected to register a CAGR of 6.21% during the forecast period to 2024. This growth is primarily driven by Increasing Replacement Demand for Compact Cameras and The Growing Sales of Tripods at Fast Rate in Photography Equipment.
Globally, a noticeable market trend is evident An Upsurge in the Sale of Photography Equipment’s from Online Retailing Channels
. Major Vendors, such as Canon Inc. (Japan), FUJIFILM Holdings Corporation (Japan), Nikon Corporation (Japan), Panasonic Corporation (Japan), Samsung Electronics Co. (South Korea), Sony Corporation (Japan), Leica Camera AG (Germany), Olympus Corporation (Japan), Hasselblad (Sweden) and The Ricoh Company, Ltd. (Japan) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
In August 2019, The Japan Aerospace Exploration Agency (JAXA) and Ricoh Company, Ltd. (Ricoh), announced that they have jointly developed a spherical camera that can be used in outer space (outside the spacecraft) to capture 360-degree spherical images in a single shot.
- Increasing Replacement Demand for Compact Cameras
- The Growing Sales of Tripods at Fast Rate in Photography Equipment
- An Upsurge in the Sale of Photography Equipment’s from Online Retailing Channels
- Product Innovation and Portfolio Extension Leading to Premiumization
- High Cost of Camera's Equipment
Key Market Players are Focusing on the Development of high-Quality Cameras with Integrated Modern Technologies
Rental Photography Equipment Posing Challenge for Cameras
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