The global camera accessories market is estimated to grow at a CAGR of more than 4% over the forecast period. From memory cards to DSLR lenses and miniature flash sticks, the camera accessories market is propelled to flourish. These accessories help in enhancing image quality by providing special effects along with acting as an add-on or support for a camera.
Increasing adoption of high-end digital cameras across different age groups may fuel demand over the next few years. Camera accessories are primarily used to enhance efficiency, usability, accessibility and usage period of these cameras. Accessories including bags, flashes, cases, USB cables, large viewfinders, comfortable neck straps and durable tripods are in trend these days. They provide add-on support to the cameras, enhances image quality and help in providing countless special effects. For a long time, buyers were of the view that camera manufacturers alone have the capacity to produce accessories that are better compatible with the camera. This scenario is rapidly changing with the availability of standard quality accessories in the wholesale market along with new players venturing into the industry.
Customers are buying DSLRs do not hesitate in buying high range accessories such as battery packs and grips, budget tripod and travel tripod, remote releases, flashguns, softboxes and diffusers, SD cards, lens filter, monitors and color calibrators, which is expected to propel product demand. However, limited option for recently developed Compact System Camera (CSC), regarding accessories may pose a challenge to industry growth over the next few years.
Camera bags are considered an essential accessory. A consumer would want to fit in all other gears, in their backpack. Hence, space and protection are the most important considerations for customers in this industry. Backpacks containing internal dividers that allow segregation of the space inside the bags coupled with straps and lugs on their side for carrying monopod or tripod are important considerations while buying. Consumers also look for bags incorporated with waterproofing and breathable materials along with clasp lock straps which allow securing the backpack around the photographer’s body.
Photographers look for tripods which can support the combined load of their camera and lens. Increasing demand for tripods which are portable and suit their style of shooting may drive growth. Manufacturers emphasize on developing tripods that suit the varied need of photographers.
DSLR users look for separate flashgun units as they are much powerful compared to the ones already incorporated in the camera. Consumers prefer models which are integrated with niceties including LCD screens with backlit, increased focal lens coverage and precise control over the output. Integrated USB port, faster recycling, and less noise are some of the added features to be considered by the manufacturers.
Remote releases which help control camera’s shutter is a must for most professional photographers. Wireless remotes using either infrared (IR) or radio frequency (RF) can work for longer range than wired remotes which have significantly instigated manufacturers to offer products with features such as mirror lock.
In lens filter section, manufacturers have a wide variety to look for starting from UV protection option to multicoated pro-grade option. Manufacturers can vary price range by the number and type of coatings and the kind of optical material used. For example, filters consisting of Matt finish reducing reflections are high priced. The market for lens filters is restrained by the fact that editing software can at times replicate the effects created by the glass filter. However, neutral density and polarizer filters are used by photographers to produce enhanced effects and hence are the prime focus area of manufacturers.
Apart from the accessories as mentioned above, the market for softboxes and diffusers, flash accessories, packs for camera battery and storage are thriving, and the manufacturers may benefit by focusing on these areas.
Escalating demand for cameras with interchangeable lens coupled with their upgraded features and superior quality image may fuel camera accessories industry growth over the next few years. Rising popularity of cameras amongst women primarily due to the availability of cameras in varied attractive colors and advertisements which are women centric are also expected to catapult growth. The industry is witnessing increasing demand for digital cameras and accessories not only in developed countries but also in emerging nations. This shift is primarily attributed to the saturation of camera market in the developed countries and the growing demand for camera among first-time buyers in the emerging economies. Thus, there is a considerable scope for market penetration in emerging economies.
Factors such as increasing disposable income coupled with growing access to the internet and rising interest in photography are anticipated to drive industry growth significantly. Additionally, increasing the necessity of cameras in military and defense, aerospace, industrial manufacturing and research may escalate growth. Rising demand for high-end cameras for troubleshooting, maintenance, and production line monitoring may further drive demand. However, growing prevalence of smartphones might negatively impact the sale of cameras and accessories. Low price counterfeit camera accessories from Chinese markets are considerably hampering industry growth.
Key industry participants include Sony Corp., Samsung Electronics Co. Ltd., Panasonic corp., Nikon Corp. and Canon Inc.
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