Rise Above Research Expects Worldwide Digital Camera Sales to Decline 37% in 2020
Boston, MA – August 19, 2020 – Fueled by the impacts of the ongoing COVID-19 pandemic, the global digital camera market will see its largest sales drop in history. According to Rise Above Research’s new 2020 Worldwide Digital Camera Forecast, the struggling market will decline 37% overall, compared to 2019.
Many factors are behind this decline, including the predominance of smartphones, the perceived lack of need for a camera, and longer replacement cycles. Combine these factors with the cancellations, closures, and economic impacts resulting from COVID-19 and you have a recipe for disaster.
Compact point & shoot cameras will feel the brunt of the decline at 43%. Interchangeable lens camera sales will fare better, but still decline by 32%. Regionally, Japan and Western Europe will see the steepest declines, while China will experience the smallest decline.
Amid the doom and gloom, there is still some positive news for the industry. “Provided the COVID-19 pandemic has subsided by early 2021, we expect a rebound in camera sales next year, with almost $7.5 billion in revenue generated,” said Ed Lee, director and founder at Rise Above Research. “Also, with all digital camera vendors putting an emphasis on mirrorless cameras, they are expected to see positive growth and make up 39% of sales in 2025,” he added.
The 2020 Worldwide Digital Camera Forecast analysis provides a six-year global forecast for point & shoot camera, digital single lens reflex camera, and mirrorless camera markets for units, revenues, and average selling prices (ASPs). The regions covered include North America, Latin America, Western Europe, Eastern Europe, Middle East and Africa, Japan, China, India, and Rest of Asia Pacific. The analysis includes key market trends, drivers and barriers, as well as insight and advice for navigating this mature market.
About Rise Above Research, LLC
Rise Above Research, LLC is an independent market intelligence and strategic consulting firm that supports industry vendors, service providers, and retailers with actionable intelligence to assist them in making effective decisions in fast-paced digital photography and imaging markets. Established in 2020 by industry veterans Ed Lee and David Haueter, Rise Above Research has extensive experience providing groundbreaking market research and strategic consulting for the digital imaging industry. Our industry analysts have a combined 40+ years of covering a wide variety of imaging markets.
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For additional information or interview requests, visit our website or contact:
Ed Lee, Director and Founder
