Camera Accessories Market By Type (Lenses, Bags and Cases, Tripods, Batteries and Chargers, Others) , By Distribution Channel (Online, Offline) : Global Opportunity Analysis and Industry Forecast, 2024-2033
Camera Accessories Market
The camera accessories market was valued at $3.8 billion in 2023 and is projected to reach $10.7 billion by 2033, growing at a CAGR of 11% from 2024 to 2033.
A camera accessory is any product required to improve the utility, performance, and functionality of cameras. The various accessories associated with a camera include lenses, camera bags, tripods, memory cards, flashes, filters, batteries, and chargers. Camera accessories are beneficial for both novice and professional photographers as they offer diverse solutions for improved image quality, stability, storage, and simplicity. Moreover, the accessories safeguard the camera and enable it to adapt to diverse environments for capturing the best shots. These accessories help photographers to achieve technical perfection and cater to the requirements or client demand effectively.
With the increasing popularity of photography as a profession, the desire to capture the best shots is boosting the demand for camera accessories. In addition, rise in popularity of e-commerce platforms and upsurge in the content creation industry are significantly driving the growth of the camera accessories market. Furthermore, surge in disposable income of individuals is accelerating the purchase of cameras and accessories, hence augmenting the market development. The trend of automation and AI is dominating the camera accessories market in current times. Therefore, manufacturers are developing accessories with in-built technological advancements such as auto-tracking gimbals, AI-powered focus systems, and smart editing tools, that simplify the processing of captured pictures & videos.
However, the cost associated with the purchase of such high-end accessories deters several economically sensitive customers, thus restraining the development of the market. In addition, several categories of accessories such as memory cards are the targets of commoditization and saturation, which limits market growth. Furthermore, the accelerating adoption of smartphones is declining the purchase of cameras, eventually hampering the camera accessories market. According to Digital Photography Review, a website about digital cameras and photography, the production of digital cameras in mid-2023 was at a 2.8% decrease in comparison 2022. The shipping of the cameras in June 2023 was down by 5.2% when compared to May 2023. These declining figures for digital cameras are expected to reduce the purchase of camera accessories in the future.
Segment ReviewThe camera accessories market is segmented into type, distribution channel, and region. On the basis of type, the market is divided into lenses, bags & cases, tripods, batteries & chargers, and others. As per distribution channel, it is bifurcated into online and offline. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key FindingsOn the basis of type, the tripod segment dominated the market in 2023.
As per distribution channel, the offline segment acquired a high stake in the market in 2023.
Region wise, North America was the highest revenue generator in 2023.
Competition AnalysisThe leading players operating in the global camera accessories market include Olympus Corp., Panasonic Holdings Corp., Panavision Inc., RED Digital Cinema LLC, Ricoh Co. Ltd., Rollei GmbH and Co. KG., SIGMA Corp., Sony Group Corp., The Vitec Group Plc, and Transcend Information Inc. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, to strengthen their foothold in the competitive market.
Key Market SegmentsBy TypeLenses
Bags and Cases
Tripods
Batteries and Chargers
Others
By Distribution ChannelOnline
Offline
By RegionNorth America
U.S.
Canada
Mexico
Europe
France
Germany
Italy
Spain
UK
Russia
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Thailand
Malaysia
Indonesia
Rest of Asia-Pacific
LAMEA
Brazil
South Africa
Saudi Arabia
UAE
Argentina
Rest of LAMEA
Key Market Players
Olympus Corp.
Panasonic Holdings Corp.
Panavision Inc.
RED Digital Cinema LLC
Ricoh Co. Ltd.
Rollei GmbH and Co. KG.
SIGMA Corp.
Sony Group Corp.
The Vitec Group Plc
Transcend Information Inc.