Mirrorless Cameras Market - Forecasts from 2024 to 2029

Mirrorless Cameras Market - Forecasts from 2024 to 2029

The global mirrorless camera market is expected to grow at a compound annual growth rate of 3.33% over the forecast period to reach a market size of US$2.784 billion in 2029, from US$2.214 billion in 2022.

In the realm of photography, mirrorless cameras are a huge advancement that provides a strong substitute for conventional DSLRs. The lack of the large mirror system included in DSLRs allows these cameras to have a lightweight and compact construction. Mirrorless cameras rival DSLRs in terms of image quality owing to technological developments. With their interchangeable lenses, they may be used in a variety of photography, from telephoto portraits to wide-angle landscapes. Furthermore, modern features like quick autofocus systems, high-speed continuous shooting, and sophisticated video capabilities are frequently included in mirrorless cameras, making them desirable to both photographers and videographers.

Moreover, mirrorless cameras' electronic viewfinders (EVFs) provide instantaneous picture previews, allowing for accurate composition and exposure changes. Mirrorless cameras have therefore grown in popularity among hobbyists, pros, and content producers looking for a lightweight, yet capable image solution for recording life's moments with unmatched simplicity and creativity.

MARKET TRENDS:

The market is expected to surge during the forecast period, because of the rise in disposable income, changing consumer lifestyles and trends, increasing urbanization, and others. With better access to novel and advanced solutions and technology, the gap between photography as a profession and as a hobby has reduced. The growth in the usage of mirrorless and DSLR cameras has led to a rise in innovations, that make the products more user-friendly.

Moreover, companies have been spending a significant sum of capital to develop novel and advanced products for their customers. Fujifilm, one of the major Japanese players in the market, stated that they expect the demand for mirrorless cameras to overtake and cross that of DSLRs, in the coming period. Overall, the mirrorless camera market is expected to surge at an exponential rate, during the forecast period.

MARKET DRIVERS:

Advancements in technology are expected to influence global mirrorless camera market growth.

The market is expected to surge in the coming years, because of the rise in innovation and advancement in mirrorless camera products. The novel and advanced mirrorless cameras feature and have the latest photographic technology, speedy burst shooting, high-resolution sensors, and superb and high-quality video. The novel mirrorless cameras also provide outstanding connectivity and are more compact than a DSLR. Major companies have been investing a significant sum in cameras to develop novel photographic solutions for their respective customers.

For Instance, Fujifilm, one of the key players in the market, provides Fujifilm X-T4, which is an all-rounder mirrorless camera. The camera has a sensor size of APS-C and a resolution of 26.1 MP. It has autofocus at 425-point AF. Other players are also making significant developments in the market. For Instance, one of the major players in the market provides the Canon EOS R6, which is a mirrorless camera, with a full-frame sensor size, and a resolution of 20.1 MP.

The camera also has super and fine autofocus, dual card slots, and an impressive IBIS system. Nikon and Sony are two of the major players in the market, with a substantial revenue share. These companies have invested a considerable sum of capital to enhance their photographic portfolio, in the past few years. Nikon provides model Z6 II, which is a mirrorless camera, with a full-frame sensor size, and a resolution of 24.5 MP. The camera also has autofocus at a 273-point hybrid. These trends are expected to have a positive effect on the market, during the forecast period.

Improvements in electronic viewfinders (EVF) are predicted to positively impact global mirrorless camera market growth.

The development of electronic viewfinders (EVFs), which offer high-resolution, real-time scene previews, is propelling the expansion of the mirrorless camera industry globally. Under difficult lighting situations, advanced EVFs improve clarity and detail by providing ultra-high resolutions, low latency, and brilliant color reproduction. Features that enable photographers, such as focus peaking and exposure overlays, encourage compositional originality and accuracy. Mirrorless cameras' small size and advanced EVF technology make them appealing to consumers who need mobility and performance. Innovations in EVFs make mirrorless cameras more competitive and draw in a wide variety of customers.

The adoption of mirrorless systems is further encouraged by the immersive viewing experience provided by EVFs, which rivals that of optical viewfinders. It is anticipated that mirrorless cameras will become more popular among hobbyists and pros worldwide with ongoing EVF advancement. These developments have the potential to influence how photography develops in the future by increasing demand and expanding the market.

MARKET RESTRAINTS:

The mirrorless camera industry has several obstacles that limit its development potential, despite its many benefits. The established dominance of DSLR cameras, which have long been the go-to option for many pros and photographers, is one major obstacle. Furthermore, some customers are still reluctant to switch to mirrorless systems because they are concerned about the longevity of the batteries, especially in light of the DSLRs' longer batteries.

The greater initial cost of mirrorless cameras and lenses is another barrier that might discourage those on a tight budget. Some users find that adoption is hampered by incompatibilities between DSLR systems and current lenses and accessories.

The North American region is anticipated to hold a significant share of the market.

North America is expected to have a significant share in the market, because of the growth in popularity among consumers due to its capability of providing high-quality photographs. Moreover, rising interests in fashion, wildlife, wedding, and fashion photography have increased the growth of the digital camera market. High disposable income in the United States and Canada, is also a major factor in the mirrorless camera market growth. Also, the rise of social media is a major factor in the overall market growth, during the forecast period.

Europe and Asia Pacific regions are also expected to have a major share in the market during the forecast period because of the rising popularity of social media in those regions, increasing fashion trends, and others. In Asia, the market is expected to be led by India and China, because of the rise in the popularity of wildlife photography, the big movie and film industry, and other factors. Japan is also expected to have a major share in the market, due to the presence of key and imperative players, such as Sony, Panasonic, LG, and others, in the country. The country also boasts one of the largest economies in the world, which is expected to be a driving factor in the overall mirrorless camera market growth, during the forecast period.

Key Developments:

In November 2023, the α6700 (ILCE-6700), Sony India's newest APS-C mirrorless camera, was released. Sony's most sophisticated APS-C mirrorless camera to date, the α6000 series, is combined with the lightweight and compact design of the Alpha™ and Cinema Line series to create this innovative product. Both series boast state-of-the-art still picture and video capabilities.
In September 2023, Nikon Corporation (Nikon) announced the launch of the full-frame/FX-format Nikon Z f mirrorless camera, which uses the Nikon Z mount. The Z f is a mirrorless camera that strikes a mix of cutting-edge superior performance and a classic design influenced by a classic Nikon film camera.
In February 2023, Canon unveiled two new cameras: the EOS R50, a new small and light APS-C mirrorless camera that replaced the EOS M50 Mark II; and the EOS R8, a new entry-level full-frame camera that combines many of the potent video and still shooting features of the EOS R6 Mark II, such as Canon Log 3 and up to 40 frames per second continuous shooting with the portability of the EOS RP.

Segmentation:

By Type
Fixed Lens
Interchangeable Lens
By Distribution Channel
Online
Offline
By Geography
North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
United Kingdom
Germany
France
Spain
Others
Middle East and Africa
Saudi Arabia
UAE
Israel
Others
Asia Pacific
China
Japan
India
South Korea
Taiwan
Thailand
Indonesia
Others