Global Digital Camera Shipments to Decline Through 2023 – Credence Research

According to a new market report published by Credence Research Inc., “Digital Camera Market (By Type (Built-in Lens Digital Camera and Interchangeable Lens Digital Camera (Single Lens Reflex and Non Reflex))) - Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 – 2023”, the worldwide shipments for digital cameras stood at 35.4 Mn units in 2015, a decline of 18.4% over previous year. The trend is expected to continue during the forecast period.

Browse the full Digital Camera (By Type (Built-in Lens Digital Camera and Interchangeable Lens Digital Camera (Single Lens Reflex and Non Reflex))) Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 – 2023 report at http://www.credenceresearch.com/report/digital-cameras-market

Market Insights

Digital cameras are one of the most popular products in the consumer electronics business. However, digital camera manufacturers and retailers have struggled to keep pace with the technological advancements and changing consumer behavior that characterize sales of consumer electronic products. The lack of innovation in digital cameras has resulted in consumers being reluctant to buy newer models, leading to profit crunching. Thus, focus on product innovation is the requisite strategy for manufacturers as their search for the next big thing continues.

On the contrary, the emergence of social networking sites such as Facebook, Instagram, and Tumblr among others has kept the digital camera market afloat. Increasing popularity of these social networking sites and the prevailing trend of sharing high quality images over multiple platforms has given the necessary traction to the digital camera market. Digitization of consumer electronic products is another factor that has been instrumental in fueling the market demand. Digital media has transformed the field of photography, photo sharing sites, and networking sites, thereby creating sound growth opportunities for digital cameras. It...