News |CIPA predicts camera market to contract in 2024, mirrorless to continue its surges

CIPA predicts camera market to contract in 2024, mirrorless to continue its surge

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The Camera & Imaging Products Association (CIPA) expects the imaging industry to see a 4% decrease in camera shipments this year, the organisation has said in its recently released forecast for 2024.

In 2023, digital camera shipments reached 7.72 million units, maintaining 96.4% of the previous year’s volume. Among these, interchangeable-lens cameras, which constitute 78% of the total market, slightly exceeded previous figures, achieving 101.2% of 2022’s shipments. Notably, though, mirrorless cameras surged to 118.6% compared to the prior year, underscoring their increasing popularity and market dominance.

Despite the overall downturn, CIPA said it expects the mirrorless camera segment will continue to show promise based on the strength of its performance in 2023. This trend suggests shifting priorities within the photography market, with consumers and professionals alike gravitating towards more compact, versatile, and technologically advanced camera systems.

The anticipated decline raises questions about the future of traditional camera formats and the strategies companies might employ to navigate these challenges. Industry experts suggest that innovation, diversification, and a focus on niche markets could be key for manufacturers looking to mitigate the impact of reduced shipments.

Moreover, the report underscores the importance of understanding changing consumer preferences and the increasing role of smartphones in the photography ecosystem. As technology continues to evolve, so too does the way we capture and share our visual stories.

The CIPA report also sheds light on regional performance, with shipments to China and other regions exceeding the previous year’s figures, indicating varied market dynamics across the globe. Despite a general decrease in shipments to Europe and the Americas, the Asian market, led by China, showcased strong growth, hinting at shifting consumer preferences and the potential for market expansion.

Looking ahead to 2024, CIPA predicts a slight contraction in the overall digital camera market to 7.41 million units. However, the continued interest in mirrorless technology and the potential for recovery post-pandemic suggest underlying opportunities for growth and innovation within the industry.

It’s fair to say the CIPA outlook offers both caution and insight into the evolving dynamics of the camera market. While the forecast may seem less than bullish, the continued interest in mirrorless technology and the potential for innovation present opportunities for growth and adaptation in the years ahead.

For more detailed analysis and the full report, visit CIPA.

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