“Global Camera Accessories Market to reach a market value of USD 7.9 Billion by 2031 growing at a CAGR of 10.6%”
The Global Camera Accessories Market size is expected to reach $7.9 billion by 2031, rising at a market growth of 10.6% CAGR during the forecast period.
Countries such as China, Japan, South Korea, and India have seen substantial growth in disposable incomes, allowing more consumers to invest in high-quality camera equipment. The region is also a major camera and electronics manufacturing hub, with many leading brands operating extensively within Asia Pacific. Consequently, this region would acquire nearly 26% of the total market share by 2031.
The major strategies followed by the market participants are Product Launches as the key developmental strategy to keep pace with the changing demands of end users. For instance, in 2024, February, SIGMA Corporation of America, the US subsidiary of SIGMA Corporation, has unveiled two new full-frame prime lenses tailored for mirrorless camera systems: the SIGMA 15mm F1.4 DG DN DIAGONAL FISHEYE | Art and SIGMA 500mm F5.6 DG DN OS | Sports lenses. Both lenses are set to be available for purchase in mid-March 2024 and are compatible with Sony E-Mount and L-Mount cameras. Moreover, in August, 2023, Tamron Co., Ltd. unveiled the 35-150mm F/2-2.8 Di III VXD, a fast-aperture telephoto zoom lens for Nikon Z mount cameras. This launch product would support broad angle with telephoto and is ideal for both portrait and travel photography.
Based on the Analysis presented in the KBV Cardinal matrix; Sony Corporation are the forerunners in the Market. In August, 2023, Sony India a regional division of Sony Corporation unveiled FE 70-200mm F4 Macro G OSS II telephoto zoom lens. Through this launch, the company aimed to support the versatile capabilities of photography enthusiasts and professionals. Companies such as Panasonic Holdings Corporation, Canon, Inc., Fujifilm Holdings Corporation are some of the key innovators in Market.
Instagram, TikTok, YouTube, and Facebook have significantly increased interest in photography and videography among a broad audience as a result of their exponential growth and widespread adoption. For influencers and content creators, high-quality visuals are not just a preference but a necessity. They rely heavily on visual content to build their brand, attract sponsorships, and engage their audience. Hence, the rise of social media platforms has created a robust ecosystem where the demand for high-quality visual content drives the market for these accessories.
The rise in travel and adventure tourism has become a significant trend in recent years, driven by people's growing desire to explore new destinations and seek thrilling experiences. The rise in travel and adventure tourism has become a significant trend in recent years, driven by people's growing desire to explore new destinations and seek thrilling experiences. Thus, the increasing popularity of travel and adventure tourism has significantly influenced the demand for cameras and their accessories.
Modern smartphones are now equipped with highly sophisticated camera systems that rival the capabilities of traditional cameras in many aspects. In addition to hardware improvements, smartphone manufacturers have integrated advanced software features that significantly enhance photo quality. Hence, the rapid technological advancements in smartphone cameras have negatively affected the market.
Based on type, the market is classified into lenses, bags & cases, tripods, batteries & chargers, and others. The batteries & chargers segment procured 15% revenue share in the market in 2023. Reliable power sources are critical for uninterrupted photography and videography sessions, particularly during extended shoots or in remote locations.
On the basis of distribution channel, the market is bifurcated into online and offline. The offline segment recorded 26.5% revenue share in the market in 2023. Consumers often prefer to physically examine these accessories, try different options, and consult with knowledgeable sales staff before purchasing, particularly for high-end or complex equipment.
Free Valuable Insights: Global Camera Accessories Market size to reach USD 7.9 Billion by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America segment witnessed 38% revenue share in the market in 2023. The region is home to many professional photographers, content creators, and media production companies, which fuels the demand for high-quality accessories.
The market is highly competitive, driven by rising interest in photography and videography. Key players like Canon, Nikon and Sony with third-party brands such as Manfrotto and Peak Design. Rapid technological advancements and the growth of mirrorless cameras and smartphone photography fuel demand for innovative accessories. The rise of vlogging and social media content creation further intensifies competition, emphasizing the need for high-quality, user-friendly products.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 3.6 Billion |
| Market size forecast in 2031 | USD 7.9 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 10.6% from 2024 to 2031 |
| Number of Pages | 205 |
| Number of Tables | 273 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Distribution Channel, Type, Region |
| Country scope |
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| Companies Included | Panavision Inc., Panasonic Holdings Corporation, Carl Zeiss AG, Sigma Corporation, Ricoh Company, Ltd., Nikon Corporation, Tamron Co., Ltd., Sony Corporation, Canon, Inc. and Fujifilm Holdings Corporation |
By Distribution Channel
By Type
By Geography
This Market size is expected to reach $7.9 billion by 2031.
Increasing popularity of photography and videography are driving the Market in coming years, however, Technological advancements in smartphone cameras restraints the growth of the Market.
Panavision Inc., Panasonic Holdings Corporation, Carl Zeiss AG, Sigma Corporation, Ricoh Company, Ltd., Nikon Corporation, Tamron Co., Ltd., Sony Corporation, Canon, Inc. and Fujifilm Holdings Corporation
The expected CAGR of this Market is 10.6% from 2024 to 2031.
The Online segment led the Market by Distribution Channel in 2023; thereby, achieving a market value of $5.8 billion by 2031.
The North America region dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $2.9 billion by 2031.
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