The global market has seen an immense shift in consumer trends and the way we purchase cameras today. For the longest time, compact, point-and-shoot film cameras were utilized by families to capture their best images during holidays or special occasions. But when the smartphone infiltrated this segment, the need for having a separate camera felt redundant. However, it now seems there is a new shift in this trend, with Kodak becoming an important player, something we did not see coming anytime soon.
In a new research report, BCN Ranking has taken sales of actual cameras from retail stores and online shops to showcase the digital market trend. In fact, they have revealed that some areas have seen a recovery since the pandemic, but the numbers remain low since the pre-2020 levels. For instance, in 2018, the sales saw an index of 100, but due to restrictions on shipments and a general lack of outdoor activities, the figure declined to 47.1. But since 2023, we have seen a steady rise, and here is a look at the markets that performed well.
Mirrorless VS DSLR
As companies like Canon and Nikon gradually pivoted to mirrorless, DSLRs began to decline. That’s because manufacturers are reducing production, and with mirrorless, there are far better technologies in terms of autofocus, high ISO performance, and general clarity. However, the interesting part is that 60% of the market today is still dominated by affordable and compact integrated lens cameras, with only 40% being taken over by mirrorless.
New Competition in the Market
Between 2018 and 2019, companies like Canon and Nikon had the biggest camera sales share, thanks to their popularity with DSLRs. However, with Sony being the early adopter of mirrorless, the company took over Nikon in 2020 as the second company after Canon in camera sales. Sony is still preferred for mirrorless cameras and continues to have the no. 1 ranking for them, but Canon still has the biggest market share in the interchangeable lens market.
However, in 2021, Kodak began to expand its budget camera range. It banked on the retro camera trend, which was affordable and an all-in-one device. Fujifilm, too, ventured into premium model cameras and affordable Instax models, which attracted younger audiences. In a way, both companies began to target younger users, mostly Gen Z or Gen Alpha, who are looking to purchase compact, cost-effective cameras, over using their iPhones. At the same time, Tokina has also begun to cater to younger audiences with their palm-sized toy cameras and affordable digital cameras, which are perfect for anyone looking to upgrade to a camera from their phone.
Through this shift, we learn that the companies are looking to diversify their audience and cater to multiple groups, something Canon and Nikon have started doing in more recent years. This means they revived their compact and bird camera offerings, realized that working with the mass market is more beneficial for camera sales.
Similarly, when it comes to lenses, Canon’s share has fallen by 7.7 points in the past seven years, while Kodak and Tokina gained 20.7 and 11 points, respectively. The companies have benefited from launching compact, affordable options that offer more than what a smartphone can do.
While Sony, Canon, and Nikon are still the trio of “giants” of the industry, they are facing multiple challenges across various fronts. The rising number of compact camera trends, tariffs, and a general slowdown of the economy due to AI and other factors impact one’s purchasing power. In Japan, the falling yen and, in the United States, the rising cost of living have affected many. But it remains to be seen how this will change in the future.
