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Canon has launched some exceptional compact cameras over the years. However, it appears that the company is gaining new momentum, thanks to this one device, which they announced recently. While companies like Fujifilm, Kodak, and Ricoh are trying to win over the market, Canon does not want to be left behind, since they were once a giant ruling the small sensor sales. Here is a look what this could mean for the company.
Last year, Canon’s compact camera market saw a 23.4% share.
According to a new data analysis by BCN Rankings, Canon‘s market sales have been reaching new heights. The company was ranked 6th in July, with a market share of 5.35%. Now, it has reached 27.1%, thus reaching the top spot in Japan. One of the driving forces behind this is the relaunch of the PowerShot G7 X Mark III, and pre-orders are back. The device quickly shot up the market share by 15.6%. For the uninitiated, the G7X MK III was launched in 2019 and features a 1-inch sensor. However, it is considered a premium compact camera and costs $849.
However, the G7X was not the only device to win over the audience. The PowerShot SX740 HS and the IXY 650m both have gained momentum since their launch. The report states that the SX740 HS was ranked 3rd in unit share, as it offered an 8% boost to Canon’s compact camera business. However, despite the two entry-level offerings, the G7X has twice the amount of orders in Japan, which is interesting considering it is also over $400 expensive than the other two offerings. Once, it could be said that when it comes to compact cameras, people want the best of the best, unlike full frames, which can raise the price up to thousands of dollars. Both the SX740 HS and IXY 650m are refreshed models with minimal changes from the originals launched in 2018 and 2016, respectively. This trend also reflects how prices in the used camera market are rising, showcasing the driving power of compact cameras.
Last year, Canon’s compact camera market saw a 23.4% share. A couple of percentages may not seem huge, but they certainly reflect where the industry is headed in today’s day and age. Canon is just hitting the iron while it’s hot. Since Kodak and Fujifilm have both showcased positive market trends thanks to small sensor offerings, Canon sees its value and is trying to be a part of the race. As of August, the company has showcased an increase of 187.4% year-on-year in terms of units and 248.7% in terms of value, both of which are quite massive.
However, with this trend, it is hard to say how the company will keep going if the momentum drops. But for now, there is a demand, and Canon wants to supply. It would be nice to see if the company actually launches new cameras that benefit photographers more than content creators. For instance, the Powershot V1 was very centric to the needs of video creators. So, perhaps, if they add something different to their portfolio, they just may win.
