London, UK—Technavio’s latest report on the U.S. photo equipment market provides an analysis of the most important trends expected to impact the market from 2017 to 2021.
Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline. According to Technavio’s market research, the photography equipment market in the U.S. will grow at a steady rate and post a CAGR of more than 4% during the forecast period, reaching $16.8 billion by 2021.
U.S. Photo Equipment Market Trends
• Personalized digital cameras
• Ultra-zoom lenses for interchangeable-lens cameras, including DSLR and mirrorless.
• E-retailing and social media marketing
Personalized Digital Cameras
“The increasing number of youngsters taking up photography as a hobby has resulted in an increased demand for personalized digital cameras, which allow users to experiment and capture photographs in innovative ways,” said Brijesh Kumar Choubey, a lead analyst at Technavio.
Choubey added that the increase in demand for personalized cameras is encouraging photo equipment manufacturers and marketers to introduce products that are rugged with advanced waterproof features and in different colors. Marketers are also targeting female customers by introducing many forms and shapes of cameras that would appeal to them.
The camera segment dominated the U.S. photo equipment market during 2016. And Technavio forecasts that its market dominance is expected to continue until the end of 2021.
In addition, the introduction of innovative and new technology-equipped cameras will be a major factor fueling growth. “Also, the inclusion of features such as higher megapixels for better resolution and picture quality, advancements in the magnification and focusing quality of the lenses, and the addition of 3D technology on digital cameras will further boost the growth of this segment,” the report notes.
Furthermore, Technavio analysts believe increasing demand for camera accessories will drive the U.S. photo market during the estimated period. “The market is highly driven by the increasing demand for photography accessories. This is due to the introduction of enhanced features for connectivity, improved ability to control enhancements and enhanced configuration of products,” according to the report.
Moreover, a large number of consumers highly rely on accessories to have a high-end user experience. Accessories range from lens mounts, optical filters, transmitters and GPS receivers to slide projectors and ultra-zoom lenses.
The research firm identified ultra-zoom interchangeable lenses as one of the popular trends in the market. These lenses are defined as those offering a focal length range between 18mm and 300mm.
“The long range of these lenses reduces the number of equipment needed by photographers to successfully create the frames they want to capture,” the report notes. “These all-in-one zoom lenses enable photographers to capture several up-close and detailed images, without the need for additional equipment.”
E-retailing and Social Media Marketing
An analysis of this U.S. photo market is also presented by the retail format as well as by product type. These formats include: photo specialty stores, department stores, hypermarkets and supermarkets, online retail.
“During 2016, the specialty stores segment dominated the photography equipment market in the U.S. and will continue to dominate the market for the next four years,” Technavio notes. “Since these stores specialize in one product category such as electronics, consumers are able to access a wide assortment of products at various price points. This will drive the popularity of specialty stores and will subsequently fuel the growth of this market segment.”
However, online marketing is the third emerging trend that will drive the market.
“Photography equipment marketers are increasingly offering their products online. With key vendors like Nikon, Canon and Kodak running in-house online portals and having tie-ups with e-retailers to sell photography equipment,” explains Choubey.
Online portals offer products at competitive prices through third-party portals as well as their own online shopping portals. Consequently, customers are given the option to choose photography equipment that matches their requirements and is compatible with the digital camera they own, Choubey adds.
Moreover, the U.S. market is highly competitive. As a result, several vendors are now offering products to various sectors. These include film and television production, journalism, real estate, security and surveillance, retail, healthcare and food-servicing.
Furthermore, vendors are increasingly focusing on research and developmental activities. They are also concentrating on the manufacture, sale and servicing of camera equipment products. The goal is to expand their geographical reach and enhance their customer base.
Technavio’s market research predicts that the U.S. photography equipment market will be driven by factors like technological advancement. This will induce product innovation and swelling replacement demand for point-and-shoot cameras.
Notably, among the most important trends in the market is the growing demand for mirrorless interchangeable-lens cameras. This will in turn fuel growth in the accessories segment.
Technavio is a global technology research and advisory company. The company develops over 2,000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across leading-edge technologies. technavio.com