Is mirrorless camera market stealing the market share of DSLR camera?
Mirrorless cameras, also known as mirrorless interchangeable lens cameras (MILC) refers to a camera that uses a single removable lens and employs a digital display system instead of an optical viewfinder. Mirrorless cameras utilize an image sensor to display an image acting as an electronic viewfinder. On comparison with DSLR, these cameras are relatively lighter, smaller, and convenient for portability. The market of mirrorless cameras has been segmented on the basis of type, distribution channel, and geography.
Drivers of mirrorless cameras market
Growing disposable income of the urban population coupled with increasing social media trend is driving the market for mirrorless cameras. The retail sector has become more organized and growing at a rapid pace. The growing e-commerce industry is expected to increase the global global mirrorless camera market size. E-commerce sector is focusing on meeting the last customer which is increasing the market of the mirrorless camera. Consistent new product launches with attractive and new features by the key players are also uplifting the market. Decreasing the overall cost of production of these cameras is also augmenting the growth.
Restraints and opportunities
Availability of substitutes is hampering the growth of the market. The market is getting tough competition from both smartphones as well as DSLR camera. However, research and development to decrease the cost of production and attractive new features offered by the vendor are expected to boost the mirrorless camera market growth.
Are smartphones a threat to the market?
Smartphones are getting popular these days and they are offering premium quality cameras with features similar to mirrorless cameras or DSLR. The increasing trend of social networking has led to the growth of cameras in the smartphone industry. However, mirrorless camera market trend is expected to be positive. The market is growing slowly but steadily among the financially sound population due to its better quality of pictures. The rise in disposable income has also led to the growth of the market.
DSLR v/s Mirrorless camera
DSLR have been ruling the market from a very long time. They capture high-quality photos and 4k or ultra HD videos. However, mirrorless cameras market is growing because of the features like the lightweight, smaller size and easy portability. Mirrorless cameras offer almost similar features in a smaller size. DSLRs are generally considered not suitable for videos whereas mirrorless cameras are recommended for the videos. They can shoot video in all the formats but DSLR captures only in 4K or ultra HD videos.
Geographically, Asia Pacific region is expected to have a significant market share of the global mirrorless market share. The growth is projected on account of the presence of key players and rise in disposable income in the region. Japan is one of the largest manufacturers of mirrorless cameras in the region. Major key players are based in Japan. The market of North America region is expected to grow on account of increasing disposable income and increasing demand for these cameras from developed countries of the region. The offline segment of the distribution channel segmentation is expected to have a significant market share on account of well-developed distribution channel. However, the online segment is witnessing rapid growth on account of the booming e-commerce industry.