Mirrorless Camera Market Size (2023 – 2030)

The Global Mirrorless Camera Market was estimated at USD 1.90 Billion in 2022 and is anticipated to be a value of USD 2.54 Billion by 2030, growing at a fast CAGR of 3.68% during the forecast period 2023-2030.

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The camera industry has undergone a significant revolution due to the introduction of cutting-edge technology and creative designs in the industry. Unlike DSLR cameras, mirrorless cameras are smaller, lighter, and faster than traditional DSLRs. Also, due to its unique design, which allows for greater attention to detail, it is growing more popular among users. The mirrorless camera market is estimated to grow at a rapid pace due to the surge in disposable income and the changing lifestyle patterns of the consumer. With better access and reach to advanced solutions and technology, the bridge between photography as a profession and as a hobby has been reduced widely. The increase in the usage of mirrorless cameras has led to a number of innovations that make products more user-friendly and efficient. Moreover, companies have been spending a hefty sum of capital on research and development activities to develop novel and advanced products for the top players involved in the market and expand their product portfolio. 

Global Mirrorless Camera Market Drivers:

The increasing trend for high-quality content and the popularity of social media platforms are fuelling the growth of mirrorless cameras worldwide.

The growing demand for high-quality content among consumers particularly for uploading content to social media is boosting the sales and demand for mirrorless cameras. Mirrorless cameras’ cutting-edge technologies and features such as quick autofocus, fast frame rates, and superior video recording quality are what make them a popular choice among content creators. Additionally, they have substitutable lenses that allow users to adjust to a variety of situations and create original photo/video content. Therefore, the demand for mirrorless cameras is estimated to increase with the growth in the market for high-quality content.

The surging online retail sales are propelling the sales of mirrorless cameras globally.

With the increase in the popularity of online channels such as Amazon, Flipkart, Alibaba Group, and others along with the proliferation of the internet is fuelling the sales of mirrorless cameras. The increasing strategic partnership between camera manufacturers and e-commerce retailers is further boosting demand enhancing the growth of the global mirrorless camera market during the outlook period.

The technological advancements in sensor technology are fuelling the mirrorless camera market size.

The constant developments in the camera industry and sensor technology have had a significant impact on the widening of the mirrorless camera market globally. Leading camera manufacturing companies are focussing on R&D and integrating cutting-edge technologies to expand their product portfolio. Therefore, due to the continuous advancement and evolution in the industry, mirrorless cameras are estimated to propose even better image quality and performance in the forthcoming years.

Global Mirrorless Camera Market Challenges:

One of the prevalent issues the global industry for mirrorless cameras facing is the high entry barrier for consumers due to their comparatively higher prices. They are usually more expensive than DSLR cameras as they have more enhanced features. Due to its high price, customers might hesitate from buying these cameras. Although new manufacturers and models have come into the market massing it, the cost of mirrorless cameras still remains a huge market hurdle slowing down its growth.

Another factor influencing the market growth of mirrorless cameras is their poor battery performance. The features a mirrorless camera has is way more advanced than a DSLR and need more battery power as they are associated with electronic and wireless signals. Therefore, the battery life of these cameras is way less than the other options available in the market. 

GLOBAL MIRRORLESS CAMERA MARKET REPORT COVERAGE:

Segmentation Analysis

Global Mirrorless Camera Market - By Sensor Type:

• CMOS sensor
• Exor CMOS
• Back-illuminated CMOS
• X Trans CMOS
• Dual Pixel CMOS

In 2022, CMOS sensors held the highest market share making them the most popular type of sensor used in mirrorless cameras. It provides a high-quality image and video capture feature to the camera. Exor CMOS sensors help with images with a better resolution since they are more pixelated than conventional CMOS sensors. Due to their distinctive features and capabilities, other sensor types, like back-illuminated CMOS and X Trans CMOS, are becoming increasingly popular among the other market segments according to the sensor type.

Global Mirrorless Camera Market - By Stabilization:

• Lens Based
• Sensor Based

Lens-Based cameras are estimated to hold dominance in 2022 due to them being more popular among manufacturers. To eliminate blurriness in photographs and videos, lens-based stabilization is commonly incorporated into the camera and is most popularly used. To lower the blur brought on by the camera shake, sensor-based stabilization is incorporated into the camera body. Mirrorless cameras generally employ stabilization systems that are both sensor- and lens-based, with some models including both to get a more advanced and high-quality picture and video content.

Global Mirrorless Camera Market - By Focus System:

• Phase Detection autofocus
• Contrast detection autofocus

Phase detection auto-focus works on the concept of measuring the subject's distance from the camera and then adjusting the focus using specific pixels on the image sensor as necessary. In 2022, the phase detection auto-focus segment held the highest market share due to most of the high-end mirrorless cameras using this technology to provide quick and precise auto-focus performance. Contrast detection auto-focus, on the other hand, selects the focus point by contrasting the contrast in various sections of the image. In the years to come, as the market for mirrorless cameras grows, autofocus technology will likely continue to be an important field of study and creation. Autofocus technology has a lot of untapped potential.

Global Mirrorless Camera Market – By Distribution Channel:

• Online
• Offline

In 2022, the offline segment held the highest market share and is anticipated to expand steadily during the forecast period, 2023-2030. Due to the increasing number of retail outlets globally, the offline segment is anticipated to continue its dominance during the forecast period as well. However, the online segment is also anticipated to rise steeply with the advent rise in the internet use and the popularity of e-commerce websites. Therefore, it is predicted to grow at the fastest rate during the forecast period.

Global Mirrorless Camera Market - By Region:

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America

In 2022, the Asia Pacific region accounted for the majority of the market share for mirrorless cameras owing to the existence of well-known leading manufacturers like Sony, Fujifilm, and Panasonic as well as a substantial community of photography enthusiasts in the region. Due to the growing need for smaller, more portable camera systems and the growing popularity of mirrorless cameras among professional photographers in the region, North America and Europe are also predicted to be important markets for mirrorless cameras.

Global Mirrorless Camera Market Key Players:

1. Sony
2. Nikon
3. Panasonic
4. Canon
5. Fujifilm
6. Olympus
7. Leica
8. Pentax
9. Samsung
10. Hasselblad
11. Sigma

COVID-19 Impact on Global Mirrorless Camera Market:

The camera industry as a whole witnessed a steep decline as a result of the COVID-19 pandemic. It also changed the way people consumed goods and products in the post and pre-COVID era as a result of frequent travel lockdowns and business shutdowns. The supply chain also got disrupted due to the unavailability of raw materials and chip shortages. All this led to frequent delays in new product launches slowing down the growth of the market in the first half of 2020. With the easing up of restrictions, the market regained traction and accelerated at a steady pace with the launch of new and advanced models of full-frame mirrorless cameras. Continuous evolving cameras with cutting-edge technological revolution changed the market dynamic. Additionally, the ongoing trend of vlogs and content creation as a means of entertainment or to provide insights into various fields is anticipated to further augment the market growth. Mirrorless cameras are witnessing a steep rise in demand from people as the quality of photos obtained from them is very high. Due to the premium quality footage, lightweight, portable, and travel-friendly nature, they are high in demand and may remain so in the forthcoming years as well.  

Global Mirrorless Camera Market Recent Developments:

• In November 2021, the collaboration between Nissin Japan Ltd., Nikon India Private Ltd., and Profoto AB enhanced the performance and compatibility between Nikon mirrorless cameras, Nissin Digital products, and Profoto AB.
• In February 2021, FUJIFILM was pleased to announce the launch of the GFX100S, the newest mirrorless digital camera in the GFX Series. The GFX100S offers exceptionally superior image quality which now holds the world record for the highest resolution.
• In February 2023, Canon India launched two brand-new mirrorless cameras, the EOS R8, and EOS R50. The EOS R50 replaces the EOS M50 Mark II as an entry-level, portable, and lightweight APS-C mirrorless camera. It is made for vloggers and provides automated functions and creative tools to make it simple to create high-quality material.
• In December 2022, Fujifilm India launched its flagship X Series Model, the X-T5 mirrorless camera in India.