A study by InfoTrends/CAP Ventures predicts that worldwide digital camera revenue will reach $24 billion by the end of 2004, and will exceed $30 billion by 2009. Europe, the United States and Japan top the table for digital camera sales this year while it is expected that Asia and Rest of World (ROW) regions, which currently has a combined share of 10%, will share 33% of the revenue by 2009.
Worldwide Digital Camera Revenue to Reach $24 Billion in 2004
WEYMOUTH, Mass.--(BUSINESS WIRE)--Dec. 16, 2004--According to a new study from InfoTrends/CAP Ventures, worldwide digital camera revenue is forecast to reach $24 billion in 2004, and grow to $31 billion in 2009. The top three regions for digital camera sales in 2004 are Europe, the United States and Japan.
The digital camera market is growing quickly in Asia and Rest of World regions (ROW). The digital camera market in Japan has entered the late majority stage of adoption, and the U.S. and Europe will enter this stage within the next few years. Meanwhile, Asia and ROW will keep growing, up from a combined 10% share of worldwide revenue in 2004 to 33% by 2009.
Sensor resolution continues to be the primary specification that consumers rely on to compare the performance and quality of digital cameras. "Even though resolution does not always equate to image quality, it is an easy metric for consumers to compare, and so the pixel race will continue," said Michelle Slaughter, Director of Digital Photography Trends at InfoTrends/CAP Ventures. This year manufacturers introduced several 7 and 8 megapixel models, and by 2009, these resolution segments are expected to be mainstream segments for point & shoot cameras.
As resolution increases, manufacturers must also advance image processing speed to handle the larger files. "Consumers recognize the need for speed when they complain about shutter lag and click-to-click speed," says Slaughter. "As a result, manufacturers are trying to raise brand awareness of their image processors, and consumers may eventually learn that image processors are also a key component influencing their satisfaction."
The top five worldwide market leaders in 2004 are, in rank order, Canon, Sony, Olympus, Kodak and Fuji. These companies are expected to remain in the top five in 2005, though their rank within the top five may change.
InfoTrends/CAP Ventures' report entitled 2004 Worldwide Consumer Digital Camera Forecast Summary is available immediately. It provides market forecast summaries for the United States, Europe, Japan, Asia, and Rest of World. It sizes the consumer digital camera market, examines key vendors, trends and pixel segments, and projects unit shipments, revenues, and price declines through 2009 by region. InfoTrends/CAP Ventures' in-depth regional forecast reports for the United States and Europe are also available.