According to a new study published by InfoTrends/CAP Ventures digital camera sales in Western Europe this year are forecasted to reach 24.2 million units which is a growth of 42% compared to 2003. This will make the European digital camera market the largest (in terms of unit shipments) in the world. This is very interesting news and supports what we have seen in the ever growing number of European visitors we receive here on dpreview.

Press Release:

InfoTrends/CAP Ventures Projects European Consumer Digital Camera Sales to Surpass 24 Million in 2004

(Weymouth, MA) September, 23 2004. A new study from InfoTrends/CAP Ventures projects that digital camera unit sales in Western Europe are forecasted to reach 24.2 million units in 2004, representing a compound annual growth rate of 42% over 2003. This year, the European digital camera market will become the largest market in terms of unit shipments in the world.

One factor that is contributing to growth rates is product pricing. Prices for digital cameras continue to drop, and consumers who thought digital cameras were too expensive in the past are now finding them affordable. This is essential for ongoing market growth. The ability for households of more moderate means (household income below €50K) to afford digital cameras will enable the market to reach 64% household penetration by the end of the forecast period.

The five largest markets in Europe are Germany, the United Kingdom, France, Italy, and Spain. Combined, these five countries are expected to represent 69% of all European digital camera shipments and 68% of the market’s revenue.

Currently, the top five vendors are Canon, Sony, Olympus, Nikon, and Fuji. The combined market share for these companies is nearly 70%.

InfoTrends/CAP Ventures’ new report entitled 2004 Consumer Digital Camera Forecast, Europe provides a market forecast for Western Europe and the five major European markets (Germany, United Kingdom, France, Italy, and Spain). The report outlines key vendors, trends, and pixel segments, as well as projects unit shipments and revenues through 2008.