According to a study by the research group InfoTrends worldwide digital camera sales should reach nearly 53 million units sold in 2004. In addition to this digital camera sales are expected to continue to grow and a compound rate of 15% over the following four years reaching an incredible 82 million units sold in 2008. According to InfoTrends the market leaders in 2003 are expected to be Canon, Sony, Olympus, Fujifilm and Kodak with a combined market share of three quarters (75%).
Worldwide Consumer Digital Camera Sales to Reach Nearly 53 Million in 2004
(Norwell, MA) November, 19 2003... A new study from InfoTrends Research Group projects that worldwide unit sales of consumer digital cameras will reach nearly 53 million in 2004. Furthermore, digital camera sales are expected to experience a CAGR (compound annual growth rate) of 15% over the next four years, reaching 82 million units in 2008. In 2004, worldwide unit sales of consumer digital cameras are expected to surpass unit sales of worldwide film cameras.
Digital cameras are becoming an essential communications device for consumers, says Michelle Slaughter, Director of Digital Photography Trends at InfoTrends Research Group. Consumers are becoming accustomed to the immediacy of digital photography and are integrating digital photos into their daily communications with friends and family and for work. As a result, digital cameras have a higher intrinsic value to consumers than film cameras. This, in turn, paves the way for digital camera sales to exceed film camera sales, while maintaining a higher average selling price.
The three leading regions for digital camera penetration are North America, Japan, and Europe. The Asia Pacific region, China, and the Rest of the World combined currently account for 10% of worldwide digital camera unit sales. By 2008, however, these regions are expected to account for 27% of the worldwide digital camera market in terms of unit sales. The growing middle class in developing countries, including China, will initiate the transition from film to digital in these countries during the forecast period between 2003 and 2008.
The digital camera market remains very competitive. The top five worldwide market leaders in 2003 are expected to be Canon, Sony, Olympus, Fuji, and Kodak. The combined worldwide unit market share of these companies is currently almost 75%. These companies are expected to remain in the top five through 2004, although their individual positions may change.
InfoTrends' new report entitled "2003 Worldwide Consumer Digital Camera Forecast" provides market forecasts for North America, Europe, Japan, the Asia Pacific region, China, and the Rest of the World. It sizes the consumer digital camera market; outlines key vendors, trends, and pixel segments; and projects unit shipments, revenues, and price declines through 2008 by region. The report is available immediately in electronic format.