PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1661597
PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1661597
India's professional digital camera market was valued at USD 465.55 million in FY2024 and is expected to reach a value of USD 1181.82 million in FY2032 at a CAGR of 12.35% during the forecast period. The market is growing steadily due to the increasing demand for high-quality photography and videography. The market is primarily driven by professional photographers, videographers, and filmmakers who require advanced features such as high-resolution sensors, low-light photography, interchangeable lenses, and manual controls to capture high-quality images and videos. Apart from this, the increasing popularity of social media platforms and the rise of digital marketing led to a surge in demand for high-quality visual content.
New Product Launch Drives India Professional Digital Camera Market
The professional digital camera market in India is witnessing significant market growth owing to an increase in several new product launches from major brands. Companies in the market are introducing advanced models with innovative features to address the growing requirement for professional videographers and photographers. These new launches often aim at advanced technologies including high-speed processing, improved image sensors, enhanced video capabilities, and better low-light performance. New and high-performance cameras offer superior performance, ease of use, and compact size, driving the India professional digital camera market demand in the forecast period. In addition, the Indian market is also witnessing an increasing requirement for hybrid cameras, which combine the features of mirrorless cameras and other high-tech cameras, offering high performance and versatility. Companies in the market plan to launch new high-performance and high-tech cameras to address the demand from working professionals.
For instance, in July 2024, Canon Inc. announced the launch of EOS R1 and EOS R5 Mark II cameras in India to expand the market presence and revenue and address the growing demand from photography enthusiasts.
Increasing Demand for Mirrorless Cameras
Mirrorless cameras are gaining popularity among professional photographers in India, largely due to their compact size, ease of use, superior image quality, video capabilities, affordability, and popularity among professional photographers. In recent years, the market observed a sudden paradigm shift towards mirrorless cameras from digital SLR cameras (DSLR) and has managed to grab the majority of market share in a short time. This is being driven by leading market players shifting focus to the production of more mirrorless cameras than DSLRs amid the growing preference of end-users towards these cameras.
Growing Inclination of Content Creators Towards Hybrid Cameras
Hybrid cameras, also known as Mirrorless interchangeable-lens cameras (MILCs), have gained immense popularity among vloggers, content creators, and social media influencers seeking a portable, lightweight camera, and delivers exceptional image and video quality. The emergence of social media platforms such as Instagram, YouTube, and TikTok has amplified the need for cameras that can capture high-quality content for these platforms.
COVID-19 Impact
The COVID-19 pandemic has significantly impacted the Indian economy, including the professional digital camera market. Due to the nationwide lockdown and restrictions on movement and gatherings, many photography projects, events, and shoots were postponed or cancelled. As a result, the demand for professional digital cameras decreased significantly. In addition, the closure of multi-brand stores and showrooms also affected the market as it became difficult for photographers and enthusiasts to access cameras and related equipment. However, online sales of professional digital cameras increased as many people shifted to online shopping during the pandemic.
The pandemic affected the supply chain network drastically, which heavily restricted the import of cameras and led to an increase in the prices of professional digital cameras in India as there is no manufacturing facility for cameras in India. Despite the challenges in post-COVID scenario, the professional digital camera market in India is recovering in the coming years as the situation normalizes and the demand for high-quality content and digital photography increases.
Key Players Landscape and Outlook
To expand the market share and profitability, several businesses are focusing on strategic collaboration projects. However, mid-size and small businesses are leveraging the expansion capabilities to gain new contracts and tap into new markets as a result of technical improvements and product innovations.
The market is highly competitive with key players involving Canon India Pvt. Ltd., Nikon India Pvt. Ltd., Sony India Pvt. Ltd., Panasonic Life Solutions India Pvt. Ltd., Fujifilm India Pvt. Ltd.
In February 2023, Canon unveiled the EOS R8, a new entry-level full-frame camera and the EOS R50, a new APS-C mirrorless camera that will replace the EOS M50 Mark II. Both cameras feature many of the robust video and still shooting features of the EOS R6 Mark II, including Canon Log 3 and up to 40 frames per second continuous shooting.
In January 2023, Panasonic has introduced the Lumix S5II and S5IIX cameras in India. The new hybrid mirrorless cameras feature a freshly created 24.2-megapixel 35mm full-frame CMOS sensor along with PDAF (Phase Detection Auto-Focus). In order to achieve high resolution, natural description, and around 2x faster signal processing for high bit-rate video recording, the image engine has also undergone recent development.
In October 2022, Nikon India launched firmware version 3.00 for flagship full-frame mirrorless camera Nikon Z9. Firmware version 3.00 further enhances the Z9, offering exciting new features related to both video and still functions, as well as improved operability and display features that respond to user needs.