Camera accessories market 2023-2027: A descriptive analysis of parent market, five forces model, market dynamics, and segmentation

NEW YORK, Dec. 20, 2022 /PRNewswire/ — According to Technavio, the global camera accessories market size is estimated to grow by USD 856.09 million from 2022 to 2027. The market is estimated to grow at a CAGR of 3.71% during the forecast period. North America will account for 51% of the market’s growth during the forecast period.

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Global camera accessories market- Five forces
The global camera accessories market is fragmented, and the five forces analysis covers–

• Bargaining Power of Buyers

• The threat of New Entrants

• Threat of Rivalry

• Bargaining Power of Suppliers

• Threat of Substitutes

• Interpretation of porter’s five models helps to strategize the business, for entire details – buy the report!

Global camera accessories market- Parent market analysis

Technavio categorizes the global camera accessories market as a part of the global leisure products industry within the global household durables market. The parent market, the global leisure products market, covers a variety of categories, including sports equipment, musical instruments, camping equipment, recreational vehicles, bicycles, toys, and other consumer-oriented games. Technavio calculates the global leisure products market size based on combined revenues generated by manufacturers of household durables, including consumer electronics, home furnishings, homebuilding products, household appliances, houseware and specialties, and leisure products.

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Global camera accessories market– Customer landscape 

The report includes the market’s adoption lifecycle, from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global camera accessories market- Segmentation assessment

Segment Overview
Technavio has segmented the market based on type (lenses, bags and cases, tripods, batteries and chargers, and others), and distribution channels (online and offline).

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• The lens segment will grow at the highest rate during the forecast period. Several industries are early adopters of advanced technologies. There are various lenses available on the market, including ones with broader angles, optical adjustments, and additional zooming abilities. Non-threaded lenses are created by some aftermarket manufacturers for point-and-shoot cameras. They are magnetic lenses that attach to the camera using a magnetic ring rather than threads. With high-end cameras, such as DSLR cameras, a variety of lenses are available, including telephoto lenses and wide-angle lenses. Thus, the lens market in the global camera industry is anticipated to expand throughout the course of the projected period as camera sales increase.

Geography Overview
By geography, the global camera accessories market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global camera accessories market.

• North America will account for 51% of the market’s growth during the forecast period. The US is the major revenue-contributing country in North America. Because of the early adoption of digital cameras in the area, the market is anticipated to become saturated throughout the projection period. This will probably cause its revenue share to decrease. The market for camera equipment is also threatened by the widespread use of smartphones.

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Global camera accessories market– Market dynamics

Key factor driving market growth

• One of the key factors driving the global camera accessories market is the high demand for advanced digital cameras.

• Globally, the sales of digital cameras, such as DSLRs and MILCs, are closely associated with the sales of camera accessories. In addition to greater picture and video quality, a large number of modern cameras are compatible with a variety of lenses. As a result, customers can modify their cameras to suit their own requirements.

• The expansion of the global camera accessory market is being fueled by the improved compatibility of cameras with lenses of varying resolutions, apertures, and focal lengths.

Leading trends influencing the market 

• Technological advances are the primary trend for the global camera accessories market growth in the forecast period.

• Some of the important developments include the development of new attachments that may be used to enhance the functionality and performance of cameras, as well as accessories that offer improved stability and fresh perspectives on photography.

• Due to the development of action cameras like the GoPro Hero series, the market for camera accessories has advanced. Customers have a variety of accessories to choose from, such as handheld, wearable, and various adjustable mounts and handlers.

• Additionally, the market provides accessories for various shooting requirements and settings, such as touring, scuba diving, surfing, and snorkeling. All such factors will drive market growth during the forecast period.

Major challenges hindering the market growth

• The declining cost of camera accessories will be a major challenge for the global camera accessories market during the forecast period.

• Due to the continual increase in demand for camera accessories from amateur and professional photographers, the prices of camera accessories are steadily falling.

• In addition, developing nations like India generate the majority of the income in the worldwide market for digital cameras since consumers there are price-sensitive. As a result, there isn’t much potential for price growth in the accessory market.

• This forces manufacturers of cameras and camera accessories to engage in ongoing price competition, which lowers the average price of these products and restrains market expansion.

Driver, Trend & Challenges are the factor of market dynamics that states about consequences & sustainability of the businesses, find some insights from a sample report!

What are the key data covered in this camera accessories market report?

• CAGR of the market during the forecast period

• Detailed information on factors that will drive the growth of the camera accessories market between 2023 and 2027

• Precise estimation of the size of the camera accessories market and its contribution to the parent market

• Accurate predictions about upcoming trends and changes in consumer behavior

• Growth of the camera accessories market across North America, Europe, APAC, South America, and Middle East and Africa

• A thorough analysis of the market’s competitive landscape and detailed information about vendors

• Comprehensive analysis of factors that will challenge the growth of camera accessories market vendors

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Table of Contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Type

7 Market Segmentation by Distribution Channel

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio