Rise Above Research, the new industry research firm, predicts a 28% decline in camera sales for North America this year, followed by a rebound in 2021. In 2021, North American camera sales will generate almost $2 billion in revenue. Digital camera sales have been on the decline for the last ten years, as the saturation of smartphones has dramatically reduced the total addressable market for digital cameras. Industry vendors were already struggling to maintain profits, even before the COVID-19 pandemic hit North America.
“2020 will be an extremely challenging year for digital camera vendors, primarily due to the negative effects of the COVID-19 pandemic,” says Ed Lee, director and founder, Rise Above Research. “Nevertheless, we expect that the camera market will show signs of recovery in time for the important holiday shopping season,” he added.
The 2020 North America Digital Camera Forecast report provides a six-year forecast for the North American point-and-shoot camera, DSLRs, and mirrorless camera markets for units, revenues, and average selling prices (ASPs). It includes an analysis of key market trends, as well as insight and advice for navigating this mature market. A breakout of US market numbers is included in the Appendix.
2020 photos to top 1.13 trillion in 2020
Rise Above Research also projects 1.13 trillion photos will be taken worldwide in 2020, factoring in an 18% decline caused by COVID-19.
“Consumers continue to be snap happy. While the COVID-19 virus has put a damper on the growth for 2020, we believe that this decline in photo taking will be temporary. As restrictions are lifted, people will venture out with their cameras and phones in hand and begin snapping photos again,” said Lee.
With the full calendar year available for 2021, the number of photos taken globally is expected to rebound to 1.35 trillion photos. All this will add up to more than 8 trillion photos stored in 2021.
The 2020 Worldwide Image Capture Forecast report provides a five-year forecast for the number of photos expected to be taken globally. It also includes the shares of photos taken by smartphones, cameras, and tablets; which regions of the world are most photo-active; and the cumulative number of photos saved.
Rise Above Research, LLC is an independent market intelligence and strategic consulting firm established in 2020 by industry veterans Ed Lee and David Haueter.