Toronto News, (PR) March 21, 2012
The omnipresence of photo technology in the modern world can be put into perspective by the trend of integrating cameras into all types of portable devices, such as, mobile phones, smartphones, PDAs, laptops (with built in webcams), among others. Digital cameras designed to capture video or still images, have over the years, evolved into being an integral part of modern lifestyles fuelled largely by consumers desire to capture and crystallize moments of their life. The industry witnessed sizable growth in the past enthused largely by improvements in picture resolutions, storage media, and compatible printers & PCs as a result of standardization of equipment. In the upcoming years, growth will be further fuelled by connected technologies that enable transferring and transmitting digital images captured by a digital camera via internet and cellular networks. Email transferability of digital camera images and the waxing popularity of digital photo sharing encouraged by the rising tide of social networking are poised to positively benefit the market in the future
Demand in developed economies in North America and Europe is touching saturation with household penetration of digital cameras reaching over 85% to 95% in these markets, forcing manufacturers to target late adopters and focus on after point-of-capture functions such as printing images, editing captured videos, and on-line storage and sharing. With the number of households with multiple cameras continuing to grow, companies are also focusing on enhancing sales among repeat purchasers. In the upcoming years, growth in the world market will be driven by developing countries in Asia-Pacific, Eastern Europe, Latin America and Middle East. Strong economic growth, rising levels of employment, growing urbanization of lifestyles, rising standards of living, and increasing discretionary spends, represent factors which will help drive growth.
Technology developments/innovation has and will continue to drive gains in developed and developing markets alike. Innovation in the future will be targeted towards enhancement in terms of megapixels, changes in color schemes, interchangeable-lens, improved data storage capacity, enhanced processor functionality, higher levels of optical zoom, smaller form factor, bigger LCD screens, gyro function to stabilize shaky images, advanced CCD image sensors, and sophisticated lens technology, among others. Poised to score the highest gains are digital cameras equipped with multi-processing abilities, such as scene processing, multi-zone auto focus and picture stabilization. One of the foremost trends witnessed in the industry is the increasing megapixels in digital SLRs. An important outcome of the unabated innovations designed to feed the photo obsession of consumers in the marketplace is the gradual phase out of entry-level cameras with higher priced mid-level and high-end models.
The consumer electronics industry in Europe remains nervous about the play out of the sovereign debt crisis drama. Consumer spending which continues to remain a key pillar of growth in the market continues to remain volatile and sensitive to shocks. The market is facing immediate hurdles, such as, credit restriction, consumer indecisiveness and fears of possible collapse of consumer confidence in the event of escalation in the severity of the debt crisis. Amid conflicting news on the success of Europes band-aid strategy of containing the crisis, market sentiments continue to swing between hope and concerns. For instance, bailout packages extended to Greece by the EU has and will continue to help the country avoid a sovereign default on its bond payments into the short-term. Although these short-term solutions do not provide a permanent solution to the crisis and in reality indicates deferring of conclusive, corrective action, market sentiments are nevertheless encouraged.
Bearish market sentiments indicate that tough government spending cuts and increase in taxes as part of the austerity measures could bring consumer spending under pressure in debt ridden economies. Although the Greek government under the leadership of Lucas Papademos, voiced intentions of implementing fiscal austerity packages (such as freeze on salaries in the public sector, increases in taxes, stricter penalties for tax evasion, increase in the retirement age, selective default which involves voluntary write down of debts by the private sector, etc) to reduce the countrys widening deficits, similar measures are currently not seen as likely in relatively stronger economies with lower debt loads like in Germany and Italy.
Given the yet unclear signs of a possible rollover effect of the euro crisis, guarded optimism currently prevails in the marketplace. Market sentiments are additionally strengthened by the fact that the sovereign debt crisis has not yet been transmitted to the real economy as is indicated by the relative stability of the value of the Euro currency. The intrinsic value of the euro has been stable despite fears of massive inflation, and the Euro continues to remain the dominant world currency in comparison to the dollar. Germanys relative resilience in handling the euro zone crisis is also helping strengthen confidence levels. Given the yet encouraging outlook for the German economy, the largest in the euro zone, it is not all gloom and doom as pessimists might view. Encouraging economic data such as comparatively lower levels of unemployment, better trade surplus accounts, and stable industrial output and manufacturing indices, indicate that the real German economy has not yet been impacted by the crisis as feared. This thereby discounts an across the board impact of a possible eurozone crisis which is still not confirmed as a technical recession. Consumer spending in Europe is therefore expected to hold up in the year 2012 despite the debt crisis.
As stated by the new market research report on Digital Cameras, the United States and Europe together corner a lions share of the world market. Asia-Pacific will emerge as the fastest growing regional market worldwide with a projected CAGR of 9.9% over the analysis period.
Major players in the marketplace include Canon Inc., Casio Computer Co., Ltd., Eastman Kodak Company, Fujifilm Corporation, Hewlett-Packard Company, Leica Camera AG, Nikon Corporation, Olympus Corporation, Panasonic Corporation, Ricoh Company Ltd., Sakar International Inc., Seiko Epson Corporation, Sigma Corp., Sony Corporation, among others.
The research report titled Digital Cameras: A Global Strategic Business Report announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, drivers, issues, competition, strategic corporate developments and profiles of key market participants. The report provides market estimates and projections for geographic markets such as the US, Canada, Japan, Europe, Asia-Pacific, and Rest of World. Product segments analyzed include Less than or equal to 2 megapixels (MP), 2 MP to 5 MP, and Above 5 MP Digital Cameras.
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