Mirrorless cameras set to drive market growth

The global mirrorless camera market is expected to grow at a compound annual growth rate of 3.67% in coming years to reach a market size of €2.16 billion in 2026, from €1.67 billion in 2019.

The forecast comes in ResearchandMarket.com’s latest report entitled “Mirrorless Camera Market – Forecasts from 2021 to 2026”.

The market is expected to surge in the coming years because of the rise in disposable income, changing consumer lifestyle and trends, and increasing urbanisation. According to the United Nations, 68% of the global population is expected to live and reside in urban areas by the year 2050, up from 55% in 2018.

Until a few years ago, photography was marked by the high price of professional quality photography equipment. With better access to novel and advanced solutions and technology, the gap between photography as a profession and as a hobby has been whittled away.

The growth in the usage of mirrorless and DSLR cameras has led to a rise in innovations that make the products more user-friendly. Moreover, companies have been spending a significant sum of capital to develop novel and advanced products for their customers.

Fujifilm, one of the major Japanese players in the market, say they expect the demand from mirrorless cameras to overtake and cross that of DSLRs, in the coming years. The company has also stated that in the United States and Europe, the mirrorless camera has already overtaken DSLRs. With these trends, the market for the mirrorless camera is expected to surge at an exponential rate.

Technological Advancements

The market is expected to surge in the coming years, because of the rise in innovation and advancement in mirrorless camera products. The novel and advanced mirrorless cameras boast new technologies including speedy burst shooting, high-resolution sensors, and superb high-quality video. The novel mirrorless cameras also provide outstanding connectivity and are more compact than DSLRs.

Major companies have been investing a significant sum of the camera to develop novel photographic solutions for their respective customers. For Instance, Fujifilm, one of the key players in the market, provides the new X-T4, which is an all-round mirrorless camera with a sensor size of APS-C and a resolution of 26.1 MP. It is equipped with a 425-point autofocus.

Other players are also making significant developments in the market. For Instance, one of the major players in the market is the Canon EOS R6, which is a mirrorless camera, with a full-frame sensor size, and a resolution of 20.1 MP. The camera also has super and fine autofocus, dual card slots, and an impressive IBIS system. Nikon and Sony are two other major players in the market with a substantial revenue share.

These companies have invested a considerable sum of capital to enhance their photographic portfolio, in the past few years. Nikon provides model Z6 II, which is a mirrorless camera with a full-frame sensor size, and a resolution of 24.5 MP. The camera also has autofocus at 273-point hybrid. These trends are expected to have a positive effect on the market, during the forecast period.

Latest Trends

  • In April 2021, Canon announced the development of its novel and top-end mirrorless camera. The company had been developing EOS R3, to compete with Nikon’s high-end Z9 mirrorless camera. The novel EOS R3 had been in the development stage and it had been expected to outdo Canon’s EOS R5 mirrorless camera.
  • In April 2021, Nikon announced novel firmware updates for its major Z series mirrorless cameras. The novel updates have been available to download from 26th April 2021 and would cover the Nikon Z7 II, Z6 II, Z7, Z6, Z5, and Z50. The novel updates are expected to enhance the quality of the company’s mirrorless camera.
  • In April 2021, Fujifilm Corporation announced the launch of two novel mirrorless cameras, the X-E4, and GFX100S. The Fujifilm GFX100S would be the novel and latest addition to the GFX Series of Mirrorless digital cameras, which had been equipped with an advanced large-format sensor. The new mirrorless camera weighs 32 ounces and would be equipped with the X-processor 4 high-speed image processing engine.
  • In March 2021, Sony India announced the launch of a novel full-frame mirrorless camera, which has been called the Sony Alpha 1. 
  • In February 2021, Panasonic announced the launch of a novel mirrorless camera in its latest addition to the company’s LUMIX series, LUMIX BGH1, especially for the Indian market. The company stated that this would be the LUMIX’s first box style digital single-lens mirrorless camera. The novel camera could be used by professional filmmakers in India and had been approved by Netflix, as a major and primary camera for the filming of Netflix Originals.

Photo copyright – @TheRegisti / Unsplash

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