Mirrorless Camera Market Size (2024 – 2030)

In 2023, the market for mirrorless cameras reached an estimated valuation of USD 1.97 Billion, with projections indicating an expected value of USD 2.54 Billion by 2030. The market is poised to exhibit a robust Compound Annual Growth Rate (CAGR) of 3.68% during the forecast period spanning from 2024 to 2030.

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The camera sector has experienced a substantial transformation, marked by the infusion of cutting-edge technology and innovative designs. Unlike their DSLR counterparts, mirrorless cameras distinguish themselves by their compactness, reduced weight, and increased speed. The distinctive design, facilitating meticulous attention to detail, has contributed to the growing preference for mirrorless cameras. The market's accelerated growth is attributed to the rise in disposable income and evolving consumer lifestyle patterns. The convergence of photography as both a profession and a hobby has been facilitated by widespread access to advanced solutions and technology. The surge in mirrorless camera usage has spurred innovations, enhancing user-friendliness and efficiency. Companies have made significant investments in research and development to introduce novel and advanced products, thereby expanding their market presence.

Mirrorless Camera Market Drivers:

The global proliferation of mirrorless cameras is propelled by the escalating demand for high-quality content and the widespread popularity of social media platforms.

The increasing desire for superior content, especially for social media uploads, is driving the demand for mirrorless cameras. Renowned for their cutting-edge technologies, mirrorless cameras, featuring quick autofocus, rapid frame rates, and exceptional video recording capabilities, appeal to content creators. Their interchangeable lenses enable users to adapt to diverse scenarios, fostering the creation of original photo and video content. Consequently, the demand for mirrorless cameras is anticipated to surge alongside the expanding market for high-quality content.

The global sales of mirrorless cameras are experiencing a boost due to the surge in online retail activities.

The rising prominence of online platforms like Amazon, Flipkart, Alibaba Group, and others, coupled with the widespread availability of the internet, is driving mirrorless camera sales. The strategic collaborations between camera manufacturers and e-commerce retailers further amplify demand, contributing to the growth of the global mirrorless camera market in the foreseeable future.

The mirrorless camera market witnesses growth attributed to advancements in sensor technology.

Continuous advancements in camera and sensor technology significantly impact the global expansion of the mirrorless camera market. Leading camera manufacturers prioritize research and development, integrating cutting-edge technologies to diversify their product offerings. As a result of ongoing industry evolution, mirrorless cameras are poised to deliver enhanced image quality and performance in the years ahead.

Mirrorless Camera Market Challenges:

The prevailing challenge in the global mirrorless camera industry is the high entry barrier for consumers, primarily due to their comparatively elevated prices. As these cameras often boast enhanced features, they tend to be more expensive than DSLR counterparts, potentially deterring prospective buyers. Despite the entry of new manufacturers and models, the cost of mirrorless cameras remains a significant market impediment, hampering their growth.

Another factor influencing the market dynamics of mirrorless cameras is their suboptimal battery performance. The advanced features of mirrorless cameras, coupled with electronic and wireless signal requirements, demand more power, resulting in shorter battery life compared to alternative options in the market.

Mirrorless Camera Market - By Sensor Type:

• CMOS sensor
• Exor CMOS
• Back-illuminated CMOS
• X Trans CMOS
• Dual Pixel CMOS

In 2022, CMOS sensors commanded the highest market share, establishing themselves as the most favored sensor type in mirrorless cameras. Renowned for delivering superior image and video capture capabilities, CMOS sensors remain at the forefront. Exor CMOS sensors stand out by enhancing image resolution through increased pixelation compared to traditional CMOS sensors. Back-illuminated CMOS and X Trans CMOS, with their distinctive features and capabilities, are gaining prominence within various market segments based on sensor types.

Global Mirrorless Camera Market - By Stabilization:

• Lens Based
• Sensor Based

As of 2022, Lens-Based stabilization is projected to maintain dominance, primarily due to its widespread adoption by manufacturers. It is commonly integrated into cameras to mitigate blurriness in both photos and videos. Concurrently, sensor-based stabilization, incorporated into the camera body, aims to reduce blur resulting from camera shake. Mirrorless cameras typically employ both sensor- and lens-based stabilization systems, with select models featuring both for enhanced picture and video quality.

Global Mirrorless Camera Market - By Focus System:

• Phase Detection autofocus
• Contrast detection autofocus

In 2022, the Phase Detection autofocus segment led the market share, as high-end mirrorless cameras predominantly utilize this technology for swift and precise autofocus performance. Phase detection autofocus gauges the subject's distance and adjusts focus using specific pixels on the image sensor. Contrast detection autofocus, in contrast, selects the focus point by analyzing contrast in different image sections. As the mirrorless camera market expands, autofocus technology is expected to remain a crucial area of research and development, offering untapped potential.

Global Mirrorless Camera Market – By Distribution Channel:

• Online
• Offline

The offline segment dominated the market share in 2022 and is poised for steady expansion from 2023 to 2030. This is attributed to the increasing number of retail outlets globally. Simultaneously, the online segment is expected to experience rapid growth, driven by increased internet usage and the popularity of e-commerce websites. Consequently, the online segment is forecasted to exhibit the fastest growth during the forecast period.

Global Mirrorless Camera Market - By Region:

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America

In 2022, the Asia Pacific region held the majority of the mirrorless camera market share, driven by prominent manufacturers like Sony, Fujifilm, and Panasonic, along with a substantial community of photography enthusiasts. North America and Europe are anticipated to emerge as significant markets due to the rising demand for smaller, portable camera systems and the growing popularity of mirrorless cameras among professional photographers.

Global Mirrorless Camera Market Key Players:

1. Sony
2. Nikon
3. Panasonic
4. Canon
5. Fujifilm
6. Olympus
7. Leica
8. Pentax
9. Samsung
10. Hasselblad
11. Sigma

COVID-19 Impact on the Global Mirrorless Camera Market:

The camera industry experienced a substantial downturn during the COVID-19 pandemic, reshaping consumer behavior amidst travel restrictions and business shutdowns. Supply chain disruptions, raw material unavailability, and chip shortages led to delays in new product launches, slowing market growth in the first half of 2020. With the easing of restrictions, the market regained momentum, marked by the introduction of new and advanced full-frame mirrorless camera models. The evolving technology in cameras, coupled with the trend of vlogs and content creation, is expected to further drive market growth. Mirrorless cameras, prized for their high-quality photos, lightweight, portability, and travel-friendly attributes, continue to witness rising demand and are poised to remain sought after in the coming years.

Recent Developments in the Global Mirrorless Camera Market:

• In November 2021, collaboration among Nissin Japan Ltd., Nikon India Private Ltd., and Profoto AB resulted in the improvement of performance and compatibility between Nikon's mirrorless cameras, Nissin Digital products, and Profoto AB.
• FUJIFILM, in February 2021, proudly introduced the latest addition to the GFX Series, the GFX100S mirrorless digital camera. This camera sets a new standard for image quality and holds the world record for the highest resolution.
• Canon India made significant strides in February 2023 with the launch of two novel mirrorless cameras, namely the EOS R8 and EOS R50. The EOS R50, designed as a replacement for the EOS M50 Mark II, serves as an entry-level, portable, and lightweight APS-C mirrorless camera tailored for vloggers. It incorporates automated functions and creative tools to facilitate the creation of high-quality content.

In December 2022, Fujifilm India introduced the X-T5 mirrorless camera, the flagship model of its X Series, in the Indian market.