Technological Advances Drives the Camera Accessories Market | Technavio

LONDON--(BUSINESS WIRE)--#ConsumerElectronics--The global camera accessories market is expected to record a revenue of over USD 4 billion by 2021, according to a new market research report by Technavio.

Global camera accessories market segmentation by type and distribution channel

Technavio’s report on the global camera accessories market analyses the business dimensions and presents a comprehensive breakdown in terms of market segmentation by type that includes lenses, bags and cases, tripods, batteries and chargers, docking stations, and flash cards. As projected in 2016, around 56% of the market share originated from lenses.

Based on distribution channel, the global camera accessories market has been segmented into online distribution channel and offline distribution channel. The offline distribution channel held the major share of the global camera accessories market in 2016, accounting for a market share of more than 57%.

“Offline media channels are not connected to the Internet. They use offline distribution strategies that include TV, radio, print advertisements, and banners, to create awareness about products and services and to promote brands. Offline marketing tends to be more expensive when compared to online marketing because it requires vendors to implement promotional campaigns. However, as a large share of the market is still held by the unorganized sector of the market that does not have Internet access, offline distribution is the only way to reach customers,” says Ujjwal Doshi, a lead analyst at Technavio for consumer electronics research.

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Global camera accessories market: competitive vendor landscape

The global camera accessories market is highly competitive because of the presence of many vendors. Intense competition and increasing technological advances are significant risk factors for the vendors. Vendors compete based on product differentiation, portfolio, and pricing. During the forecast period, the competition is expected to increase because of the increase in product extensions. Vendors are also investing in planning, designing, developing, acquiring new players, and expanding existing facilities. Technological innovations and creativity play a substantial role in driving the market growth.

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Other topics covered in the report:

Market drivers:

  • High demand for advanced digital cameras
  • Increased demand for high-quality photos

Market challenges:

  • Declining cost of camera accessories
  • Availability of bundled camera accessories

Market trends:

  • Technological advances
  • Rising popularity of online retail

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