The first half of 2024 is likely to be the best period in terms of camera sales in the last three years. The CIPA Association released a report for January-May of this year: about 3 million cameras were sold, which is almost 300 thousand more than the same period last year. The market is slowly recovering from the pandemic and disruption of supply chains. However, the decline during the COVID-19 era was so strong that it is unlikely to be “recouped” in the near future.
In May 2024, 743,000 cameras were sold (all cameras except cinema cameras) according to the CIPA report. In the same month of 2023, this figure was 707,000 units, and in 2022, it was 637,000 cameras.
We are talking about mirrorless, SLR cameras, and cameras with non-replaceable optics. CIPA also separately takes into account camera sales in value terms. And here we see an interesting trend: sales of cameras with interchangeable optics (in money) grew by 28.6% — to $1.6 billion.
The segment of cameras with non-replaceable optics also showed significant growth. This segment grew by 34.7% in value terms (up to $233 million). Apparently, this result was largely achieved due to the Fujifilm X100VI camera. Although it is possible that the popularity of this model, which is still inaccessible for many, “pulled up” the entire segment: many buyers could choose the previous model of this line or Ricoh cameras with non-replaceable optics.
However, the statistics show that the growth in value terms significantly exceeds the growth in units sold. This means that cameras in the more expensive segment (professional level) are becoming more popular – their sales are growing.
This may be due to the trend towards better quality shooting on smartphones, which are gradually approaching the level of budget amateur compact cameras with small matrices. Thus, this segment is gradually losing its share in the overall camera market. Its share is occupied by advanced smartphones.
CIPA statistics break down the camera market segments separately. For example, mirrorless cameras account for 83.7% of camera units shipped and 92.9% of all camera sales.
This trend continues. Canon deliberately licensed Sigma to produce autofocus optics for APS-C mirrorless cameras (RF-mount) in order to ensure sales of inexpensive amateur level cameras of this system. Canon SLR cameras, which were once extremely popular, are gradually becoming a thing of the past.
However, Canon has not yet “opened up” the RF mount bayonet for the release of third-party autofocus lenses. This is because the company intends to sell only its own lenses for this system, but they are quite expensive.
Because of this, the company may lose potential buyers for whom the cost threshold for entering the RF system is too high, but it could be lowered by using more budget optics. This approach is followed by all other camera manufacturers: Sony, Nikon, Fujifilm, Panasonic, Leica. For each of their systems, budget autofocus optics from other manufacturers are available: Tamron, Viltrox, 7Artisans, Sirui, Tokina, Sigma, Venus Optics (Laowa), Samyang and others.
Last week, Canon released the Canon EOS R5 Mark II and Canon EOS R1 (the flagship of the mirrorless series). With these new products, which turned out to be very expensive, the company intends to “remain the No. 1 brand in the mirrorless camera segment.”
Despite the gradual increase in sales, the camera market has changed dramatically over the past decade. In 2018, camera sales were around 10 million units – and another 18 million lenses. In recent years (2021-2023), these figures were: 6 million cameras and 9.6 million lenses.
The development of shooting technologies used in smartphones affects the camera market. Modern smartphones have received support for software processing of images, which reduces noise, increases contrast and makes shots more expressive. For everyday use, many have found this a more convenient option than independently processing photos on a computer (or on a smartphone) when shooting with compact cameras.
In 2024, a new round of development of the segment of mobile devices with advanced cameras is expected. Its obvious representatives will be: Xiaomi 15 Pro, iPhone 16 Pro and Samsung Galaxy S25 Ultra. There will also be Oppo Find X8 Ultra and Vivo X200 Ultra models.
In terms of camera market development, Canon and Nikon have already released their new products in 2024. These are the Nikon Z6 III , Canon EOS R5 Mark II and Canon EOS R1 . Now it’s Sony’s turn.
Earlier, Sony presented the advanced compact Sony ZV-E10 II , but this year the manufacturer should release several more high-end camera models. A new premium cinema camera is also expected. The source called the future new product “the successor to the Sony FX9” .
