(Weymouth, MA) July, 26 2004. Continued high growth rates in the consumer digital camera market are astounding industry vendors, who are waiting for the peak. InfoTrends/CAP Ventures predicts two more years of strong growth before sales peak. Consumer digital camera unit sales in the United States are forecasted to reach 22.8 million in 2004. This represents a unit growth of 42% over 2003, which showed 58% unit growth over 2002.
Digital cameras are one of the most common and popular sectors of consumer electronics market and has benefited extensively from the digitization of the consumer electronics products. The worldwide economic recession over the last few years hindered the growth of the digital camera industry; however, with the recovery of this economic downturn, the global industry is anticipated to experience a rapid growth with a number of consumers buying digital Single Lens Reflex (SLR) cameras.
Increasing competition and rising consumer income levels are equally accountable for driving the demands for digital cameras. Technological advancements like the advent of touch screen technology and High-definition (HD) quality in cameras are also said to contribute towards the rise in the compact digital camera sales.
Two, IMO, as others have stated, phone camera sales have had a a great impact on camera sales. I know many people in my area, family, friends, co-workers, that all use their camera phones for taking pictures, and swear by them. A lot of them have digital cameras they bought during the growth in digital camera sales, but never use them now at all. Some of these phone cameras take pretty decent pictures, especially if you are taking pictures of mainly family gatherings, your kids, etc. Their opinion is, why do I need a camera when I have this phone that takes awesome photos. I have seen some camera phone pictures that have been printed to 8×10 and look excellent. What these people are saying is, they always have their phone with them at all times, therefore they always have a camera with them at all times, and don’t have to carry anything extra with them. I was at a very large retirement party for our church pastor and I brought my D800. The only other person that I observed there that day with a DSLR or even a point and shoot was the photographer that was hired to shoot that day. In fact, a few people even remarked, “look, someone who is using a real camera to take pictures, not their phone”. I thought that remark spoke volumes about the camera market. I think camera phones are probably the biggest reason for the decline in digital camera sales.