The Japanese Camera & Imaging Products Association (CIPA) has announced its outlook forecast on the 'shipment by product-type concerning cameras and related goods for 2024' and expects a decrease compared to 2023.
CIPA's reports provide an interesting insight into the digital camera market, looking at market trends among the best mirrorless and DSLR cameras. The 2023 annual report was released earlier this month, showing the market declined in Europe and the US but increased dramatically in Asia, with a significant increase in China. It also showed an overall decrease in digital camera and lens shipments globally, a decline that CIPA expects to continue.
CIPA states, "Total digital camera shipments in 2024 (from January to December cumulative) are expected to be 7.41 million units, which is 96.0% of the previous year, including 860,000 units or 94.5% to Japan, and 6.55 million units or 96.2% to countries other than Japan".
This has also been broken down further by the category of digital cameras. Shipments of interchangeable-lens digital cameras (DSLRs and mirrorless cameras) are expected to be 98.2% of the previous year, and fixed-lens are expected to be 88.4%.
With so many new cameras scheduled or rumored to launch in 2024, especially compact cameras, it is a surprise that the forecast shows a decline in overall digital camera shipments globally. The freshly announced Fujifilm X100VI and a rumored successor to the Ricoh GR III, will certainly be trying to bump up the data of fixed-lens digital cameras. Likewise, the long-awaited Canon EOS R1's anticipated release will undoubtedly boost interchangeable-lens cameras.
CIPA's outlook also predicts lenses for interchangeable-lens cameras are to remain almost stable in 2024, with volumes expected to be at 99.3% of where they were last year.
CIPA summarises the report by stating, "As the market experienced a slowdown slightly toward the end of 2023, this outlook is less than bullish. However, digital cameras are items closely connected to 'outdoor demands' and 'outing demands'. In association with the current trend of breaking away from the COVID-19 pandemic, further growth is expected".
In a somewhat contradictory summarisation, CIPA states that they expect growth in the market despite a decrease in global shipments. It is unclear if this means long-term future growth or an increase in shipments after the dip at the end of 2023, but overall the digital camera market is in a healthy state.
2024 is set to become an exciting year for photographic equipment, with new releases scheduled for most major manufacturers. You can get hands-on with the latest equipment they have to offer at The Photography and Video Show 2024 at the NEC in Birmingham, UK. Tickets for the show are available now.
