As the digital camera market contracts due to the popularity of smartphones, camera companies are finding that higher profits can still be reached by selling fewer cameras that cost, on average, twice as much as they used to.
In 2022, the average digital camera cost about $623, which is more than twice the figure from three years ago, according to the Camera and Imaging Products Association — a Japanese trade group —Major camera manufacturers have basically abandoned the point-and-shoot category of cameras since the cameras that come built-in to smartphones have completely replaced that segment.
The result? CIPA says that shipments jumped 40% by value last year, which is the second year in a row that shows major gains for the camera industry as it emerged fromCamera companies seem to be attributing the change to a growing interest in more performant cameras in the younger generations. “Younger generations are growing more interested in photography from interacting with lots of pictures on social media, while older fans familiar with single-lens reflex cameras are interested in new technologies behind mirrorless cameras,” Hiroyuki Ikegami, general manager of Nikon’s Imaging Business Unit, tells“Interchangeable lens cameras are becoming more popular,” CIPA President and Sony Group Vice Chairman Shigeki Ishizuka adds.
While that’s very likely part of the reason, it might be a lot simpler than that. As camera companies have gutted their product lines at the low end, all that remains for many of them are the higher-priced cameras that more obviously outperform the image quality that can be obtained from a smartphone. If someone is going to buy a camera, it’s going to be a more expensive model since that not only represents the biggest upgrade from a smartphone camera, it’s also basically the only option left.
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