After a deceleration in retail value decline in the last couple of years, the category will resume double-digit negative rates in 2023 and continue to fall through the remainder of the forecast period. The rising quality of smartphone cameras will be the main driver of this as many younger consumers will not see the need to purchase a dedicated imaging device.
The consumer base of professional photographers will continue to sustain sales in the imaging devices category over the forecast period as such customers value having a sophisticated, specific-purpose device to ensure they take good quality photographs and videos. Such consumers are willing to invest in high-quality, high-spec digital cameras and camcorders and appreciate the range of premium features such items have as well as their advantages over smartphones.
While the dominance of Canon is unlikely to be challenged during the forecast period, rivals such as Sony are seeking to stimulate consumer interest through increased promotional support, outdoor advertising, and credit payment offers. In addition, the leading two players (Canon and Nikon) are likely to expand their strategy from solely focusing on professional-grade devices and begin production of smaller portable cameras.
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Understand the latest market trends and future growth opportunities for the Imaging Devices industry in Nigeria with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Imaging Devices industry in Nigeria, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
Imaging Devices
This report originates from Passport, our Imaging Devices research and analysis database.
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