Although value sales of digital cameras are set to increase in 2023, this does not confirm the revival of the popularity of digital cameras, as the value sales increase has been driven by the surge in raw materials costs and rising retail prices. The production and shipped volume of digital cameras is set to continue to decline, and even sales of mirrorless cameras may be negatively impacted while the global economic downturn continues and consumers increasingly cut their spending on such expensive items.
In an attempt to address the strong competition with smartphones, manufacturers of digital cameras are implementing differentiation strategies, such as identifying specific target audiences to drive demand, including professional photographers, enthusiasts, and those demanding higher-quality images. To target YouTubers and social media influencers who like to regularly post high-quality content to share with their followers, producers are installing a livestreaming function to target this growing group of users.
In 2022, digital camcorders posted a positive volume performance, along with the lifting of social distancing measures and consumers’ ability to go on holiday with no restrictions. In addition, new launches were seen of action cameras in this year, from one of the leading brands in digital camcorders, GoPro.
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Understand the latest market trends and future growth opportunities for the Imaging Devices industry in South Korea with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Imaging Devices
This report originates from Passport, our Imaging Devices research and analysis database.
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