Growth Drivers

• Growing Demand for Smartphones: The number of global smartphone users is expected to reach an approximate 6 billion in 2022, representing an about 4% annual rise. Nowadays, featured smartphones consist of advanced camera which unable user to shoot quality videos and upload the same on social media. Therefore, the demand for smartphones is expected to rise hence further boosting the growth of the market.

• Rising Demand for HD Channels: Viewership of HD networks in India has more than doubled, with an approximate increase by 140% in 2019 compared to 2017.

• Growing Urbanization: The rate of urbanisation around the world is at an all-time high. More than half of the world's population today lives in towns and cities, and this figure is expected to rise to almost 5 billion by 2030.

• Rapid Penetration of Social Media: According to the most recent statistics, approximate 4 billion people is estimated to be using social media globally in 2022, a rise of about 7% from the previous year.

• Rapid Technology Developments: In order to demonstrate its wide variety of cinema imaging technologies to the film community, Canon India has announced the creation of the Cinema Excellence Suite, a special platform. Over the course of three months, this flexible activation will assist in showcasing the whole production and post-production workflow experience of the Cinema EOS camera and the EOS R System Mirrorless cameras to Mumbai's cinematographers, DOPs, directors, and production houses.

Challenges

• Continuous New Production
• High Cost of Video Production Camera
• Heavy Weight of Some Camera such as Broadcast Camera

The number of active consumers is likely to decline as a result of ongoing innovation and the release of new variants that render prior iterations of the product outdated. Hence this factor is expected to hamper the growth of the market.

The global video production cameras market is segmented and analysed for demand and supply by type into compact cameras, traditional film cameras, DSLR & mirrorless cameras, 360 cameras, and others. Out of which the DSLR & mirrorless cameras segment is anticipated to garner the largest revenue of USD 12,512.6 Million by the end of 2031, up from a revenue of USD 6,790.0 Million in the year 2021. The growth of this segment can be attributed to the increase in number of events and majority of people watching sports on television. In 2019, more than 149 million Americans watched live sports once a month. Mirrorless cameras consist of unique features which includes autofocus system, silent shutter, compact size, and more. Also they have excellent in body image stabilization. Hence these cameras are extensively used in sports events. However, the smartphone cameras segment is anticipated to grow at a highest CAGR of 6.6% over the forecast period.