While the majority of consumer electronic categories are struggling, imaging devices continued to witness plenty of innovation and potential. This is largely due to strong consumer interest and enthusiasm to capture various occasions, such as new born children, weddings, birthdays, promotions and travel trips.
Although smartphones has severely impacted sales of digital cameras and digital camcorders, some of the latest innovations, such as Galaxy Camera and Nikon One, have survived to create consumer interest in compact system cameras. Consumers were also interested in Digital SLRs and high-end HD camcorders. However, due to continued pressure on finances this was not converted into high volume sales, but definitely had an impact on consumer thinking in terms of quality.
Canon retained its leading position in imaging devices with a 24% retail volume share in 2012. Canon's name is synonymous with high-quality cameras. It is one of the key players in the digital SLR cameras category, and has outsold its nearest rivals for several years. The company has a loyal customer base, which contributed to its growth, however, Canon's up-to-date launches of new cameras ensures ongoing consumer interest.
Imaging devices will be challenged by the growing range of smartphones and will eventually become more specialised in digital SLR cameras and compact system cameras. It is expected that imaging devices will post a negative retail volume CAGR of 6% over the forecast period. Innovation in digital cameras and high definition quality in camcorders will help the category maintain consumer interest. Canon, Nikon, Panasonic and Sony will survive due to their brand value and loyalty, but the forecast period will likely witness some players exiting the category due to declining sales.
The Imaging Devices in United Kingdom market research report includes:
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Republished with permission from Euromonitor Market Research Blog, originally posted on Dec 2013