CIPA reported August, 2023 numbers showing a decline of 65,063 units, but lens sales increased proofing the point that lens matter more than bodies.
Sales took a major hit in 2020 with sales dropping from 8.5 million units shipped to just over 5 million, which has never recovered. Competition from smartphones continue to impact the market. Supply constraints cause by Chinese lockdowns continued to play a role in early 2023, but production is much better than previous years.
|Year||Cameras (millions)||Annual Delta||Lenses (millions)||Annual Delta|
We expect 2024 to peak above 6 million unites as Canon plans two major camera releases. Having 47.5% market share, this will cause a bump in sales. Nikon, Sony and Panasonic are also expected to refresh and introduce new camera models as well as a series of lenses.