Apple apparently picked the perfect time to create and promote its iPhoto digital hub application. According to a new study from the
InfoTrends Research Group
— a market research and consulting firm for digital imaging technologies and markets — low-end digital camera unit sales are expected to reach 9.5 million units in North America this year.
What’s more, the five-year forecast for low-end digital cameras shows that unit sales are expected to grow at a compound annual growth rate of 15 percent to 18.7 million units in 2007. Revenue is growing at a compound annual growth rate of 3 percent to US$3.6 billion in 2007.
“The consumer digital camera market in North America will maintain steady growth through the forecast period and surpass film camera sales, because many consumers are expected to purchase a new digital camera rather than replace a film camera,” said Michelle Slaughter, market research analyst. “Consumers desire the ability to instantly view and share their photos — a key benefit of digital camera ownership. Additionally, within the forecast period, consumers will begin to utilize the variety of high-quality digital photo printing products and services available to them, which is expected to encourage even more mainstream consumers to adopt digital cameras.”
Other facts from InfoTrends’ 2002 Low End Digital Camera Forecast show that:
In 2002, the average price of digital cameras is expected to decrease 11 percent from $378 in 2001 to $336.
Based on total unit sales in 2001, Sony remained the market leader, and Olympus remained the second place vendor. HP and Kodak share the third place position.
In 2002, more digital camera vendors are attempting to challenge the first-tier vendors. Digital camera vendors, including Canon, Minolta, Nikon and others are extending their product lines and increasing their promotion of digital cameras.