Continued Growth in Value of New Camera Market Exceeds Predictions
Published 3 February 2025 by MPB
The new camera market continues to grow in value, up 12% year-on-year, exceeding market forecast
The retail value of the DILC market estimated at $18bn USD in 2024, on track to hit $20bn in the next two years
The shift from DSLR to mirrorless system continues, driving the average retail cost of cameras and lenses
The new camera market has continued its strong upward trajectory, recording another impressive year of consecutive growth, according to the latest data from the Camera & Imaging Products Association (CIPA). In 2024, the global retail market for Digital Interchangeable Lens Cameras (DILC) exceeded expectations, with a year-on-year increase of 12%. The market is now valued at $18bn, underscoring ongoing demand and confidence in the category.
According to analysis by MPB, the leading global platform for buying, selling, and trading used photography and videography equipment, data from CIPA shows that the overall volume of lenses and camera bodies shipped in 2024 was up 8% year-on-year, reflecting the increasing demand for high end photography equipment. Additionally, the average retail cost of cameras and lenses has risen by 3%, highlighting the premium nature of the market. With this trend expected to continue, MPB forecasts that the DILC market will reach $20bn in the next two years.
The continued growth of the digital content creator economy, coupled with their requirement for the versatility and high performance of mirrorless systems, is driving the shift from DSLR to mirrorless systems. Mirrorless cameras accounted for 85% of the DILC market in 2024. While this trend has slowed slightly, looking ahead, MPB anticipates that mirrorless cameras will increasingly dominate the market, reaching 100% before the end of the decade.
Commenting on the data, Matt Barker, CEO, MPB said: “The camera industry has continued to show strong momentum through 2024, exceeding expectations and valuing the new camera market at $18bn. This is an encouraging fourth consecutive year of growth, testament to thriving consumer demand and the ongoing shift from DSLR to higher value mirrorless systems.
“As we see more and more people exploring photography and videography in their careers and spare time—and as the cost of camera equipment continues to rise—we anticipate more budding photographers and videographers will turn to the used market as an affordable and trustworthy alternative to new.”