Worldwide demand for camera accessories such as cases, bags, lenses, supports and flashes are increasing. In 2012, the global camera accessories market was valued at $5.1 billion. In terms of market demand, the demand for lenses was the highest, followed by bags and cases, flashes and camera supports.

A market analyst said that even though the demand for fixed lens camera is declining, the global market for interchangeable lens cameras is posting a strong growth in excess of 16% annual growth. In 2012, the average annual accessories spend per interchangeable lens camera was $307, compared to $2 per fixed lens camera.

Canon, Nikon, Panasonic, Samsung, Pentax and Sony are some of the companies that manufacture and sell cameras and camera accessories in the global camera market.

Canon, Nikon and Sony are dominant digital camera vendors. In 2012, these three companies represented the majority of accessory sales in terms of value. Metz, Sigma and Manfrotto are some of the other accessories brands. These are specialist brands which also play a significant role in the global camera accessories market.

German brand Leica manufactures the smallest full-frame interchangeable lens camera in the world. Panasonic has a partnership with Leica and it produces some lenses for its compact and compact system cameras with Leica’s name.

According to Bloomberg, Canon was the market leader with around 19% of market share, followed by Sony with 17.9% and Nikon with 12.6% in 2011. According to analysts, the global camera accessories market will grow at a compound annual growth rate of 4.51% from 2013 to 2018.

In recent years, the demand for interchangeable lens cameras is increasing across the world. However, rising popularity of smartphones as a substitute to cameras is a major challenge to this industry.

The percentage of photos taken with cameras is declining in comparison to photos taken by smartphones. Smartphones will continue to eat into the camera market, as smartphones have incorporated cameras of increasingly better quality. Smartphone’s dominance has reduced camera sales and hence it has affected the global camera accessories market as well.

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