Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Camera Straps market.
Trusted Business Insights presents an updated and Latest Study on Camera Straps Market. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Camera Straps market during the forecast period.
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Industry Insights, Market Size, CAGR, High-Level Analysis: Camera Straps Market
The global camera straps market size was valued at USD 254.9 million in 2018. Rising millennials interest in photography as a profession and hobby due to introduction of advanced cameras by companies including NIKON and Canon is expected to remain a key factor for the industry growth. Additionally, growing popularity of printed straps with stylish looks is projected to attract the buyers to increase the spending on these products as accessories, along with the camera.
The sale of DSLRs is going down but the camera straps and accessories market still poses opportunities due to growing requirements from professionals associated with travel, tourism, wildlife, and occasion photography. Camera straps are used in the production of videos, documentaries films, music, and various other entertainment platforms. Growth in the global entertainment and media industry at the global level is expected to play a crucial role in increasing the use of these straps among the photographers of the aforementioned industry.
Rapid development in the entertainment industry including penetration of 4K, 6K, and 8K technologies in the production of web series as well as movies is expected to escalate the demand for premium cameras. These trends are expected to play a crucial role in promoting the utility of camera straps for fall protection over the next few years. Increased spending on wedding photography in countries such as U.S., UK, Ireland, and India is expected to drive the demand for camera accessories.
For instance, according to shaadi.com, Indian matrimonial platform, the Indian wedding industry was worth USD 50.0 billion in 2017 and is growing at an annual growth rate of 20% every year. Such growth of the industry is also expected to act as a key opportunity for camera straps in the near future. In U.S., increased spending on videography for wedding ceremonies has been observed from 2015 to 2017. Additionally, due to shifting trend towards pre-wedding photography and videography, wedding videography is expected to expand the application area for camera straps in the upcoming years.
Application Insights of Camera Straps Market
The commercial application segment generated a revenue of USD 148.8 million in 2018. Camera straps are widely used by professional photographers and videographers to protect their camera from accidental fall. It has been observed that these professionals prefer to purchase Neoprene straps. These straps provide additional comfort as they are stretchy and soft. Its high thickness and curved structure provide better ergonomics for the neck, thereby making it popular across the commercial sector.
The personal application segment is expected to be the fastest growing application at a CAGR of 4.1% from 2021 to 2026. Consumers prefer to use sling and wrist straps during holidays including a safari, adventure travel, eco-tourism, and religious tourism. Straps are the convenient options to keep camera hanging through neck during tours. Increasing penetration of social media is driving people to spend on camera and its accessories. It has been observed that a large number of buyers are trying to shoot their photos and videos to become famous on social media including YouTube, Facebook, and Instagram.
Distribution Channel Insights
Offline distribution channel was the largest segment, with a revenue of USD 203.3 million in 2018. Majority of the consumers prefer to purchase the product from camera shops and supermarkets as they keep multiple brands with different quality and prices in a single platform. Furthermore, companies are organizing different promotional campaigns in shops and malls in order to increase their customer engagement. Manufacturers provide attractive offers and discounts through promotional campaigns in order to increase their market penetration.
The online segment is projected to be the fastest growing channel, expanding at a CAGR of 4.7% from 2021 to 2026. Increasing number of online stores with competitive pricing is propelling the growth of this category. Online dealers are providing doorstep delivery services as well as easy replacement features to attract consumers. Some of the key online suppliers are Amazon, Ali Express, and Flipkart. Additionally, growing smart phone adoption in developing countries including China, India, Mexico, Brazil, and South Africa is expected to boost the camera strapsmarket growth through online channels in the upcoming years.
Regional Insights of Camera Straps Market
Europe was the largest market, accounting for over 35.0% share of the global revenue in 2018. Germany, U.K., France, and Russia are the leading countries contributing to the market growth in Europe for camera straps. With the growing technologies, European filmmakers have increased their budgets on camera accessories products. Rapid growth of the video stream industry will render positive acceptance of the camera straps across the region.
Asia Pacific is estimated to be the fastest growing camera straps market at a CAGR of 5.1% from 2021 to 2026. Consumers are spending on convenient camera accessories due to increasing disposable income among the middle class population in developing economies including China, India, and Bangladesh. Moreover, growth of the entertainment and media industry in countries such as Japan, South Korea, China, and India is expected to play a crucial role in promoting the utility of straps in the near future.
Market Share Insights of Camera Straps Market
Some of the key industry participants areSAMSUNG, Fujifilm Holdings Corporation, BlackRapid, gordy’s camera straps, Tethys, Altura Photo, BESTTRENDY, Clo’s General Leather Co., Movo Photo, and OP/TECH USA. Companies are investing in product innovation and developments to increase their market share as well as expand their geographical reach. For instance, in November 2017, U.S. based company Peak Design has launched new slide and slide lite camera straps. This product has features including much smaller anchor mount to go on the bottom of the camera. Similarly, in April 2019, California based company DSPTCH LLC has launched four new camera straps: type 17 sling strap, fidlock camera wrist strap, biothane camera strap, and quick adjust camera sling strap.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Camera Straps Market Research Report
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, this market research report has segmented the global camera straps market report on the basis of application, distribution channel, and region:
Application Outlook (Revenue, USD Million, 2019 – 2030)
Distribution Channel Outlook (Revenue, USD Million, 2019 – 2030)
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