New Camera Market Back With Another Strong Year, CIPA's Annual Data Shows

• Growth in the value of the new camera market continued in 2023, up 5.37% year-on-year
• DILC retail market worth $16bn this year, with MPB forecasting it to exceed its 2012 peak by 2025
• The adoption of mirrorless systems has accelerated, continuing to displace the declining DSLR market

Annual data published today by the Camera & Imaging Products Association (CIPA) shows that the new camera market for Digital Interchangeable Lens Cameras (DILC) enjoyed another solid year of consecutive growth with the value of the global retail market increasing 5.37% year-on-year and now worth $16bn. 

Analysis by MPB, the largest global platform to buy, sell and trade used photography and videography kit, has found the average retail value of a lens increased 7.72% in 2023, indicating the increasingly premium nature of the market. MPB anticipates that if these trends continue, the overall DILC market will exceed its 2012 peak by 2025.

Overall volumes were flat year-on-year, with the ongoing shift from DSLR to higher-priced mirrorless systems accelerating, driven by the continued growth of the digital content creator economy and the introduction of more entry level mirrorless models by manufacturers over the last year. According to CIPA, mirrorless cameras now represent more than 81% of the DSLR market, up from 69% in 2022 – and based on current growth – could be set to reach 100% of the market by 2026.

Alongside the increasing value of the interchangeable lens camera market, the trend of content creators demanding ever more premium kit continues. While the impact of the smartphone on the compact camera market has been widely acknowledged, audience trends indicate fixed-lens cameras are now a premium market segment increasingly geared towards photography enthusiasts and content creators rather than broader smartphone users.

Commenting on the data, Matt Barker, CEO, MPB said: “2023 was another strong year for the new camera market  – now worth $16bn, representing a third consecutive year of growth – and this positive trajectory is expected to continue. From consumers to enthusiasts, we’re seeing an acceleration in the move towards mirrorless, which we know will continue.

“As the cost of new lenses increases again, we anticipate more photographers turning to the used market in order to buy or upgrade their kit as they continue to embrace creativity in the year ahead.”

For more information, visit the MPB website.