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Southeast Asia’s mirrorless camera market grows amidst dwindling demand for digital cameras: GfK
Sales volume surged 24 percent in first seven months of 2013
26 September, 2013, SINGAPORE – In spite of stiff competition presented by tech gadgets such as smartphones, the mirrorless camera segment is registering growing consumer interest and has managed to buck the general downtrend of digital still cameras to turn in robust growth in sales. GfK findings for Southeast Asia revealed that over 115,000 of such cameras were sold since the beginning of this year; 22,000 more compared to the same period last year.
Latest GfK report for the region’s key markets of Singapore, Malaysia, Thailand, Indonesia, Philippines and Vietnam revealed consumer spending on mirrorless cameras totaling around USD63.4 million. This translates to a 3.6 percent rise in the segment’s overall market value, contributed mainly by the positive showing in both sales volume and value from four countries.
“Smartphones have become immensely popular these days with more and more people owning one; and many people who use it to take casual shots find less of a need to own a dedicated digital camera,” commented Gerard Tan, Account Director for Digital Technology at GfK Asia. “However, there is still a market for mirrorless cameras as there are photographers who wish to capture more professional and better quality images without having to lug around a bulky DSLR camera.”
In the first seven months of this year, Malaysia’s USD 22.8 million mirrorless camera market is the biggest in the region, contributing 36 percent to the total generated sales in Southeast Asia. During this period, consumers in the country spent 32 percent more compared to the previous year to buy over 40,000 units of mirrorless cameras. Singapore trailed behind with it garnered sales of USD16.4 million from 33,000 units of mirrorless cameras sold.
According to GfK insights, a key growth driver is the declining average price which makes it more and more affordable to own a mirrorless camera. From last year’s USD660, the region’s average price for the product has fallen around 16 percent to reach USD551. Across the region, the greatest price erosion came from Singapore, which registered a dip of nearly 34 percent in average price. At USD493, it is this country where the average price for mirrorless cameras is reportedly the lowest.
“This year, we have observed more entry level models being introduced, hence widening the range of low-priced mirrorless cameras available to consumers,” highlighted Tan. “This would definitely help propel take-up rate in countries that are still low in penetration such as Indonesia, Vietnam and Philippines, which together made up only less than 16 percent of the overall sales volume in the region.”
“In the pipeline, we expect to see the launch of more models with new and unique features, which may include the Android interfacing and waterproof functions that will further boost sales,” said Tan. “Moreover, with the rising demand from Southeast Asia’s high potential markets of Indonesia, Vietnam and Philippines, the mirrorless camera segment is likely to continue its uptrend in the coming years,” he concluded.
GfK is one of the world’s largest research companies, around 13,000 experts working to discover new insights into the way people live, think and shop, in over 100 markets, every day. GfK is constantly innovating and using the latest technologies and the smartest methodologies to give its clients the clearest understanding of the most important people in the world: their customers. In 2012, GfK’s sales amounted to €1.51 billion.
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