Expectations
June is normally a steady month for camera shipments as most people would have bought earlier for the holidays. However, since May was very poor due to the ongoing production issues as well as the falling market trend it would be of interest to see if this was to get worse, better or stay the same. The latest camera shipment figures released by Cipa give a good indication of just where the digital camera industry is at.
We will take a look at the market as usual by camera type and geographical zone to get the bigger picture. The DSLRs vs Mirrorless Interchangeable Lens Cameras (MILCs) battle will also be addressed as well as the average price for each camera type and zone. Firstly, the overall global picture for June 2016 as reported by the industry body CIPA Japan.
Global Camera Shipments
Global Digital Camera Units Shipped Year on Year Change 2016
The first chart starts badly with the year-on-year change for global shipments of all types being down again by as much as -47.4% in June. Again another huge fall that will limit the stocks available for sale in the retail outlets around the world. This drop as we shall see is mainly due to the drop in compact cameras while other type fare better.
Global Digital Camera Total Value Shipped Year on Year Change 2016
The total value of shipments of all types to all zones was down -42.9% in ¥en when compared to the same month the previous year.
Global Camera Shipments by Geographical Zone
Percentage Split of Market between Regions
Digital Camera Shipments % Units by Geo Zone - 2013 on
In terms of geographical zones the cameras that have been produced have been kept in Japan and Asia whilst shipments to Europe and Americas have seen the biggest fall in recent months.
Digital Camera Shipments % Total Value by Geo Zone - 2013 on
In terms of Total Value of all cameras shipped, Asia has definitely had the lions share of the camera shipments, likely due to it's closer proximity and higher unit value.
Year on Year Change by Month
Digital Camera Unit Shipments - % Change on Previous Year 2016
Americas and Asia were the best of an awful downturn across global markets for digital cameras. Japan sunk the most to just 50% of what they had last year in the same month.
Digital Camera Total Value Shipments - % Change on Previous Year 2016
Whilst this is down across all geo-regions, Europe had the better month due to rising unit cost as we can see in the next chart.
Digital Camera Shipments - Average Unit Costs - % year on year change 2016
Unit cost in Europe increase by 21.3% year-on-year whilst all other areas remain stable.
Trends in the Market by Regions from 2014
Global Unit (K) Shipment Trends by Zone - 2014 to 2016
Trends in unit shipments are down in all areas with Europe leading the way. In the coming months we will see if this drop can be halted when production improves.
Global Total Value (¥K) Shipment Trends by Zone - 2013 to 2016
The trend is down in all geo-zones in terms of total value. This may be due to current currency fluctuations, still not good for the overall business.
Average Unit Value Trend (¥) - 2014 to 2016
The average unit price in ¥en continues to trend up in all Europe and Asia whilst level in other geo-areas. Europe is still buying more low cost cameras where Asia is buying more expensive models.
Average Unit Value Trend for Zones - Exchange Rate Adjusted - 2014 to 2016
Currency fluctuations are causing uncertainty in the camera market and that will get worse into the next few months.
Global Camera Shipments by Camera Type
Percentage Split of Market between Camera Types
Global Camera Market % Share of Unit Shipments by Camera Type
The fall in market share for compacts has accelerated as production falters and they lose ground to DSLRs and Mirrorless cameras. Down by another 4.9% over the last 6 months. DSLRs have gained the most ground as production has probably affected them least. DSLRs up another 4.2% in the last 6 months and Mirrorless up just 0.7% above the 12 month average.
Global Camera Market % Share of Total Value of Shipments by Camera Type
From a Total Value viewpoint it is a similar story. Compact cameras are down 3.7% in the last 6 months compared to the last 12 months. DSLRs are up 3.7% whilst Mirrorless are unchanged.
Year on Year Change by Month for Camera Type
Digital Camera Unit Shipments - % Change on Previous Year 2016
Year on year comparison for June 2016 shows another huge -58.8% decline in units shipped for Compact cameras. DSLRs see a fall of -26.5%. Mirrorless also showing a fall in units shipped by -39.6%. The big question is will the industry ever recover these losses?
Digital Camera Total Value Shipments - % Change on Previous Year 2016
In total value terms the picture is very much similar except DSLRs have not fallen as much due to better unit value.
Digital Camera Ave Unit Cost - % Change on Previous Year 2016
Unit value have fallen for all camera type with Mirrorless down -9.7%, Compact down -7.8% and DSLRs down just -4.5%.
Trends in the Market by Camera Type from 2014
Global Digital Camera Unit Trend (K) by Type - 2014 to 2016
The ongoing trend for unit shipments confirms all camera type are struggling with compacts the worst hit.
Global Digital Camera Total Value Trend (¥K) - 2014 to 2016
Overall revenues have dropped for all camera types but Compact cameras lead the way down.
Global Digital Camera Average Unit Value Trend (¥) by Type - 2014 to 2016
Average unit values trends have stabilised with DSLRs fall slightly. This might be temporary as average DSLR values have overtaken Mirrorless this month. Likely due to the flagship DSLR launches.
Conclusions
In view of last months report, the overall figures have deteriorated. However, we have seen improved shipments for DSLRs and Mirrorless cameras over the previous month. Production figure for July indicate a continuing improvement in shipments but still at well below the numbers for last year.
Once production issues are resolved and any back-log is sorted then we will see what appetite the world has for digital cameras and where the market is headed.
Production for July is set to be at 100% of current month but with compact cameras down another 13% on this month.
DSLR vs Mirrorless
Production of new high end DSLRs have put the average unit cost back above the Mirrorless camera. Mirrorless camera production has suffered more than DSLRs and that is set to continue. Both types are shipping at way less than last years figures.
Given the production issues it is very difficult to tell just which type is doing better. Shipments of DSLRs now stand at 3.3 per Mirrorless camera, up from 2.7 last month.