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Camera Straps Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global camera straps market was valued at USD 6.2 billion in 2022 and is projected to expand at a CAGR of 4.5% from 2023 to 2030. Camera straps are used to hold cameras securely and comfortably while shooting. The rising popularity of photography worldwide is driving the demand for camera straps. The increasing penetration of smartphones and digital cameras is further fueling the demand for camera straps. The growing trend of vlogging and content creation on social media platforms is also driving the demand for camera straps.
The increasing adoption of DSLR cameras is boosting the growth of the market. DSLR cameras offer higher image resolution and superior image quality. Furthermore, the increasing number of photography-related events, such as sporting and music events, is also contributing to the growth of the market. Additionally, the growing e-commerce sector is increasing the sale of camera straps.
The rising demand for advanced camera straps is driving the growth of the market. Manufacturers are introducing camera straps with advanced features to appeal to consumers. For instance, in October 2021, Peak Design introduced the SlideLITE Camera Strap, a lightweight, compact, and travel-friendly version of the original Slide Camera Strap. Additionally, the growing trend of personalization is also driving the growth of the market. The rising demand for personalized camera straps is prompting manufacturers to introduce customized camera straps.
Furthermore, the increasing popularity of camera straps as a fashion accessory is driving the growth of the market. Camera straps are no longer just a tool to hold cameras; they are now becoming fashionable accessories. Manufacturers are introducing camera straps in various styles and designs to cater to the changing preferences of the consumers. For instance, in March 2021, Holdfast Gear launched the new MoneyMaker Solo, a camera strap designed to be worn as a belt.
The rising trend of online shopping is also driving the growth of the market. Online platforms such as Amazon and Flipkart are offering a wide variety of camera straps, thereby providing consumers with a great deal of choice. Additionally, online retailers are offering discounts, promotional offers, and other incentives to attract customers. This is boosting the demand for camera straps online.
Product Insights
The shoulder straps segment dominated the market in terms of revenue share in 2020. The increasing penetration of digital single-lens reflex (DSLR) cameras and mirrorless cameras, as well as the rising trend of capturing selfies, is driving the demand for shoulder straps. According to an article published by Japan Times, in July 2020, the global camera market is expected to grow by 3.6% in 2020, due to the rising trend of capturing selfies. Furthermore, the growing demand for camera accessories, such as straps, holders, and other auxiliary items, is further contributing to the growth of the shoulder strap segment.
The wrist straps segment is anticipated to register the fastest CAGR of 8.3% in terms of revenue during the forecast period. Wrist straps are widely used to provide a secure grip and reduce the chances of dropping the camera while taking pictures. Additionally, the rising popularity of wrist straps among amateur photographers due to its low cost, convenience, and ease of use is further driving the growth of the segment. Furthermore, the increasing availability of wrist straps in a variety of colors and sizes is further boosting the demand for wrist straps.
Distribution Channel Insights
The department stores segment is expected to dominate the camera straps products market share with over 37.2% in 2022. The growth of the segment is mainly driven by the availability of a wide variety of products under one roof. Department stores offer customers an extensive range of products along with discounts and special promotions. This encourages customers to purchase camera straps products from department stores.
The online segment is anticipated to expand at the highest CAGR of 11.5% over the forecast period. The increasing penetration of the internet has led to a shift in the buying behavior of customers from offline stores to online stores. With the advent of e-commerce websites and mobile applications, customers are now able to compare prices and features of different camera straps products from different manufacturers and buy the desired product at a discounted price. Furthermore, the convenience of shopping from home and the doorstep delivery of products has further encouraged customers to purchase camera straps products online.
Type Insights
The nylon camera straps segment is anticipated to dominate the market with a revenue share of 51.3% in the year 2022. This is mainly attributed to the increasing demand for lightweight, comfortable, and durable camera straps. Nylon camera straps are made from woven nylon webbing, which is exceptionally lightweight and durable, making them a great choice for outdoor photography. In addition, the increasing demand for colorful and stylish camera straps among photographers is also expected to fuel the segment growth.
The leather camera straps segment is projected to expand at the highest CAGR of 10.1% over the forecast period. This is mainly attributed to the increasing demand for high-end, luxury camera straps among photographers. Leather camera straps are made from genuine leather and are highly durable. In addition, the increasing trend of customization of camera straps is also expected to drive the segment growth. Furthermore, the increasing demand for straps with extra padding to reduce shoulder fatigue is also expected to have a positive impact on the segment growth.
Regional Insights
North America is expected to witness the fastest growth in the coming years. This is owing to the presence of prominent players in the region, such as Peak Design and BlackRapid, who are offering innovative products. Additionally, the increasing demand for photography equipment, such as DSLR and mirrorless cameras, is also propelling the growth of the market in North America. Furthermore, the increasing trend of vlogging and social media influencers is also driving the demand for camera straps in the region.
Europe is anticipated to be the second-largest market in terms of revenue. This is due to the growing popularity of outdoor activities, such as hiking, biking, and camping, in the region. Consumers are increasingly looking for camera straps for their outdoor activities and this factor is driving the growth of the market in Europe. Additionally, the increasing popularity of sports photography and the presence of renowned sports photographers in the region are also driving the demand for camera straps.
Financial Projections
In this part of the camera straps products business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for the camera straps products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a camera straps products business comes from sales of camera straps, through both online and offline channels. Here you will find a list with a description of each of them and other possible sources of profit such as fundraising, the sale of merchandise, and leasing the place for parties and corporate events.
Projecting Expenses
In this section, all the regular expenses related to keeping the camera straps products business running will be described. The list of operating expenses includes wages, maintenance and repairs, utilities, insurance policies, advertising, packaging and shipping, and others.
Key companies & market share insights
Some of the key companies operating in the camera straps market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, Peak Design launched the Capture Camera Clip V3, a new camera strap designed to provide a secure and ergonomic fit for photographers.
– In August 2022, BlackRapid released the CrossShot camera strap, designed to provide a more comfortable, stable and secure grip.
– In October 2022, Joby launched the GorillaPod Mobile, a strap designed to provide a secure and adjustable grip for a variety of cameras.
Some of the prominent players in the camera straps market include:
– Peak Design
– BlackRapid
– Joby
– Op/Tech USA
– Artisan & Artist
– Manfrotto
– Gitzo
– Sun Sniper
– Cotton Carrier
– Holdfast Gear
Global Camera Straps Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global camera straps products market based on product, material, application, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Neck Straps
– Shoulder Straps
– Hand Grips
– Others
2. Material Outlook (Revenue, USD Million, 2017 – 2030)
– Leather
– Fabric
– Polypropylene
– Others
3. Application Outlook (Revenue, USD Million, 2017 – 2030)
– Professional Photography
– Amateur Photography
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What Factors are Driving Growth in the Camera Straps Market?
[A]: The increasing demand for DSLR cameras and the rising trend of photography are some of the major factors driving the growth of the global camera straps market. Furthermore, the growing demand for comfortable straps that make it easier to carry cameras, and the increasing popularity of online retail are other factors driving the market growth.
[Q]: What are the Major Types of Camera Straps?
[A]: The major types of camera straps include neck straps, wrist straps, shoulder straps, and hand straps. Neck straps are the most popular type of camera straps, as they enable the user to carry the camera around their neck. Wrist straps are also popular among photographers, as they provide a secure way to hold the camera. Shoulder straps and hand straps are mainly used for carrying larger cameras.
[Q]: Who are the Key Players in the Camera Straps Market?
[A]: The key players in the global camera straps market include Peak Design LLC, Cotton Carrier Systems Inc., BlackRapid Inc., Vanguard USA, OP/TECH USA, Inc., Vello, Joby, Inc., and Werkezug GmbH.
[Q]: What are the Factors Restraining the Market?
[A]: Factors such as the availability of counterfeit straps and the lack of technological advancement in the camera straps market are restraining the growth of the global camera straps market. Furthermore, the high cost of branded camera straps is also a restraining factor.
[Q]: Which Region Offers the Largest Opportunity for Sales of Camera Straps?
[A]: North America is expected to be a lucrative region for camera straps market due to the presence of a large number of DSLR camera users. In addition, the presence of key players in the region is expected to drive the market growth.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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