The camera accessories aftermarket in the U.S. is expected to peak at $1 billion in 2008, despite some price erosion, according to a new report by Understanding & Solutions. Combined camera accessory sales in the U.S. and Western Europe are currently $1.7 billion.
“Although we’re actually seeing a slowdown in the number of digital cameras being sold across Western Europe and the States, with eight percent growth last year and a projected two percent decline in 2007, camera vendors’ and retailers’ future profits will be bolstered by targeting the accessories market,” said David Watkins, Research Analyst with Understanding & Solutions.
The report focuses on the top five camera accessories: lenses, bags, flashguns, supports and dedicated camera batteries. The popularity of digital SLR cameras has been a boon to the accessories market. An average of $260 is spent on accessories for each digital SLR camera, compared to just $2.38 for each digital compact camera. Digital SLR accessories accounted for more than 80 percent of total camera accessory revenue last year. That revenue is expected to rise to 90 percent by 2011.