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Canon thinks smartphones could shrink digital camera market in half by 2021

As more and more smartphones being released boast camera specs close to that of professional cameras, Canon’s President Fujio Mitarai said that the digital camera market will continue to fall for the next two years.

In a report by, Mitarai said during his interview with Nikkei that smartphones are the primary reason why the digital camera market is declining.

He said: “In our company cameras have declined at around 10% a year in the past few years. The world market for interchangeable lens cameras is around 10 million.”

“The mirrorless product is growing, but it is a replacement [for] single lens reflex, it is not adding to the market as a whole,” Mitarai added.

According to Mitarai, the market will keep falling for the next two years before hitting the bottom as more people now shoot with their phones.

“People usually shoot with smartphones. The digital camera market will keep falling for about two years, but professional and [advanced] amateurs use about 5 to 6 million units. Finally [the market] will hit the bottom,” said Mitarai.

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