The global app-connected printer camera market is projected to grow exponentially during the forecast period 2017-2029. Rising consumer incomes and the growing popularity of smart devices are key factors for market growth. App-connected printer camera is gaining traction owing to its ability to take and print photos instantly. People are connecting their camera printers to the smartphone, which allows them to print edited photos. This is anticipated to fuel the demand for the product.
The advent of advanced technology in printer cameras is expected to build a platform for market growth. Changing consumer demographics globally combined with the increasing millennials population are major factors responsible to drive the demand for app-connected printer cameras. Further, the rising tourism and emerging trends of storing memories in the tangible form are boosting the demand for app-connected printer camera during the forecast period.
Rising Millennials Population Globally to Drive the Demand for App-Connected Printer Camera
Demographics play a key role in determining the growth of the global app-connected printer camera market. More and more millennials are turning towards app-connected printer camera to take pictures and print them instantly. Key players in the market like Fujifilm, Polaroid, and many others introduced printer cameras with digital filter options.
The attractive features of the printer camera gained a massive market share and reported higher profits. In March 2018, Fujifilm, one of the key players, sold around 7.7 million units of printer cameras. Besides, the generation is estimated to have more engagement on social media, which is stimulating the demand for the product.
Today, in the age of Instagram, there has been a drastic shift to instant film-laden cameras, particularly among the millennials. The rising trend of storing physical photos and sharing them on social media platforms has propelled the demand for app-connected printer camera. Around 84% of millennials are following brands on Facebook and are highly engaged with more visual content. High social media influence and increased popularity of app-connected printer cameras among celebrities are driving the market growth. Users are using the printer camera to design frames and enhance pictures with artistic filters.
The improved compatibility of the device and simple connectivity through Bluetooth is projected to augment the sales of the product in the coming future.
Increasing Tourism and Growing Trend of Photography to Propel the Market Growth
Growing access to the internet in terms of research and increasing solo travelers are boosting tourism globally. The booming tourism sector's prominent driver is the increased spending power of consumers across the world. Figures published by Investopedia states that over 22.8 million people fall under the high-net-worth income category, thus contributing over 30% to traveling.
The young population is embracing the high-tech but easy-to-use device for sharing travel pictures, highlighting the demand for travel-friendly app-connected printer cameras. The ability to instantly print photos while traveling has surged the demand for the product. The rising trend of photography coupled with the growing demand for photoshoots is expected to drive the market growth during the forecast period 2017-2020.
A Significant Escalation in Consumer Spending on Technology-Based Products to Fuel the Demand
The emerging technologies and introduction of various smartphone applications are key drivers for the global app-connected printer camera. The plethora of features and various printing options, including video print, party print, frame, collage, among others is stimulating the demand for the product. The high-speed printing of app-connected printer camera is further attracting consumers around the globe. The young population is demanding aesthetics and good-looking app-connected printer cameras in different attractive colors.
The consumers are willing to spend higher price printer cameras with unique bright colors, thereby fueling market growth. Companies are offering a broad range of choices to the customers allowing them to print in extra wide or credit-card size pictures at affordable prices. The major players in the market are focusing on reducing the size and making the product pocket-sized. Moreover, people are favoring the product as photos are tearproof and waterproof with sticky backs. The confluence of the above factors is uplifting the demand for the product in the coming years.
Online Stores to Hold the Largest Market Share
The online store's segment is projected to grow at a faster pace during the forecast period 2017-2020. Consumers are inclined towards online shopping due to the ease of convenience and one-day delivery options offered by e-commerce platforms. The app-connected printer cameras are witnessing huge demand on the online platforms strongly supported by higher internet penetration and a larger base of consumers using the internet. The below-mentioned info-graph depicts the projected market share of online and offline stores for the forecast period 2017-2029.
The huge discounts and Black Friday sales offered by the e-commerce giants are accelerating the sales of app-connected printer camera. The key players in the global market seeking higher profits are shifting to online retail channels or delivering products directly to consumers. Major leaders in the global market are actively working to increase their online presence through collaborations and integration of online buying facility on the company website. The easy accessibility and increased awareness among consumers are strengthening the segment growth throughout the studied period.
North America- World’s Largest Consumer for App-Connected Printer Camera Market
North America region is the frontrunner in the app-connected printer camera market during the forecast period. The region is expected to continue the dominance in the coming future strongly supported by the increasing consumer base and improved internet infrastructure. The U.S. enjoys the presence of a young population coupled with higher incomes, which drives the demand for smart products. People living in the region tend to be early adopters of new technologies and are willing to spend on trending devices. The tremendous rise in spending on treks and small holidays of people in the U.S. is driving the demand.
People prefer to pack light and avoid carrying heavy luggage. Owing to its easy portability and lightweight consumers are demanding app-connected printer cameras. The sleek and ultra-thin design of the product is further pushing the market growth. According to the U.S. Travel Association, in 2019, domestic and international travelers spent around USD 1,127 billion in the U.S. The increase in the U.S. household spending on technological products and traveling is estimated to bolster the demand for app-connected printer camera in the region.
Rising Population and Higher Internet Penetration in APAC to Boost the Market Growth
Asia-Pacific region presents lucrative growth opportunities for the app-connected printer camera market backed by the rising population and increased standard of living. The region is home to more than half of the world's population, which is a major factor for market growth. The increasing urban population has significantly improved consumer spending in the past few years.
India, China, and other Southeast Asian countries are key markets for the app-connected printer cameras owing to the growing middle-class populace and tourism. The higher internet penetration rate and the developing digital infrastructure in the region are providing a potential market for app-connected printer cameras. The below-mentioned infographics depict the percent of internet users in the different regions for March 2020.
Asia accounted for 50.30% of internet users in March 2020, being the highest among all the regions. The major leaders in the market are capitalizing on the growing opportunity by introducing innovative products that are easy to use. The unique property of instant printing of photos of the camera is attracting most of the consumers in the Asian market.
The growing smartphone users in the Asian market is boosting the sales of app-connected printer camera. According to the India Brand Equity Foundation (IBEF), India is estimated to have 829 million smartphone users by 2022. The expanding user base presents a potential market for the app-connected printer camera. Furthermore, the growing working population and easy consumer credit are prominent growth drivers for the regional market.
Some of the key players profiled in the global app-connected printer camera are Fujifilm Holdings Corporation, Polaroid Film B.V., Lomographische AG, Leica Camera AG, The Eastman Kodak Company, The Hewlett-Packard Company, MiNT Camera, Canon Inc., Lomography, LifePrint Products, Inc., and many others.
App-Connected Printer Camera Market Segmentation
By Distribution Channel
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