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DigiCam Market Grows Stronger than Expected

9/13/2006 09:56:00 AM Eastern

New York — The digital camera market has recorded stronger growth through the first seven months of 2007 than initially expected, rebuffing forecasts that predicted meager growth.

According to the Camera and Imaging Products Association (CIPA), which tracks shipments from Japanese camera makers, total shipments of digital cameras increased by 20.3 percent during the first seven months of 2006, versus the same period last year.

CIPA initially expected a 2006 growth of 4 percent but is now predicting a more robust 12.7 percent.

The growth forecasts for 2007 and 2008 have also been revised upward. Next year CIPA predicted the market to grow 4.3 percent from an earlier estimate of 2 percent. In 2008, the research firm expects the market to grow by 2.2 percent from an initial forecast that anticipated no growth.