Japanese companies Nikon and Panasonic have stopped making low-cost compact digital cameras and will now focus on more expensive mirrorless cameras.
The reason is partly due to smartphones, which are increasingly focusing on quality cameras. Global shipments of compact digital cameras are down 97% from 2008 to just 3.01 million units in 2021 as smartphone cameras get better and smarter.
Nikon has suspended the development of new compact models of its Coolpix line. Nikon currently only offers two models with quality lenses, but the company is “closely monitoring market trends” to determine future production volumes.
Nikon has already stopped making DSLRs to specialize in high-end single-lens mirrorless models. According to Nikkei Asia, the company will focus resources on mirrorless cameras, which have been made popular by more advanced digital technologies.
Panasonic Holdings “has not launched any new products in the price range below $370 since 2019 and has no plans to develop low-cost models in the future.” “We have stopped development of any new models that can be replaced by a smartphone,” a company spokesman said.
Going forward, Panasonic will produce high quality mirrorless cameras for photography enthusiasts. The company plans to launch a mirrorless camera with the German company Leica Camera.
Previously, Fujifilm stopped production of its FinePix compact cameras. Canon hasn’t released a new Ixy camera since 2017. The Sony Group has also not offered any new compact models under its Cyber-shot brand since 2019, and Casio Computer stopped making Exilim cameras in 2018.