デジカメ 5月統計　ミラーレスは調整

Research evidence excerpt

デジカメ 5月統計 ミラーレスは調整

a phase of heightened importance of demand and

inventory control for camera companies.

Interchangeable lens market

Interchangeable lens shipment value declined 0.9% YoY to ¥47.5bn in May, the first drop in three

months. After the market rapidly expanded from 2021 through the first half of 2024, it peaked out

and shifted to negative growth from the second half of 2024. Shipments rebounded moderately

from September 2025, though with weak momentum, fell YoY for the first time in three months in

February, moved higher again in March and April, and then slightly declined in May.

The 35mm and larger lens category’s shipments totaled ¥37.2bn (+3.0% YoY) in May, the second

consecutive monthly increase. The smaller than 35mm lenses category’s shipments totaled

¥10.3bn (-12.8% YoY). The 35mm and larger lens category is modestly bottoming out after a

downward trend from 2025. The smaller than 35mm lenses category steadily increased from the

latter half of 2024 on new releases of mid-range and entry-level mirrorless cameras but fell in May.

Compared to May 2019 levels, interchangeable lens value was at 146% with the 35mm and larger

category at 161% and the smaller than 35mm category at 112%.

Overall interchangeable lens shipment value in 2025 was ¥516.1bn (-0.2%), including the 35mm

and larger category at ¥389.0bn (-5.3%) and the smaller than 35mm category at ¥127.1bn (+19.3%).

Compared to 2019 levels, interchangeable lens value was at 149% with the 35mm and larger

category at 181% and the smaller than 35mm category at 91%. Mid-range and low-end camera

shipments increased in 2025. High-end sales, meanwhile, slightly declined YoY. In May 2026, just as

in April, while the 35mm and larger category recovered, overall interchangeable lens shipment value