Fujifilm Navigates the Changing Photo Industry Better Than Anyone

While the digital camera market is doing relatively well this year, thanks in large part to surging camera demand in China, the digital camera market during the smartphone era has been in near-constant decline. This has put significant stress on all camera manufacturers, although some have navigated the challenges better than others. Fujifilm is a particularly strong example of a company that has managed not only to survive in the ever-changing market but also to thrive.

As BCN+R reports in its analysis, spotted by Digicame-Info, a particularly bright spot in an otherwise dim outlook for the digital camera market in recent years has been the “retro boom,” a growing interest in vintage-inspired cameras. There has also been a rebound in demand for compact cameras with built-in lenses, a market that many longtime camera companies are scrambling to re-enter after abandoning ship when smartphones started to decimate the point-and-shoot camera market.

Alongside these relatively recent shifts in photographer preferences — a desire for vintage-inspired cameras and yearning to return to the era of compact cameras — the high-end camera market has remained relatively stable. Even as smartphones get significantly better, enthusiast and professional-grade cameras remain in demand thanks to their exceptional performance and versatility. A smartphone is a long way off from being able to compete with a professional mirrorless interchangeable lens camera in any meaningful way.

The camera industry has gone through some significant shifts in the 21st century, and with each transition to a new era, some companies have done better than others. For example, during the transition from film to digital, Canon and Nikon performed exceptionally well. They were among the first to adopt digital camera technology and took full advantage of the transition. Other photo industry giants failed to capitalize and are still paying the price decades later.

But when it came to the mirrorless era, these two DSLR stalwarts were relatively slow to switch their focus. By the time they fully committed to mirrorless technology — EOS M and Nikon 1-series camera systems aside — Sony had been at it for years and had carved out a very strong market position, a boldness the company is still rewarded for today as an overall market leader. Canon and Nikon are still doing well, but there is little doubt that the mirrorless age has not been as kind to them as the DSLR one was, and not being at the cutting edge of mirrorless camera technology in its early days is a big reason why.

That said, no company has handled the constantly shifting tides in the photography industry in recent years as well as Fujifilm. The longtime Japanese photo company was very quick to commit to mirrorless with its APS-C X Series, has been a driving force in the instant photography market’s resurgence with Instax, and has maintained a commitment to stylish, vintage-inspired compact cameras that are making waves now. Fujifilm has also capitalized on the stable professional market, notably with its high-end X Series cameras and the GFX medium-format mirrorless system launched in 2017. However, it is fair to say that Canon, Nikon, and Sony have achieved greater success in this area, especially in the growing hybrid space, thanks to their robust full-frame camera systems.

Fujifilm has active product development for every meaningful segment of the photography industry: instant film, stylish compact, vintage-inspired, enthusiast, and professional. Although other companies serve these markets, no other manufacturer handles all of them or caters to such a diverse range of users as well as Fujifilm. Nearly every camera the company has launched in recent years has been a smashing commercial success, demonstrating how tuned in Fujifilm is to consumer behavior.

BCN+R characterizes Fujifilm as catering to a wide range of users thanks to its “biaxial strategy,” or selling cameras at both ends of the price spectrum. But arguably Fujifilm’s success goes far beyond simple price concerns. The company also performs exceptionally well across all age groups, including older photographers who love vintage cameras because they literally used them decades ago, and younger ones who love them because they’re cool. The company also sells cameras to complete amateurs and professionals.

There was a time when many in the industry thought Fujifilm was making a mistake by sticking to APS-C with its X Series, arguing instead that Fujifilm should commit to a full-frame mirrorless camera. Well, the company skipped right over that and went to medium format instead, and is performing exceptionally well in both segments. It is often better to be a big fish in a smaller pond, after all. Last year, Fujifilm claimed that it has 40% of the market share for all non full-frame digital cameras.

Then there’s the X100 of it all. The X100V and X100VI are among two of the most successful individual camera models ever made, and an undeniable part of their popularity with such a broad swath of photographers is that they are stylish, fun, and, capable photographic tools.

By sales volume composition, BCN+R’s data from 2018 through 2024 shows that cameras with built-in lenses have been relatively most popular over the past three years, with the sales share of 32.3% in 2024 far ahead of the 18.4% volume in 2018.

Unsurprisingly, Fujifilm has benefited from — and helped drive — this change. Fujifilm’s overall sales volume share has increased nearly every year since 2018, going from 5.1% in 2018 to 10.4% in 2020 and 13.9% in 2023. The share fell slightly in 2024, although only to 13.3%.

As the photography industry continues to change, companies are placing significantly greater emphasis on young people and photographers who have perhaps only ever used a smartphone. These users have different priorities than longtime camera owners, and every manufacturer is working hard to figure out how to sell young people on the idea of a dedicated camera. The image quality and versatility benefits of a dedicated camera are undeniable, but precisely how to turn those benefits into new customers is challenging.

Of course, all the major camera makers who have survived until 2025 have done so thanks to their ability to adapt to changing market conditions and consumer demands. While some have performed better during different transitional periods, they’re all still alive for good reason. The question all these companies face now is “What is the next big transition? And how do we capitalize on it?” It’s anyone’s game, and all the camera makers have unique strengths that could help them carve out a larger slice of the next market.

But if someone were placing bets based on which company is trending the best lately, recency bias be damned, Fujifilm looks like the smart money.

Image credits: Header photo created using an asset licensed via Depositphotos.