Canon insists the market has not been abandoned to smartphones.
“Demand for quality snapshots is there, like taking pictures of your friends’ weddings, an overseas vacation, or your children,” a Canon spokesman said. “We believe there are many people who need compact cameras.”
Mizuho analyst Kurahashi acknowledged that compact cameras “will not disappear.”
“But we see the current trend continuing as image quality in smartphone cameras steadily improves,” he said. “The compact-camera market is going to keep shrinking and it’s difficult to forecast any immediate comeback, or have any optimism.”