It does not break it down to specify exactly which parts have been hit hardest but it’s safe to say none are doing great.
Personally I were a long time Fuji xf user and very recently switched to z ecosystem and do not have much of an opinion or feelings except that I don’t want the ecosystem go extinct considering how much I spent on body and lenses very recently
p.1 #2 · Nikon imaging (cameras, lenses, and related products including red) down 22% year over year
Show me which brand has increased sales, that's what I care about.
This is one the most squeezed economies of my lifetime, very few people I know, even the upper middle class, are spending money on fun things right now.
p.1 #4 · Nikon imaging (cameras, lenses, and related products including red) down 22% year over year
The global imaging market became too small for the current roaster of camera makers. It is simply not possible for a market, any market, to shrink by 90% (2010-25) and keep the same number of participants. Expect consolidations and closures.
I expect no more than 3 major vendors to survive. Sony and Canon will definitely be among them due to their vertical integration strength, but I wouldn't say who's going to be the third. The basic financial analysis sugests Fujifilm, but historically they've been quite business-savvy and competition-averse. Once their margins shrink, I think they'll bail. So it's either Nikon or a new low-cost state-funded Chinese player. If you want to vote with your wallet for one of those two outcomes, keep buying Viltrox!
p.1 #5 · Nikon imaging (cameras, lenses, and related products including red) down 22% year over year
It’s important to distinguish here between “cameras with built-in lenses” and “cameras with interchangeable lenses.”
The bulk of the decline—about 90%—is attributable to the rise of camera smartphones and the resulting near-total collapse of the first category.
The market for interchangeable-lens system cameras has shrunk significantly less in terms of unit sales—it has remained comparatively stable and has so far been relatively unaffected by smartphones.
The future will show which direction this trend takes.
But the tough times for the category of high-end interchangeable-lens system cameras—the inevitable demographic shift in most affluent countries—are yet to come.
The age group that has been lining the pockets of high-end interchangeable-lens camera manufacturers for decades is gradually stepping aside.
These are the age groups that still have a much greater affinity for high-end photographic equipment—they grew up with it, and for some, it is or was also a status symbol.
At least in my circle, these enthusiasts are a dying breed, and the number of potential Sony, Nikon, Canon, and other brand customers among the next generation is many times smaller.
This means that manufacturers are facing a generation in the key sales markets that not only has a birth rate many times lower, but also in which only a fraction of this generation is interested in this product category.
It remains to be seen whether this can be offset by a shift toward video solutions and hybrid models.
I would guess that the tough times for manufacturers of interchangeable-lens system cameras are yet to come.
So far, the ILC market has remained relatively stable, unlike the compact camera segment with built-in lenses.
But the real blow—driven by demographic trends, combined with significantly lower interest in this product category among the next generation of customers from low-birth-rate cohorts—is likely still to come.
p.1 #6 · Nikon imaging (cameras, lenses, and related products including red) down 22% year over year
Vento wrote:
It’s important to distinguish here between “cameras with built-in lenses” and “cameras with interchangeable lenses.”
The bulk of the decline—about 90%—is attributable to the rise of camera smartphones and the resulting near-total collapse of the first category.
I disagree. It is important not to make this distinction because supply chain and manufacturing P&L aren't model-specific, they are blended.
In the past, high-volume products like compact consumer cameras allowed manufacturers to amortize R&D costs by "trickling down" newly developed technology from their premium gear down to consumer-grade products. Additionally, the economies of scale allowed them to have more power with suppliers.
Today, not having the luxury of selling millions of Coolpix compacts per year, Nikon can only allocate a relatively modest R&D budget to design the Z9 II, for example. They will have a small number of units to push this tech through to realize profit. When they're picking a supplier for a rear LCD, for example, they're paying more for each screen because the order size is much smaller than it was in the past.
p.1 #7 · Nikon imaging (cameras, lenses, and related products including red) down 22% year over year
I remember how sluggish, and downright pathetic canon and nikon were transitioning to mirrorless, all of them (big japanese camera giants) have been slow to innovate and move with technology and with customer preferences. so its not just about Chinese government giving unfair advantage to their small disruptor companies like viltrox. i have seen viltrox respond to their customers by introducing features or mew products that their customers asked for through facebook, in months.
p.1 #8 · Nikon imaging (cameras, lenses, and related products including red) down 22% year over year
Well, the inevitable loss of compatibility by introducing new mounts and lens lineups could be seen as a betrayal of customer trust by many, and so it was understandable that established manufacturers of DSLRs would delay this. There is some compatibility but mirrorless cameras with adapters do not maintain the same ergonomics and optimal performance as native lenses with cameras, and eventually older lenses and cameras will be put aside, meaning a huge loss of investment.
The new systems are good though. There are more ILC manufacturers now than in the DSLR peak era, so each manufacturer has a smaller market share than the two biggest DSLR manufacturers had 10-15 years ago.
Sales have been negatively affected by US market uncertainty and tariff chaos. This will likely eventually go away as US voters realize the self-harm they did to themselves. Nikon might be in a good position in the sense that their video division is a US-based company.
What is the most ridiculous is the US restrictions on DJI products as DJI is one of the most innovative companies today.
What I like about Nikon today is the consistency of quality of the Z lineup, and the fact that top level performance (high resolution, high fps, silent photography with minimal rolling shutter) is available in a much more affordable price than competitors, and the lens system priority is in the mid and upper mid level rather than divided between ultra high end and ultra cheap options. Great products at reasonable prices.
Nikon might be set back by the fact that the Z9 and Z8 are due replacements soon and they haven't been launched yet, so people are waiting. Nikon also hasn't yet reintroduced significant new compact cameras to meet the interest that the market is showing in such cameras.
Personally I think it's good that the manufacturer focuses on mid and higher end products rather than entry-level and consumer as then their R&D efforts are not spent on the least demanding customers but advanced users. This is reflected in the Z lens lineup. Instead of having 10 different 18-xxx zooms, and 30 different coolpix cameras in various garish colors, Nikon produce useful things.
Restrav wrote:
I remember how sluggish, and downright pathetic canon and nikon were transitioning to mirrorless, all of them (big japanese camera giants) have been slow to innovate and move with technology and with customer preferences. so its not just about Chinese government giving unfair advantage to their small disruptor companies like viltrox. i have seen viltrox respond to their customers by introducing features or mew products that their customers asked for through facebook, in months.
p.1 #9 · Nikon imaging (cameras, lenses, and related products including red) down 22% year over year
I wouldn’t count Nikon out of the race quite yet. They have an established track record of recovering from adversity. I do think that the onslaught of cheaper lenses from other manufacturers has contributed to their issues.
p.1 #10 · Nikon imaging (cameras, lenses, and related products including red) down 22% year over year
Restrav wrote:
I remember how sluggish, and downright pathetic canon and nikon were transitioning to mirrorless, all of them (big japanese camera giants) have been slow to innovate and move with technology and with customer preferences.
Perhaps because Canon and Nikon were global leaders in the production and sale of SLR cameras and lenses? This inevitably slowed their transition to MILCs.
story_teller wrote:
I wouldn’t count Nikon out of the race quite yet. They have an established track record of recovering from adversity. I do think that the onslaught of cheaper lenses from other manufacturers has contributed to their issues.
Probably their protectionist policy—not allowing everyone to use the interface and communication protocols, as Sony did with only minimal restrictions (e.g., frame rate)—did not encourage many consumers to embrace the brand...
I'm guessing that Nikon will hang on for the time being, but their market share implies less resources (money) to throw at development and new products.
p.1 #12 · Nikon imaging (cameras, lenses, and related products including red) down 22% year over year
'Through mid-2026, (CIPA) data shows that *Japanese manufacturer* shipments of interchangeable photographic lenses to China dropped significantly compared to 2025.
This decline is driven by local economic slowdowns and major inventory adjustments, impacting brands like Nikon and Tamron, though *domestic and independent Chinese lens makers continue shifting market dynamics*.'
Affordable native Chinese third-party lens brands (such as Viltrox and others) capture an *expanding share of local volume* that traditional CIPA tracking from *Japanese makers does not fully reflect*.
I'll say. These two trends ore not unrelated. The Chinese like their own lenses, and they are biggest market in the world.
p.1 #13 · Nikon imaging (cameras, lenses, and related products including red) down 22% year over year
RoamingScott wrote:
Show me which brand has increased sales, that's what I care about.
This is one the most squeezed economies of my lifetime, very few people I know, even the upper middle class, are spending money on fun things right now.
Why is Sony growing then?
Is it because they have a diversified portfolio?
Nikon bought an in trouble business in Red-
Nikon and Red have been extremely quiet lately while its Massive flagship and Slightly less Massive Z8 become very long in the tooth. It’s lens lineup is great if you want bazooka’s (35 1.2, 50 85 135 etc)
Or grab the compromised vintage rendering ( I actually love these) 1.4 series that everyone loves to hate-
p.1 #14 · Nikon imaging (cameras, lenses, and related products including red) down 22% year over year
No new & exciting products == decline in sales.
We've seen no new bodies since the Zr, and it needs some firmware issues addressed to turn a good body with some issues into an excellent video-specific body.
We've seen minimal exciting new lenses as well in the same time period. A great refresh of the 70-200, a kit lens and two expensive DX lenses lacking a matching body.
I'm completely unsurprised that Nikon sales are down, they just haven't launched anything likely to bump sales seriously. Nikon is very much in a place right now where a lot of their core user base is waiting on a reason to upgrade, not buying new stuff.
Sony has refreshed their core high-sales FF body (the A7V) and their high-MP body (A7RVI). Canon launched the R6III and R6 V.
Sony sales should be up with their releases, Canon's launches are enough to keep sales on an even keel.
p.1 #15 · Nikon imaging (cameras, lenses, and related products including red) down 22% year over year
mawz wrote:
No new & exciting products == decline in sales.
Boiled down very succinctly, yes.
We are at the very end of the Expeed 7 generation and every line is due for a refresh, and it's very likely that most people that want a current Nikon body have one thanks to their deep sales and refurb pricing.
Nikon has done a piss-poor job with smaller lenses for Z and are losing ground to Chinese lenses that are similarly capable at a third of the price. What they've done well is offer longer lenses that no other brand does, but those are both niche and require a larger body to use effectively.
I think it's very obvious that the chip shortage and memory price squeeze are going to hurt the Expeed 8 rollout. We should have heard about the Z9ii by now and there hasn't even been a development announcement. Nikon has to the lay the groundwork with Expeed 8 correctly and patiently if they want to have another successful generation of cameras.
p.1 #17 · Nikon imaging (cameras, lenses, and related products including red) down 22% year over year
In China the economy is moving at two speeds: strong foreign trade, weak domestic demand. If the Chinese spend too little and export too much, it’s a problem for the rest of the world, Nikon included.
p.1 #20 · Nikon imaging (cameras, lenses, and related products including red) down 22% year over year
I do feel like Nikon is largely a stagnant company without a clear path forward right now. They had a short burst of focusing on birding lenses a few years ago; and the Z8 and Z9 were genuinely breaking new ground at a price point below competitive offerings from other companies. While on the one hand ditching the shutter is a very forward thinking move, at times they seem very conservative as a company--pumping out slightly revised versions of 2.8 zooms isn't the way forward IMO.
I think the Red acquisition won't be remembered fondly years from now. A company with limited R&D resources started chasing a new market by buying a declining cinema camera company and further got away from their stills heritage. I think Nikon is uniquely positioned to do something radical, but video isn't it. Their biggest asset is their photography heritage, but they only sporadically pay lip service to it. The DF and ZF are fine, I guess, but also strike me as missed opportunities. The ZF doesn't even work with AF-D lenses and the FTZ with vintage glass on a ZF looks like a Frankenstein.
Do something wild like make an F7 with modern AF and metering. Make an FM4. Maybe I'm just vibes-ing the market and the reality is it wouldn't make any money, but I bet they would sell out of them. Look at what's happening right now with F6 and FM3A prices. They've gone nuts. Make some reissue AI-S lenses with modern aspherical manufacturing technology and make a special "retro" FTZ to pair with it. Make a small EDC camera like the Rx1Riii or x100VI but do it better; leave the screen off or make it manual focus only. Make it with metal and painted engravings and allow people to put it on a strap and carry it on walks like you can an old FM and take a few knocks.
My point is that I don't think Nikon is going to catch Canon or Sony by trying to out-canon or out-sony them. I actually appreciate that some of the S primes have prioritized character over test charts (35mm 1.2s and 85mm 1.2s being the most notable examples). I can live with big lenses that do cool things, but also make some small exceptional character lenses. Lots of Chinese companies are taking old designs and tweaking them and applying modern manufacturing to them. What used to require a lifetime of training to hand grind can be done better and with more precision by machine now. Tap into that and make a new manual noct.
Nikon's strengths are it's image quality and understanding of color science (I will take the file out of a nikon digital camera any day over another brand), it's understanding of the role of optical engineering to make interesting glass (not just optical formulas that market to test charts), and it's history and heritage.
