The photo printing market in APAC is expected to grow from US$ 3,107.24 million in 2019 and is projected to reach US$ 6,740.89 million by 2027; it is expected to grow at a CAGR of 10.5% from 2019 to 2027.
Smartphones have a humungous impact on the overall photo industry that Is considered to be a major element that is aiding to expand the consumer photography market arena. Ongoing major technological developments in smartphones have led to a rising penetration of these devices across developed and developing economies. Moreover, the media & entertainment industry is exploring functionalities. Smartphones have found technological replacement for cameras and other electronics up to a significant level. Smartphones over the years have become an integral part of the lifestyle and therefore, most of the technologies discovered go hand in hand with the smartphone adoption. Further, developments related to internet penetration have also supplemented the growth online photo printing market.
Based on product type, the APAC photo printing market is segmented into prints, wall art, cards, photo gifts, photo books, calendars, and others. In terms of product type, the prints segment led the photo printing market in 2019. For prints, the paper is exposed to a photographic negative, positive transparency (or slide), or a digital image file projected using a LightJet printer or digital exposure unit. Alternatively, the negative or clarity can be placed on top of the paper and exposed directly, creating a contact print. The increasing number of applications offering innovative printing ideas and designs is the major factor driving the growth of the prints segment.
Increasing number of smartphone users and connected devices, as well as growing ecommerce sector, in this region present a huge opportunity for the growth of photo printing market. Additionally, APAC is a global manufacturing hub with countries such as China, Japan, South Korea, and India leading the global manufacturing industry. The ongoing COVID-19 pandemic is anticipated to cause a huge disruption in the growth of various industries in APAC. Although, China is a global hub of manufacturing and the largest raw material supplier for various industries, it is one of the worst affected countries due to COVID-19 outbreak.
The overall APAC photo printing market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the photo printing market. The process also serves the purpose of obtaining an overview and forecast for the APAC photo printing market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the APAC photo printing market. Fujifilm Corporation, Walgreens Co, Snapfish, and Walmart Photo are among a few players operating in the APAC photo printing market.