The second-hand camera lens market is currently valued at $2.5 billion (around £2.0 billion / AU$3.9 billion), with projections suggesting a growth rate of over 5.8% between now and 2023, making it reach $4.1 billion (£3.2 billion / AU$6.5 billion).
Global Market Insights (GMI) has attributed the growth to demand from amateur photographers and students who prioritize affordability, making used lenses a practical alternative to new models.
The second-hand DSLR lens market has also had a boost from the ongoing shift to mirrorless cameras, meaning a larger supply of second-hand DSLR lenses, “increasing choices for budget-focused buyers,” said GMI.
In an interview from December last with Creative Bloq and Matt Barker, founder of MPB Photographic, the world’s largest online platform for used photo and video equipment, he attributed the rising popularity of second-hand goods to millennials.
"Some of the growth that we're seeing and the positive attitudes in terms of people's willingness to buy second-hand and sell second-hand is brilliant, and this time of year is quite a test on that.
“I think that's excellent for the economy, and we should be encouraging reuse. But the reason that some of those attitudes have shifted is partly because it's driven by millennials, as our data shows."
The rise of online platforms selling second-hand cameras and accessories, including top distributors, has simplified buying and selling pre-loved items
“Enhanced search capabilities and improved user interfaces allow buyers to browse a variety of lenses and make informed choices more easily. This convenience, coupled with consumers’ growing preference for high-quality yet affordable lenses, has bolstered the appeal of second-hand options,” said GMI.
The phrase ‘cost of living crisis’ is now a familiar one around the world, as prices of everyday items increase dramatically while salaries remain the same, with average global inflation at 6.8%.
People are looking for ways to cut costs, and the second-hand market continues to grow as the new camera market gradually declines.
Taking the second-hand lens market by lens type, the GMI reports that in 2023 telephoto lenses – valued at $0.7 billion (£0.6 billion / AU$1.1 billion) – were a major segment, expected to grow at a 6.1% growth rate through 2032.
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