Why Sigma is less optimistic about the camera market

Kazuto Yamaki, CEO of Sigma Photo: Abby Ferguson

The camera market seems to be settling after the mirrorless boom, but Sigma's CEO, Kazuto Yamaki, remains pragmatic and focused on customer insights. As he put it, "customers are always way ahead of the manufacturers, so we can learn from them."

In our interview with Yamaki at this year's CP+ show in Yokohama, Japan, he shares his thoughts on the state of the camera industry and the role of APS-C in the current market. He also keeps us informed on the potential for multiple Sigma camera systems and where the Foveon sensor stands.

"Customers are always way ahead": reading a cooling market

In Yamaki's view, the market slowdown is partly due to a lack of innovative products. He sees the Sigma BF as an answer to that. Photo: Richard Butler

While most manufacturers told us that the camera market is doing well and rebounding after a few quiet years, Yamaki is a bit of a dissenting voice and has a more cautious view. "I'm a little bit concerned about the market situation or economic situation in general in 2026, mainly due to some instability in politics," he says.

"Due to some lack of innovation from the manufacturer side, I think the market is getting slower."

Yamaki's concern extends beyond the current political environment as well, and he echoes his thoughts from last year's conversation. "To be honest, I feel that the market is slowing down," he explains. "After Covid, people were more interested in buying new camera lenses, because there were some exciting products at the time... But these days, they've already got that exciting, good performing camera and lenses, and due to some lack of innovation from the manufacturer side, I think the market is getting slower."

That doesn't mean that Yamaki is pessimistic about photography itself, though. He points to the younger generation finding enjoyment in older digital compacts and film cameras, and highlights the importance of a new approach to cameras. "For example, last year Sigma released the Sigma BF, which provides quite a different approach to the customers," he explains. "We proposed a different way of enjoying photography."

"There is a demand if we offer something interesting, something unique."

Sigma wasn't alone in releasing a camera with a fresh approach, and Yamaki highlights that as well. "Fujifilm also released the X half, quite a unique product. So I think some companies are trying to offer a new way of enjoying photography." He puts the onus on manufacturers to continue driving interest with potentially niche products: "The good news is that customers are still interested in photography, and there is a demand if we offer something interesting, something unique."

Rising prices and tight margins

Coming up with fresh ideas is part of the challenge, but pricing is also a concern these days. Yamaki tells us that camera and lens prices are rising, potentially leaving some customers behind. The problem, he says, is that manufacturing costs are rising as well. "The production cost is getting higher and higher. The material cost and the energy cost, everything is getting higher and higher," he tells us.

Yamaki insists Sigma is still very focused on quality despite the challenges of rising costs. "We like to deliver the products at as low a price as possible. So, we do not sacrifice quality to deliver the product at a lower price." He is also insistent on keeping production local rather than outsourcing to reduce costs.

"For us, we are doing really well in terms of sales. But because of the increased cost, the profit level is not so great."

To a certain extent, that strategy is working, but it doesn't mean there hasn't been an impact on the company. "For us, we are doing really well in terms of sales," he says. "But because of the increased cost, the profit level is not so great." The company's dedication to maintaining quality and staying local has benefits, but it's at the expense of profit margins.

Benefits of APS-C

Sigma released the 17-40mm F1.8 DC Art last summer, and Yamaki says it's selling very well. Image: Sigma

For Yamaki, that's where format choice starts to matter. He says full‑frame still has the highest demand, which means it has to be Sigma's priority for now. But he still sees the value in APS‑C, and that opinion goes beyond the fact that Nikon and Canon have primarily allowed APS-C lenses from third-parties. "I personally believe that the APS‑C‑sensor camera is quite a good system in terms of the balance between the quality, the size and the price," he says. "Especially that we can make the lenses quite compact and lightweight. So I think the APS‑C camera system is really good for many potential customers."

Early sales suggest that bet is paying off. Last year, Sigma released the 17-40mm F1.8, and he tells us that orders have significantly outstripped expectations, forcing the company to ramp up production several times and still leaving it struggling to catch up with demand. For Yamaki, that response is proof "there is still great potential for APS‑C system cameras."

The case for cameras meant for different types of photographers

The Sigma BF also marked a bold bet by Sigma, as it was a camera drastically different from what we've seen before. While Yamaki says it's too early to glean many insights from BF orders, it does seem that the goal of attracting a different type of customer has been successful. "I told you last time that one of our hypothetical potential customers for BF is some kind of artist, musician, architects, designers," he says. "And actually, after we released the product, we found that those people are interested in the camera."

"I'm quite amazed that we are getting a new type of customer"

"I'm quite amazed that we are getting a new type of customer," he adds. "They don't check new products from manufacturers regularly. They may not have visited DPReview. They may not go to a camera store every month, but they are interested in photography."

Adding to the story that the BF has attracted new customers is the popularity of the different colors. Yamaki tells us that initially, orders were split evenly between the black and silver versions. His theory is that existing photographers already had black lenses and wanted a camera body to match. "But these days, we sell way more silver bodies, because we have more newer customers," he explains.

There's room for multiple systems within one brand

Yamaki sees room for both the FP and BF approaches in the Sigma lineup. Photo: Dan Bracaglia

Yamaki says they have also had feedback on the novel menu system of the BF. "In the beginning, they felt strange with quite a different menu system. But once they start using it, they really love it," he tells us. "So I still believe that the menu system of the BF is quite successful. It was successful because it's in line with the concept of BF, and the user interface system of the BF is very minimal and small, with a limited number of buttons and dials."

The minimal design of the BF, both in physical design and the menu system, is distinct from the FP, in Yamaki's view. "FP and BF are very compact and lightweight full‑frame mirrorless cameras. They look similar, but the actual concepts are quite different. And looking at our customers, some customers still like FP and others really like BF. Each camera gained a different customer base."

"We should apply a different type of menu system to other cameras"

With the distinction between the two cameras, Yamaki sees potential for multiple camera systems in the Sigma lineup. "I think we can have a slightly different menu system concept for FP camera," he says when we ask about lessons from the BF's menu system. "We should apply a different type of menu system to other cameras," he adds. "But if people really like that menu system, in the future we may apply that system to other cameras."

While he's only talking about menu systems, the fact that he sees a place for both approaches suggests he sees a future with multiple camera types. Even more interesting is that he envisions multiple systems within Sigma. After all, every other company essentially has one menu system. It may be toned down for certain camera levels, but at the core, they are the same. Sigma clearly envisions something different, focusing on creating cameras that suit the needs of specific users rather than a one-size-fits-all option.

Foveon progress

Speaking of new cameras, there's also an update on the long-awaited Foveon sensor. Last year, Yamaki told us Sigma had collaborated with researchers at a Japanese university to develop the full-frame Foveon sensor. Now, he tells us that the collaboration is almost complete. "We actually have already moved to the next stage. So we are now making another prototype," he tells us.

"We are now making another prototype"

That doesn't mean people should get too excited yet, though, as there's still a long road ahead. "Although our engineers are working very hard, the progress is a little bit slower than we had expected. They are making some progress, but it is still early – too early to go to mass production... But now we are moving to a more product-like development stage."