It’s no secret that Nikon has historically lagged ever so slightly behind its two biggest rivals, Canon and Sony. The two brands have proudly boasted some impressive sales units over the years, almost making them impossible to compete with, particularly in light of Sony’s dominance in other areas of electronics. Canon, on the other hand, have not faced any real competition (other than Sony of course) for quite some time. They have been listening, innovating and watching the market shift to suit consumer and industry needs. But in recent years, Nikon have been working to narrow that margin and reestablish themselves as a boundary-pushing powerhouse. 2021 was a turbulent year for Nikon, a year in which they were faced with some very difficult decisions about their future amidst declining camera sales and poor revenue generation. So much so, that at the end of the financial year in April 2021, they ultimately axed more than two-thousand employees as part of a wider business strategy to bring down costs and stop the boat from sinking further into irrelevancy. But by the end of the year, they had made a loud and unexpected power play, one that would put them back on the map for good this time. On Christmas Eve of all times, Nikon finally released their new flagship model – the Z9, and rather fittingly, it was indeed something of a festive miracle. Much like the old proverb goes – desperate times demand desperate measures, and clearly, Nikon of all people had learnt this the hard way. The full-frame mirrorless Z9 camera was released to widespread critical acclaim, described by consumers as a must-own device with some even referring to it as a ‘bargain workhorse’, a term that was of course derived from its shockingly competitive price tag of £5,299. In comparison, Canon’s rival EOS R3 demanded £5,879 for the body-only. It was a bold and brilliant move that captured the eyes of amateur and professional photographers alike, winning back previous fans that Nikon had lost to the times. In fact, it was the best-selling flagship model Nikon had produced in their previous 15 years, surpassing all other flagship models in its first year. For the first time in a long time, Nikon were making waves again.
Furthermore, the Z9 also introduced Nikon’s most powerful processing engine to date – the EXPEED 7 processor, which is around ten times faster than the Z7 II. The Z9 also unveiled their most advanced auto-focus system, using an updated algorithm that could identify and track humans, pets, birds, airplanes, and so forth. Ultimately, the Z9 became the top-selling professional camera in its category, holding around 57% of the market. Then in October 2024, Nikon released their third-generation full-frame mirrorless camera, the Z6III which was met with equally glowing praise. Photographers praised its ability to deliver full-width 6K video as well as its auto-focus improvements previously reserved for premium models like the Z8 and Z9. These included faster 3D Tracking and subject recognition which utilised new technology in a way the company hadn’t previously done. Again, this signalled Nikon’s intent to demonstrate their new approach to modern tech, shaking off previous notions that they were just too far behind the rest to ever be taken seriously again. Speaking of tech, the Nikon Z8, for example, released a year earlier and boasted fantastic image quality, capturing more attention for the brand. It’s rival, the R6 II Canon, was also lacking in terms of the Z8’s stacked sensor, higher resolution, and superior auto-focus. Meanwhile, Sony’s A7 IV took the title of a higher-resolution sensor and made for tricky competition. At launch, the A7 IV cost £1,910 while the Z8 cost a whopping £3999 and the R6 II cost £2,499. The differences in prices here have played a major factor in overall sales, and given how much more costly the Z8 is it is not at all surprising that Nikon is falling behind its two superiors. However, even with the buy-in price, Nikon has always benefited from having a loyal and secure fanbase. who are arguably the main reason they’ve managed to stay afloat so long, despite the previous financial setbacks. Additionally, Nikon’s mirrorless technology is still innovating in areas like auto-focus and sensor technology., while companies like Canon and Sony have not mixed up the formula to the extent that Nikon have been doing. Though of course, they too will need to innovate in their future products if they are to maintain their dominance.
In light of all this however, the question remains – can Nikon really reclaim its rightful market share? The answer is a difficult one, because although the Z9 has been selling remarkably well, Nikon have yet to properly compete with Canon in more recent years. For example, in 2023, Canon had a 49% market share while Nikon had just 12%. And now in current 2025, Canon are still dominating the global camera market, accounting for nearly half of it. Sony, meanwhile, are not colossally far behind at 28%, but Nikon, on the other hand, have unfortunately dropped down to just 11%. With such low figures, I think we can safely assume that that we are unlikely to see a bigger comeback for Nikon than what we have already witnessed. Nikon should also focus on improving their firmware updates while shedding their skin and previous reputation; they have historically targeted the professional market more than Canon, who instead opted for the “entry-level” market. The problem with this approach, is that once a consumer has bought into a brand, they tend to stay with them, if for no other reason than sheer familiarity. This alone is a compelling factor in Canon’s continued dominance and is a point that a company like Nikon cannot afford to overlook, especially in light of their aforementioned financial hardships in recent years. And while there is always potential for Nikon to stealthily unveil another Z9-like industry pleaser, one cannot shake the feeling that the company’s golden days are behind them.
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