The turnover of Optical Instruments and Photographic Equipment in the UK has declined consistently from 2014 to 2023, with a peak at 1.16 billion euros in 2014, declining to 0.8427 billion euros in 2023. The year-on-year changes reveal periods of significant decline, particularly from 2015 through 2016 (-28.22%) and steady declines in recent years, with a -1.87% decrease in each of the last two years. The Compound Annual Growth Rate (CAGR) for the last five years stands at -2.59%.

Looking forward, the forecast from 2024 to 2028 projects a continuous decline, with the turnover reaching 0.7586 billion euros by 2028. The forecasted CAGR for this period is -1.66%, indicating a sustained downward trend. The forecasted five-year growth rate is -8.05%.

Future trends to watch for include:

Technological advancements that could potentially disrupt the market.
Shifts in consumer preferences, particularly with the growing use of smartphones with high-quality cameras.
Economic factors such as inflation and changes in disposable income affecting consumer spending.