Looking at the mirrorless shipment numbers for May released by CIPA today makes pretty sober reading. Mirrorless shipments were down 25% YOY in May and are down 18% for the first 5 months. Shipments to the US at 20,000 units were almost non-existent (1.5% of total units). Shipments to Europe, down 46% were little better. Shipments to Japan and the remains of Asia held up but mirrorless is losing share in Japan. Mirrorless represents 35% units sales (30% by value) of ILCs for the first 5 months compared to around 50% for much of last year. Of course all camera sales are poor this year - compacts down 48% and DSLR down 15% for the first 5 months. The problem for mirrorless is that the decline is off a very low base. Mirrorless only accounted for 5% of global shipments last month. Furthermore these declines are set against healthy growth forecasts. CIPA is still forecasting 26% growth this year. And it was only a year ago that the Wall St Journal was forecasting 6m mirrorless shipments for 2012 and a 5x increase by 2015. In the event, last year saw 3.9m shipments and this year probably about 3m. With 1.0m shipped in the first 5 months even this could prove optimistic. So what is behind these poor figures. Probably the most common sense reason is that there has simply be a lack of new mirrorless products on the market while last year we had the omd, Fuji x, nex 6 and eos-m. What is pretty certain though is mirrorless users are going to remain an exclusive minority for a while yet.