Market Scenario
The action camera market will witness a healthy growth from 2017 to 2023, a research report suggests. Growing at a CAGR of 14.21%, the market is projected to reach US$9,382.5 million by 2023. Proliferation of social media is expected to support the market growth along with the growing content sharing trend on social networking websites. As predicted by analysts, smartphones with high-end cameras will negatively affect the market’s performance from 2017 to 2023. During the forecast period, the market will be supported by rising uses of social media as a platform and a rise in disposable income. The rise of smartphones and small cameras on the other hand will challenge cameras sector based organizations functioning in the global action camera market share. Analysts have split the market into distribution channel, end-user, technology, and type segments based on products and services. Cameras based companies have been profiled.
The lack of investments is set to affect the global market during the forecast period 2017 to 2023. The report also provides the market’s performance forecasts till 2023. Analysts have studied the strategy of cameras segment based organizations to help new entrants and established businesses. The cameras sector itself is supported by the changing social behaviour as well as the increasing demand from various industry verticals. During the forecast period 2017 to 2023, the action camera market is set to witness a health growth across distribution channel, end-user, technology, and type segments as well as regional markets.
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Market segmentation
The Action Camera Market is segmented into various segments such as type, technology, distribution channel, and end-users. The type segment has various sub-segments: box-style, cube-style, bullet-style, periscope, and 360 degrees. The box style segment accounts for the highest share due to the versatility nature of the cameras. Cube style is considered as the second largest market share among the others. The market is categorized into Full HD, Ultra HD, HD, and SD in the technology segment. The distribution channel is segmented into online and brick-and-mortar stores. Based on end-user, it is divided into professional and personal. All these segments contribute to the growth of the market.
Regional Analysis
The Action Camera Market has seen development in various regions across the globe, such as North America, Europe, Asia Pacific, and the Rest of the World. North America region to contribute as the leading share-holder, and the region will maintain its further growth in the upcoming years. The Asia Pacific holds the title of second-highest share at the global level. The European market is rapidly emerging, and it is expected to reach a healthy CAGR in the upcoming years. The UK and Germany regions are contributing better to the growth of the regional market.
Industry News
The Action Camera Market is registered to reach USD 9,382.5 million by 2023 during the forecast period.
GoPro launched its Hero 9 Black Action Camera on September 16, 2020, for a 5K video recording.
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Action Camera Market Research Report: By Type (Box Style, Cube-Style, Bullet Style and Periscope and 360°), By Technology (Full HD, Ultra HD, HD and SD), By Distribution Channel (Online and Brick & Mortar Stores), By End-User (Professional and Personal) - Forecast till 2027
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