Market Highlights
The global action camera market is growing rapidly. The market growth attributes the increasing use of smart gadgets, booming consumer electronics industry, and the growing content sharing trend on social networking websites. Besides, continuous advancements in the consumer electronics sector drive market growth, bringing about miniaturized next-generation cameras. Moreover, the rising use of social media as a platform for various promotional & marketing activities escalates market growth.
According to Market Research Future (MRFR), the global action camera market is poised to create a value of USD 9,382.5 MN by 2023, growing at 14.21% CAGR throughout the assessment period (2018-2023). In 2017, the market valuation had reached USD 4,237.9 million, due to the camera segment of consumer electronics increasing with evolution in terms of product size, quality, and efficiency. Due to the increasing usages of social media platforms such as Instagram, WhatsApp, and Facebook, the trend of sharing live videos and pictures is increasing.
Action cameras offer some impressive specs for the price, including 4K video recording capability at 60fps, alongside a large display with a simple UI, and onboard video stabilization. With the increasing technology upgrades, action cameras have significantly evolved. Over recent years, the demand for action cameras is growing due to the advanced features and benefits that these cameras offer. What's unconventional, though, is the side that allows screwing in accessories such as microphones, LED lights, and so on.
With this arrangement, action cameras can be turned into a Run & Gun camera set up to record vlogs and whatnot on the go. Additionally, the increasing adoption of the action cameras in media & entertainment to cover the live sport are the key factors acting as a tailwind for the growth of the market. Also, various professional and personal applications to enable users to capture and process images and videos boost the action camera market size.
A key emerging trend in the market is the adoption of 360° cameras with VR integration, offering the user a life-like experience of any event. Heading with these factors cumulatively, the demand for action cameras is growing too. On the flip side, the rising penetration of smartphones having high-end cameras is a key factor estimated to impede market growth. Also, the long product life cycle and high cost of the camera hamper the market growth, restricting its production.
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Segmentation:
The report is segmented into five dynamics;
By Type : Box Style, Cube-Style, Bullet Style, Periscope & 360°, and others.
By Technology : Full HD, Ultra HD, HD, and SD.
By Distribution Channel : Online and Brick & Mortar Stores.
By End User : Professional and Personal.
By Regions : Asia Pacific, Americas, Europe, and the Rest-of-the-World.
Global Action Camera Market - Regional Analysis
North America leads the global action camera market. The largest market share attributes to the presence of notable industry players and well-established Powersports & extreme sports industry in the region. Besides, high industry standards and substantial investments by makers to design technologically advanced action cameras drive the growth of the regional market. The North American action camera market is expected to retain its dominance, registering 11.16% CAGR throughout the assessment period.
The Asia Pacific region stands second in the global action camera market, growing rapidly. The greater adoption of action cameras drives the market, and increasing Powersports in the region boost the growth of the market. Besides, the rapidly growing extreme sports in the region act as a key tailwind for the development of the market. Japan, South Korea, China, and India are key growth contributors to the regional market. The APAC action camera market is forecasted to create a substantial revenue pocket, growing at 17.39% CAGR throughout the estimated period.
The Europe action camera market is emerging as a promising space. Factors such as the vast contributions from well-defined markets such as the UK and Germany drive the market growth. Moreover, increasingly stringent industry standards impact market growth positively. Additionally, rising technology upgrades and increasing productivity, maintaining the quality and reducing the time required, foster the regional market growth. The European action camera market is expected to witness remarkable developments, posting 15.13% CAGR throughout the assessment period.
Global Action Camera Market - Competitive Landscape
Highly competitive, the global action camera market appears fragmented due to the presence of several well-established players. To gain a larger competitive advantage, players incorporate strategic initiatives such as mergers & acquisitions, expansion, collaboration, and product/ technology launch.
These players invest substantially to transform the consumer and business landscape. Also, industry players make substantial R&D investments in developing the product and technology. To widen their reach t customers, they offer discount offers, such as the end of season sale offerings.
Major Players:
Players leading the action camera market include Garmin Ltd. (US), Sony Corporation (Japan), GoPro, Inc. (the US), SZ DJI Technology Co., Ltd (China), Olympus Corporation (Japan), Veho World (UK), TomTom NV (Netherlands), SJCAM Limited (China), PLR Ecommerce, LLC (US), Nikon Corporation (Japan), Panasonic Corporation (Japan), and YI Technology (China), among others.
Industry/Innovation/Related News:
August 25, 2020 ---- Insta360 (the US), a leading action camera brand, announced massive discounts during this end of season sale. The brand is having an End of Season Sale offering discounts on select models of its Insta360 action camera. These deals are available at many retailers, including Amazon, Best Buy, and B&H, allowing free shipping.
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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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