The action camera market would grow at a CAGR of 14.4% and hit
New York, U.S., April 28, 2022 (GLOBE NEWSWIRE) — Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), the “Action Camera Market” by Type, Technology, by Distribution Channel, by End-User and by Region – Forecast to 2030, the Market size will reach USD 23.33 billion, growing at a compound annual growth rate of 14.4% by 2030.
Action cameras are gaining popularity these days, showing a large preference over a DSLR when it comes to portability and compactness. Various brands of action cameras are available in the market with dust resistance and waterproof, shockproof and crushproof features.
The penetration of social media has had an exponential impact on the growth of the market. The COVID-19 outbreak has severely affected the action camera industry, resulting in huge revenue losses and the shutdown of several manufacturing plants around the world. On the one hand, the coronavirus lockdown has halted the production of several key components and materials in the global market.
This has further led action camera makers to face issues ranging from obtaining raw materials, to attracting midlife workers, to seeing restricted cross-border trade between countries. On the other hand, lockdown restrictions and work-from-home mandates have boosted sales of action cameras for various fun activities. As a result, the action camera market is gradually preparing again and witnessing various product launches.
The Dominant Key Players in the Action Camera Market Covered Are:
- Garmin Ltd. (United States)
- GoPro Inc. (USA)
- Sony Corporation (Japan)
- SZ DJI Technology Co. Ltd (China)
- Veho World (UK)
- Olympus Corporation (Japan)
- TomTom NV (Netherlands)
- PLR Ecommerce LLC (USA)
- SJCAM Limited (China)
- Nikon Corporation (Japan)
- YI Technology (China)
- Panasonic Corporation (Japan)
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Exclusively encompassed USP market:
Action cameras are experiencing rapid sales and demand, mainly due to the growing trend of content sharing on social networking sites. The increasing use of social media platforms for various promotional and marketing activities is accelerating the growth of the market. Additionally, increasing use of smart gadgets and booming consumer electronics industry is driving the growth of the action camera market.
Continuous advancements in camera technology and the consumer electronics sector are driving the growth of the market, resulting in next-generation miniaturized cameras. Online sales of action cameras are growing rapidly, especially in emerging countries, which will soon provide a wealth of lucrative opportunities for global companies.
The increasing use of 360° cameras with VR integration to get a realistic experience of any event is a key emerging trend in the market. Moreover, the growing demand for action cameras is expected to increase significantly over the forecast period. Also, various professional and personal applications are expected to increase the action camera market size.
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Additionally, the increasing adoption of action cameras in media and entertainment to cover live sports and various actions are the key factors estimated to act as a tailwind increasing the action camera market share. The growing penetration of smartphones with high-end cameras is a key factor limiting the growth of the market.
Additionally, high up-front investments in technology upgrades and changing consumer preferences and manufacturing techniques pose challenges. In addition, the high cost of the camera and the long life of the product encourage manufacturers to reduce their production. Additionally, the slow rate of adoption of this technology and shortage of various small components required for production are hampering the growth of the market.
Market Segmentation Covered by Research:
The market is segmented into types, technologies, distribution channels, end users and regions. Type segment includes box style, cube style, bullet style, periscope and 360°, and others. Among these, the box-style segment accounts for the largest market share owing to the immense popularity and versatility of these cameras. Additionally, these types of cameras are available in different screen resolutions and can be used anywhere from standard video capture to specific applications like skydiving.
The technology segment includes Full HD, Ultra HD, HD, SD and others. The Distribution Channels segment includes online stores and physical stores. The end-user segment includes professionals and individuals. The regional segment includes America, Asia Pacific, Middle East & Africa, Europe and Rest of the World.
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North America is leading the global action camera market with the strong presence of major players in the powersports and extreme sports industry and industry in this region. Also, high industry standards and manufacturer investments are increasing the action camera market size. Increasing technological upgrades and increase in productivity are driving the growth of the market. The North America action camera market is expected to show a strong increase over the forecast period.
Impact of COVID-19 on the Global Action Camera Market
The spread of COVID-19 in various countries around the world has had a negative impact on several industries. The global pandemic crisis has had a significant impact on the action camera market. Since the start of the COVID-19 pandemic, this market has benefited. Due to global lockdowns, there has been a tremendous increase in demand for IT creativity in recent months. Rising sales of information and technology and telecommunications products are expected to impact the action camera market throughout the forecast period. Globally, increasing internet penetration and smartphone sales are expected to drive the market growth. The novel coronavirus outbreak is likely to have a long-term impact on consumer lifestyle and behavior, resulting in increased use of information and communication products and services.
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The action camera market would experience various strategic approaches, such as collaboration, expansion, mergers and acquisitions, and integration of advanced technologies. Major industry players are making strategic investments to boost research and development activities and further their expansion plans. The market is expected to witness several product launches.
For example, on January 07, 2022, Insta360 (China), an upstart brand known for its highly popular 360-degree cameras, introduced its latest product, a modular action camera – One RS, at CES 2022 (Consumer Electronics Show). , organized from January 5 to 7, 2022, where the main innovations and trends are presented. Insta360’s One RS Camera can be upgraded from a standard action camera to a 360 degree camera through modularity.
The Insta360 One RS concept is original and the hardware is well built. Its brilliant software features make Insta360 cameras so much fun to use. Insta360 also announced the One RS, a successor to the modular One R action/360 camera released last year. The RS is a minor upgrade, with the brain module and mounting system getting some tweaks, which slightly improves the shooting experience with 360 lenses.
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