ID: MRFR/SEM/3163-CR | July 2019 | Region: Bric | 113 pages
Valuation of the Global Action Camera Market stood at USD 4,237.9 Million in 2017 and can touch approximately USD 9,382.5 Million by 2023.
Action cameras are garnering significant popularity these days, witnessing wide preference over a DSLR when it comes to portability and compactness. Action cameras are widely used to record extreme sports like surfing and skiing, capturing sporting action from different angles. There are various action camera brands available in the market with dust resistance and waterproof, shockproof, and crushproof features.
The COVID-19 outbreak severely affected the action camera industry, causing huge revenue losses and closing down several manufacturing facilities worldwide. On the one hand, the coronavirus-driven lockdown put a brake on the production of several key components and materials in the global market.
This further led to action camera manufacturers facing problems ranging from obtaining raw materials to attracting workers from quarantine, witnessing restricted cross-border trade between countries. On the other hand, the lockdown restrictions and work from home mandates increased the sales of action cameras for various fun activities. Resultantly, the action camera market is again gearing up gradually and witnessing various product launches.
Proliferation of Social Media to Bolster Growth
Action cameras are witnessing rapid sales and demand mainly due to the growing content sharing trend on social networking websites. Rising uses of social media as a platform for various promotional & marketing activities escalates the market growth. Besides, the increasing use of smart gadgets and the booming consumer electronics industry fosters action camera market growth. Continuous advancements in camera technology and the consumer electronics sector drive market growth, bringing about miniaturized next-generation cameras.
Online Distribution Channel to Present Robust Opportunities
Online sales of action cameras are increasing rapidly, especially in emerging countries, which would offer a host of lucrative opportunities to global firms soon. 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. These factors cumulatively, the demand for action cameras is projected to grow significantly over the forecast period.
Additionally, the increasing adoption of action cameras in media & entertainment to cover the live sport and various actions are the key factors estimated to act as a tailwind increasing the action camera market share. Also, various professional and personal applications to enable users to capture and process images and videos are expected to boost the action camera market size.
Smartphones with High-end cameras to Restrain
The rising penetration of smartphones having a high-end camera is a key factor estimated to restrict the market growth. Also, high initial investments required for technology upgrades and changing consumer preferences & manufacturing techniques are major factors predicted to affect the growth of the action camera market.
The long product life cycle and high cost of the camera is a key factor challenging manufacturers, restricting its production. Also, the slow adoption rate of the technology and shortages of various small components required for the production poses significant challenges to market growth.
Action Camera Market is segmented into Type, Technology, Distribution Channel, End-User, and Region.
Box Style Action Camera to Witness Significant Demand
The type segment is sub-segmented into box style, cube-style, bullet-style, periscope & 360°, and others. Among these, the box style segment accounts for the largest market share due to the immense popularity versatility of these cameras. Also, this type of cameras are available in different screen resolutions, and they can be used anywhere from standard video capture to specific applications like skydiving.
In 2017, the box style action camera segment reached a market value of USD 1,765.7 million, which is expected to grow at a 15.00% CAGR during the forecast period. GoPro and Sony Corporation are the leading players in this segment.
Cube Style is the Second-Largest Action Camera Type
The cube style segment accounted for the second-largest market share in 2017. Comparatively compact and portable, cube-style action cameras are mostly used for applications like mount-on and small places. The cube style action camera segment is projected to exhibit a significant CAGR during the forecast period.
Bifurcation - Technology, Distribution Channel,
The technology segment is bifurcated into full HD, Ultra HD, HD, SD, and others. The distribution channel segment is sub-segmented into online and brick & mortar stores. The end-user segment is divided into professional and personal.
North America is the Largest Regional Segment
By region, the market is bifurcated into the Americas (US, Canada, Mexico, Rest-of-North America) and South America, Europe (the UK, Germany, France, Italy, and Rest-of-Europe), Asia Pacific (China, Japan, India, South Korea, and Rest-of-the-APAC), and Rest-of-the-World. Among these, North America accounts for the largest market share, followed by the APAC region and Europe, respectively.
North America to Maintain its Leading Position
North America is the leader in the global action camera market and would maintain its leading position, growing at 11.16% CAGR during the assessment period. Factors such as the concentrated presence of major industry players and well-established power sports & extreme sports industry in the region increase the action camera market size. Additionally, high industry standards and substantial investments by manufacturers in the region drive the action cameras market growth.
APAC Holds Second-Highest Share in Global Market
Asia Pacific accounts for the second-highest share in the global market. The action camera market in the region is projected to register a 17.39% CAGR during the estimated period. The market growth is led by the presence of various notable players and greater adoption of these cameras due to the increasing Powersports. Moreover, rapidly growing extreme sports in Japan, South Korea, China, and India contribute to the action camera market share.
Europe is Rapidly Emerging as a Promising Market for Action Cameras
Europe is rapidly emerging as a promising market expected to exhibit a sharp rise with a 15.13% CAGR during the forecast period. Factors such as rising technology upgrades and increasing productivity drive the action camera market growth, improving the product quality and reducing the time to market. Moreover, increasingly stringent industry standards impact market growth positively. The UK and Germany are well-defined markets contributing to the growth of the regional market.
Players Focus on Product Development & Expansion
The action camera market appears extremely fragmented, considering the presence of established manufacturers. Eminent players seek opportunities to integrate across the extensive value chain while focusing on expanding production capacities, R&D investments, and M&A activities to gain additional impetus. They deliver reliable, leading-edge solutions and services, substantially investing in developing adept technologies and products.
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) are some of the affluent contenders holding sizeable action camera market share.
Canon Inc. is a Japanese world-leading innovator and provider of imaging solutions. The company aims at joining the world’s top 100 global companies, delivering high-quality products through a rapid transformation. It achieves diversification into new business domains and expansion through M&A opportunities. Global expansion via three regional headquarters would also advance Canon’s strategy by increasing innovation and manufacturing products closer to the market.
Jan. 19, 2021 – Ahead of India’s 72nd Republic Day, Amazon announced Top deals on Action Cameras. The Amazon Great Republic Day Sale is starting from Jan. 20 to 23, 2021.
Dec.23, 2020 – GoPro launched The Remote alongside its Hero 9 Black camera updates. The remote features a large square button that its physical interface is simple and easily accessible even if a user is wearing gloves. GoPro had first launched the Hero 9 Black action camera on Sep. 16, 2020, for 5K video recording. The latest GoPro Hero 9 Black action camera comes with dual screens and major upgrades compared to its predecessor and are suitable for shooting adventure video clips. It features a 23.6-megapixel image sensor and GP1 processor, and it is waterproof up to 33ft for capturing water activities.
Nov. 25, 2020 – Hohem, a global leading gimbal technology company, launched its Black Friday and Cyber Week deals of up to 50% off on the top-rated gimbal products at Hohem.com and Hohem Amazon Store. The range includes action camera gimbal iSteady Pro3, three-in-one gimbal (digital camera, action camera, and smartphone), smartphone gimbal iSteady X, and many more.
Action Camera Market analysis feature unique and relevant factors anticipated to significantly impact the market growth during the assessment period. The detailed action camera market forecast report would help industry players to understand the market better. The report defines the historical and current action camera market trends boosting the growth of the market.
Additionally, the COVID-19 impact on the action camera industry is also included in the report. Regional assessment in this report and unlocks several untapped opportunities in regional and international markets. Detailed company profiling enables users to evaluate company shares, emerging product lines, pricing strategies, innovation possibilities, the scope in new markets, and much more. Alongside the action camera industry analysis, the report also covers sports camera analysis and camera industry analysis.
Frequently Asked Questions (FAQ) :
By 2023, the global market of action can value at USD 9,382.5 million at 14.21% CAGR.
Sony Corporation (Japan), GoPro, Inc. (the US), Garmin Ltd. (US), and Olympus Corporation (Japan) are some notable players of the action camera market.
Box style, bullet style, cube style, periscope, and 360° are types of action camera. The box style camera segment of the market can generate revenue of USD 1,765.7 million by 2027.
The advent of box style cameras has resulted in the high rate of adoption of action cameras, thus can bolster market surge.
The Europe action camera is expected to thrive at the highest CAGR of 5.13%, over other regions.
USD 4,237.9 million was the valuation of the action camera market in 2017.
Full HD, HD, SD, and ultra HD are technologies used in action cameras. In recent times, ultra HD technology is observed to gain high traction.