Waterproof cameras is a rate of 18.5 percent and reach a market value of 10.4 billion by the end of the forecast period
Globally, the size of Waterproof cameras will reach USD 10.4 billion by 2027, at a CAGR of 18.5% during 2020–2027 driven by the choice of waterproof and durable cameras for photography in any weather is a major influence in the market.The Waterproof Camera Market is one of the emerging business markets with profitable prospects for the forecast period. Waterproof Cameras are great for photographers and videographers who are passionate and adventurous about capturing the moments. Photography and videography have come up as a major pursuit of hobby and profession with the advent of social media and channels of entertainment. Good quality cameras are a necessity for everyone today. Even people who do photography with mobile phones look for waterproof cameras that capture photos in any weather and condition. People want advanced digital cameras that work well underwater and are durable despite wear and tear from travel.
Professional photographers and filmmakers are the major audiences for Waterproof cameras. As the line between professional photographers and amateurs blurs with the help of accessible photography courses and self-practice, the Waterproof Camera Market Size has been expanding. With the Waterproof Camera Market Demand going up considerably high, the rate of growth for the market in the coming years will also shoot up. The need for durable and versatile cameras in different areas like food photography, travel blogging and photography and portfolio photography is driving the market demand. Today’s photographers are trying to challenge themselves with the type and background of photography. For such cases, waterproof cameras are the best investment for any person who is interested in photography and video making.
The advent of video making and blogging in different platforms like social media channels also drives the market towards growth. The double-digit growth rate of the Waterproof Camera Market is a good sign for prospects of the industry. Major trends and developments will support the market during the forecast period.
Like all other industries, the COVID 19 pandemic also affected the Waterproof Camera Market unprecedentedly. The pandemic has affected the manufacturing industry very negatively. The manufacturing of camera parts like semiconductors and electronic circuits also took a hit when the pandemic was at its peak. The decline of the tourism industry due to travel restrictions also took an indirect hit on the Waterproof Camera Market. The manufacturing and use of waterproof cameras had declined greatly during the pandemic. The market size contracted to a section of its previous valuation during the pandemic. However, now that the worst of the pandemic is over, the purchase and use of waterproof cameras have gone up. Many people turned into vloggers and YouTubers during the pandemic. All these factors contribute to the revival of the Waterproof Camera Market in the post-pandemic phase.
The growth of the market has been possible due to many positive factors that come across as drivers of the Waterproof Camera Market. The major drivers of the market are the use of waterproof cameras in commercial product photography and travel photography. The choice of waterproof and durable cameras for photography in any weather is a major influence in the market. The expansion of video making and photography as a passion in people is also a major driver of the market.
There are certain challenges in the Waterproof Camera Market that oppose the market’s growth. These challenges need to be resolved with technology and applications. For example, the initial high costs of purchasing the camera and accessories limit the buyer audience for the market. On the other hand, the rise of waterproof, high-quality mobile phone cameras has to an extent reduced the importance of waterproof standalone cameras.
The tourism industry has restarted across the world, and people are going for underwater tours of rare places. The underwater tourism and documentary industry is a well of opportunity for waterproof cameras. The use of waterproof cameras in marine life research is also an opportunity for the Waterproof Camera Market.
The dearth of experienced users and highly skilled photographers in the market is a major restraint for the industry. With the lack of properly trained photographers and videographers, either waterproof cameras are not bought or wasted.
The Cumulative Waterproof Camera Market Analysis shows that there are strong trends of growth in the forecast period. The market will be growing at a high rate, with 18.5 percent projected as the CAGR for the period. The market will be at a valuation of 10.4 billion USD by the end of the Waterproof Camera Market Forecast period.
The Waterproof Camera Market has been divided into multiple market segments based on different criteria. The major criteria for market segmentation are type, range and Application.
The Waterproof Camera Sector disperses over different world regions in regional markets. The key stakeholders of the market are all over these regional markets. The primary regional markets are North America, Asia Pacific and Europe. Other regional markets come under the label of the Rest of the World. The dominant Waterproof Camera Market Share belongs to North American countries among the regional markets. Nearly 40 percent of the global market is held by the North American Market alone. As a major tourist attraction, the European Market stands in second place in terms of market share. In the Waterproof Camera Market Forecast period, the APAC regional market will also grow considerably well and increase in valuation.
The Waterproof Camera sector has many key stakeholders that maintain the industry’s competitive intensity. The key competitors of the market are as follows
The progress of the Waterproof Camera Market has only been possible due to the developments and ventures taken up by the market's stakeholders. The key stakeholders and competitors of the market have upgraded existing camera equipment with waterproof capability. Some companies have created a new waterproof line of cameras for entering the sector. For example, Sony introduced a new line of compact cameras that were highly lightweight and dust and waterproof. The new line was, therefore, perfect for outdoor photography. In April 2020, Nikon Corporation followed Sony and created a compact, waterproof camera line with COOLPIX W150. Many key companies have also taken up mergers and acquisitions to expand their size and operation scale in the last few years.
The Waterproof Camera Market Report Outlook consists of a complete overview of the market. It shows the effect of COVID-19 on the growth of the market. The market dynamics that included the drivers, challenges, opportunities and restraints have also exhibited their effects on the market. The segmentation report displayed the primary segments with their sub-segments. The report also consists of the chief factors existing in the market, the cumulative market evaluation, market segmentation, and the regional analysis.
The Waterproof Camera Market Report gives a brief market overview that then proceeds to explain COVID 19 impact on the market before talking about market dynamics like drivers and opportunities. The report also talks about the different challenges and restraints that exist in the market. The cumulative assessment of the market shows that the market will grow at a double-digit growth rate in the future. The report then discusses the industrial segmentation of the market with a brief view of their categorization. Moreover, the report also includes an analysis of regional markets and their share in the global revenue. The report also discusses the industry's competitive intensity with a look into the biggest competitors. The recent developments of the market with recent ventures from competitors are also mentioned in the report. The aim of the report is to provide a complete outlook on the market and its prospects for the forecast period.
|Market Size||USD 10.4 billion|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Range, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Fujufilm (Japan), Nikon (Japan), Go-Pro (U.S.), Canon (Japan), Kodak (U.S.), Honeywell International Inc. (U.S.), Panasonic Corporation (Japan), Robert Bosch Gmbh (Germany), FLIR Systems (U.S.), Olympus (Japan)|
|Key Market Opportunities||The number of travelers around the world have increased tremendously.|
|Key Market Drivers||
The travel industry contributes a large percent of GDP to the world economy, and is a high end user of waterproof cameras. MRFR study states that the global market of waterproof cameras is expected to thrive at 18.5% and value at USD 10.4 billion by 2023.
The booming travelling industry and high disposable income of people in North America is expected to cause the regional market hold the pole position in the forecast period.
Fujufilm (Japan), Go-Pro (U.S.), Nikon (Japan), Canon (Japan), Honeywell International Inc. (U.S.), and Kodak (U.S.) are some reputed waterproof camera developers.
Among wide-range of applications; security & surveillance, travel & tourism, and media & entertainment are major applications of waterproof cameras.
10-30 m, 60-80 m, 30-60 m, and 80 m & above are different types of waterproof cameras that are distinguished by range.
Normal waterproof cameras and disposable waterproof cameras are two types of waterproof cameras. Disposable waterproof cameras offer greater image quality every time, thus their sales volume is high and are widely used in the entertainment industry.