The action camera market valued at $2.3 billion in 2020, and is expected to reach US$ 3.6 billion by 2030, growing at a CAGR of 8.9% from 2021 to 2030.
An action camera comprises a wide angled lens to capture desired wide and best possible view as clear as 4k resolution quality and hence provides high quality videos. The image clarity relies on cameras as well as devices used for capturing those images. Moreover, presence of various sensors in camera units improves the overall product quality. Chips miniaturization also influences type and format of resolution for action cameras. Action cameras use CMOS (complementary metal oxide semiconductor) image sensor technology and hence are able to click pictures in time-lapse as well as in burst mode. Action cameras are generally worn or mounted so that they can shoot pictures and record videos with the point of view as first person perspective. One of the very common examples of action cameras is body worn camera. It can be mounted or attached on a helmet or hat, handlebars of a bike or on front side of any vehicle, and on chest. Moreover, it can also be mounted on a monopod or tripod for handheld use. It can be used in a wide range of applications with various designs. Body worn cameras are more commonly used as social and recreational activities within various industries including finance, healthcare & medical, military, journalism, and citizen surveillance.
Action camera records pictures and videos onto a micro SD card and has slots for either a USB-C connector or a Micro-USB. These cameras can also record high-definition video with average speed for 4K video at 60 fps and 120 or 240 fps for slow-motion video recording. Action cameras are available in various picture capturing technologies such as standard definition (SD), high definition (HD), and ultra-high definition (ultra HD).
Rise in number of product launches is expected to drive the global action camera market growth during the action camera market forecast period. Recent researches and developments in the consumer electronic industry such as adoption of sensors in products and smart gadgets is expected to drive the action camera market growth during the forecast period. Attractive features such as compact size, portability, convenience, and versatility fuel the demand for action cameras.
While there are a lot of dedicated digital cameras in the market, many HD cameras are now incorporated into smartphones with higher megapixels. This inbuilt HD camera feature helps customers to use their cameras to start live video streaming and recording and directly editing as well as uploading images to cloud systems. This factor acts as a restrain for growth of the personal use of action cameras as customers can afford mobile phones with lower cost than the HD action cameras. However high-end and dedicated ultra -high definition cameras are still preferred by professional photographers and digital content creators.
Rise in disposable income and growth in popularity of adventurous activities such as surfing, skydiving, caving, and snorkeling is the major reason for increase in demand for action cameras by both professional customers and personal users to capture memories and experience during these exciting outdoor recreational activities. Latest trends in action camera markets are coming in form of digital upgradation and use of IoT. Keeping in mind brand loyalty tendency and behavior of consumers, manufacturers are mainly focusing on adding IoT services such as cloud computing to expand multimedia functioning of action camera solutions. High cost of action cameras is the major factor that sometimes influences personal users to adopt smartphones having advanced camera and video features. Considering this trend of consumers behavior to overcome this restrain, market players are engaging in inventing waterproofing, increasing durability, providing compact design, making products available in low cost, and providing weather resistance action cameras to lure consumers for their products.
Distribution Channel Insights
Retail channels hold the largest share of the action camera market as consumers prefer checking the equipment and its features in person. Existence of high consumerism manifold in consumer trends. Growing need for channel partners in order to streamline sales strategy exhibits a great impact on the business. Also, retail business involves a high customer retention owing to aftermarket service at a nominal charge. The retail channels may also have a mix of accessories and cameras or deal individually in both the segments.
Online channels are likely to have a positive influence over the forecast time span due to rise in e-commerce and growing popularity of online purchase. Attractive web graphics appeal online users that demonstrate state-of-the-art products thus influencing the buying decision for first time online buyers. In addition, online discounts and offers during the festive season are likely to drive a high demand for online sales. Moreover, e-commerce is a growing domain in the lens industry thereby creating robust growth opportunities in the forecast period.
Sports segment accounted for a greater market share, which can be attributed to the increase in the number of adventure sports and high exposure from media. Increase in the number of sports enthusiasts such as surfing, skiing, skateboarding, climbing, skydiving, biking, bicycle and racing, among other sports is further propelling the market demand. Moreover, use of digital technology with advanced lens and resolution contributes significantly in capturing excellent quality images and videos in action. In addition, growing number of sports leagues and activities across the globe is also supporting the segment growth.
Recreational activities is the fastest growing segment due to the rising interest in fitness and adventurous activities among the youth mostly in the developed countries. On the other hand, outdoor activities such as mountaineering, scuba diving, rowing, sea-surfing are now taking a professional form in emerging economies. For instance, one million certificates are issued per year for the scuba divers and till date more than 23 million certifications are issued worldwide. Therefore, healthy growth in the scuba diving industry will parallelly support the market growth across the globe.
North America dominated the market in 2020 owing to the high disposable income and increasing popularity of adventure activities such as bungee jumping, skydiving, and paragliding in the region. Media coverage for adventure sports is a booming industry in the U.S. as the regional market is witnessing an increase in demand for professional cameras with extensive storage facility. Moreover, substantial investments in R&D activities for development of advanced versions are also supporting the regional growth. Furthermore, shift in consumer behavior from digital to action cameras is the major trend witnessed in the U.S. that affects the regional market.
Europe is anticipated to gain significant traction in the global market as several big players are launching their products mainly for European markets. For instance, Motorola One Action launched 117-degree wide action camera in August 2019. The product majorly focusses on video recording through wide-angle lens. Regarding, the product, the primary camera with 12MP can record up to 4K resolution, while the secondary comes with 5MP. The third lens offers wide-angle capabilities within 16MP in ultra-wide mode.
Some key companies profiled in the report include GoPro, Inc., Samsung Electronics Co., Sony Corporation, Shenzhen Arashi Vision Co., Ltd, Drift Innovation Ltd, The Ricoh Company, World Wide Licenses Ltd.–iON, Eastman Kodak Company, Toshiba Corporation, and Xiaomi Corporation.
The report provides revenue of the global action camera market for the period 2017–2030, considering 2021 as the base year and 2030 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global market during the forecast period. The global action camera market studies past as well as current growth trends and opportunities to gain valuable insights of these indicators of the market during the forecast period from 2021 to 2030.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted action camera market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments included in the scope of the study. Furthermore, the report sheds light on the changing competitive dynamics in the global action camera market. These indices serve as valuable tools for existing market players as well as for entities interested in entering the global action camera market.
The report delves into the competitive landscape of the global action camera market. Key players operating in the global action camera market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the global action camera market that have been profiled in this report.
The action camera market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to action camera market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of action camera market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new action camera market. These factors have benefited the growth of the global market for action camera. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for action camera.
In this study, the years considered to estimate the market size of action camera are as follows:
• History Year: 2016-2020
• Base Year: 2020
• Estimated Year: 2021
• Forecast Year 2021 to 2030
Major highlights of report:
• Figures related to sales volume, market remuneration, and segmental shares
• Featuring market dynamics
• Growth prospects and expansion graph
• PROCON study of direct & indirect sales channels
• Profiles of prominent traders, dealer, and distributors in the industry
Geographical landscape: North America, Europe, Asia-Pacific, South America, Middle East and Africa
• Industry forecasts based on region and at country level
• Data about sales volume recorded, industry share held, and profit margins amassed
• Overall remuneration and estimated growth rate for each regional market
Major Key Points Covered in Report:
Executive Summary: It includes key trends of the action camera market related to products, applications, and other crucial factors. It also provides analysis of the competitive landscape and CAGR and market size of the action camera market based on production and revenue.
Production and Consumption by Region: It covers all regional markets to which the research study relates. Prices and key players in addition to production and consumption in each regional market are discussed.
Key Players: Here, the report throws light on financial ratios, pricing structure, production cost, gross profit, sales volume, revenue, and gross margin of leading and prominent companies competing in the action camera market.
Market Segments: This part of the report discusses about product, application and other segments of the action camera market based on market share, CAGR, market size, and various other factors.
Research Methodology: This section discusses about the research methodology and approach used to prepare the report. It covers data triangulation, market breakdown, market size estimation, and research design and/or programs.