Demand of action cameras is on the rise. Market Research Future’s (MRFR) report on the growth of action camera market has revealed that the global action camera market is expected to reach USD 7.64 Bn at a CAGR of 13.87% by 2023.
The upsurge in popularity of adventure sports and outdoor activities has given this market an unprecedented boost. However, it is the ability to capture high-speed and high-quality images, and better performance under extreme weather, have helped action cameras garner reputation from all quarters.
The global Action Camera Market is now experiencing an unprecedented competition from all corners. The market is comprised of established brands of international repute, domestic brands, and new entrants. Among these, the well-known brands are now eyeing for a market expansion. To achieve this, they are going for constant innovation, strategic mergers and acquisitions, affordable product portfolio, and a hike in research and development budget expenditure. Consumer preferences are also posing as a crucial factor in deciding the market future.
Some of the key players, as profiled in MRFR’s report, of the global action camera market are Drift (U.S.), Garmin (U.S.), GoPro (U.S.), iON (U.S.), Rollei (Germany), Sony (Japan), TomTom (Netherlands), Olympus (Japan), and Veho (England) among others.
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Drivers and Restraints:
Action cameras are compact, light-weight, and are designed for rugged terrains and extreme weather. Moreover, action cameras can be worn by people or mounted on vehicles. Manufacturers are also willing to give the end-users a better user experience. The growing demand of action cameras can now be seen in myriad sectors; from ever expanding sectors such as sports and TV production, to other burgeoning sectors like tourism, emergency service, and security service.
Growing popularity of various social networking platforms such as Facebook, Instagram, and Twitter is also proving to be a major driving force for global action camera market. End-users prefer uploading their experiences directly on various social networking sites. Hence, they look for action cameras that suit their purpose. Furthermore, a rise in smart gadget industry and a thriving electronic industry are expected to expand the global action camera market in coming years.
However, with various technological advents, smartphones have become a credible market competitor. Coupled with high-end cameras, smartphones are available at lower prices giving consumers a pocket-friendly option.
Segmentation based on technology has led to a four-way diversification of the global action camera market: Ultra HD action camera, Full HD action camera, HD action camera and SD action camera. Owing to a booming sports industry, the ultra HD action camera segment has captured a lion’s share of the market. Ultra HD action camera is also expected to be the fastest growing segment in forecast period.
On the basis of distribution channel, global action camera market can be further segmented into divisions like Online Sales and Retail Sales. With rapid digitalization of the market and consumers becoming more tech-savvy, online sales is recording a major part of the revenue earned from the market.
Based on end-users, this market can be classified in two distinct divisions; personal and professional. Action cameras are now playing an integral part in diverse sectors. In terms of generating revenue, personal action cameras account for the largest market share.
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Region-specific segmentation of this market results in categories like North America, Europe, Asia Pacific and Rest-of-the-World (RoW). Special attention has been focused on the U.S., Canada, Mexico, UK, France, Germany, China, Japan, and India. Among these regions, North America generates the maximum revenue owing to easy affordability of action cameras and consumer tendency to adopt new technology quickly.
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