New York, US, April 28, 2022 (GLOBE NEWSWIRE) — Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Action Camera Market” information by Type, Technology, by Distribution Channel, by End-User and Region – Forecast to 2030″ market size to reach USD 23.33 billion, growing at a compound annual growth rate of 14.4% by 2030.
Action cameras are garnering significant popularity these days, witnessing wide preference over a DSLR when it comes to portability and compactness. Various action camera brands are available in the market with dust resistance and waterproof, shockproof, and crushproof features.
The penetration of social media has impacted the market growth exponentially. The COVID-19 outbreak severely affected the action camera industry, causing huge revenue losses and closing several manufacturing facilities worldwide. On the one hand, the coronavirus-driven lockdown broke 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.
Dominant Key Players on Action Camera Market Covered are:
- Garmin Ltd. (US)
- GoPro Inc. (the US)
- Sony Corporation (Japan)
- SZ DJI Technology Co. Ltd (China)
- Veho World (UK)
- Olympus Corporation (Japan)
- TomTom NV (Netherlands)
- PLR Ecommerce LLC (US)
- SJCAM Limited (China)
- Nikon Corporation (Japan)
- YI Technology (China)
- Panasonic Corporation (Japan)
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Market USP Exclusively Encompassed:
Action cameras are witnessing rapid sales and demand mainly due to the growing trend of content sharing on social networking websites. Rising uses of social media platforms for various promotional & marketing activities escalates the market growth. Besides, the increasing use of smart gadgets and the booming consumer electronics industry foster action camera market growth.
Continuous advancements in camera technology and the consumer electronics sector drive market growth, bringing about miniaturized next-generation cameras. Online sales of action cameras are increasing rapidly, especially in emerging countries, which will offer a host of lucrative opportunities to global firms soon.
The growing use of 360° cameras with VR integration to gain a life-like experience of any event is a key emerging trend in the market. Additionally, augmenting demand for action cameras is projected to grow significantly over the forecast period. Also, various professional and personal applications are expected to boost the action camera market size.
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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. The rising penetration of smartphones having a high-end camera is a key factor restricting the market growth.
Also, high initial investments made in technology upgrades and changing consumer preferences & manufacturing techniques pose challenges. Further, the high cost of the camera and long product life cycle make manufacturers lower their production. Also, the slow adoption rate of this technology and shortages of various small components required for the production hamper the market growth.
Segmentation of Market Covered in the Research:
The market is segmented into types, technologies, distribution channels, end-users, and regions. The type segment comprises 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 and versatility of these cameras. Also, these types of cameras are available in different screen resolutions, and they can be used anywhere from standard video capture to specific applications like skydiving.
The technology segment comprises full HD, Ultra HD, HD, SD, and others. The distribution channel segment comprises online and brick & mortar stores. The end-user segment comprises professionals and personal. The region segment comprises America, Asia-Pacific, Middle East & Africa, Europe, and rest-of-the-world.
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North America heads the global action cameras market, with the strong presence of major industry players and the power sports & extreme sports industry in this region. Besides, high industry standards and investments by manufacturers boost the action camera market size. Rising technology upgrades and increasing productivity drive the market growth. The action camera market in North America is expected to exhibit a sharp rise during the forecast period.
COVID-19 Impact 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 onset of the COVID-19 pandemic, this market has benefited. Because of global lockdowns, there has been a considerable surge in demand for computational creativity in recent months. Rising sales of information and technology and telecommunications products are predicted to have an impact on the Action Camera Market throughout the forecast period. Globally, increasing Internet penetration and smartphone sales are expected to boost the market growth. The new coronavirus outbreak is likely to have a long-term impact on consumer lifestyle and behavior, which has resulted in increased use of information and communications products and services.
The action camera market would witness various strategic approaches, such as collaboration, expansion, mergers & acquisitions, and advanced technologies integration. Major industry players make strategic investments in driving research and development activities and fostering their expansion plans. The market is likely to witness several product launches.
For instance, on Jan.07, 2022, Insta360 (China), an upstart brand known for its highly popular 360-degree cameras, presented its latest product, a modular action camera – One RS, at the 2022 CES (Consumer Electronics Show), held between Jan. 05–07, 2022, where major innovations and trends are showcased. Insta360’s One RS camera can transform from a standard action camera to a 360-degree camera via modularity.
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 has 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 a few tweaks, making the experience of shooting with the 360 lenses slightly better.
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