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The Global Action Camera Market size was estimated at USD 3.3 billion in 2019 and is predicted to register a revenue-based CAGR of 16.7% over the forecast period, expected to succeed in USD 9.6 billion by 2028. Extreme sports events, holidays, seasonal cycles, and music festivals are the key factors driving the demand for action cameras across the world. Additionally, the rising popularity of action cameras within the professional activities together with outdoor adventures is additionally fueling the demand for action cameras. On the other hand, technological progress within the consumer electronics domain like the inclusion of AI and VR techniques in cameras is contributing significantly to the expansion.
Evolution in the consumer industry like miniaturization of sensors and extensive use of smart gadgets is anticipated to positively impact market growth. Features like portability, convenience, compact size, and flexibility have resulted in driving the market. The new generation of action cameras often have add-ons that provide Wi-Fi and other functions that connect action camera users with other devices. Moreover, action cameras are designed to shoot videos with a first-person perspective, which provides viewers a private view of activities like surfing, hiking, and skiing. that's making the action cameras more popular within the global market.
Annually, there's a considerable rise within the number of sports enthusiasts and adventurists across the world as travel and exploration are a serious trend. Actions cameras fulfill the photography needs as they're lightweight, compact, and are available in a variety of size and shapes that normally suits any environmental conditions. Moreover, 4k resolution and high image quality enable a crystal-clear video captured by the camera. Furthermore, ruggedness and prolonged battery life are some major features that are favoring the expansion of the market.
Waterproof housings for action cameras and products have created immense opportunities for the manufacturers. for example, Nikon KeyMission360 comes with an in-built waterproof casing, whereas users got to purchase an aftermarket housing for Veho K2Pro 4K. Additionally, compatibility with Wi-Fi and mobile apps are some common features wherein internet technology propels the importance of network connectivity in cameras. Therefore, manufacturers specialize in supplementing the camera with the latest technologies and features that go hand in hand with users’ demands.
On the contrary, complexity within the device handling with too many accessories can influence the buying decision for first-time users. Complex system settings can chase away the first-time user from exploring the gadget. Pricing is another factor that makes limitations and influences the market trend as smartphones with the latest versions have advanced lens features available within a reasonable price. Therefore, the vendors operating within the market have introduced a low cost, durable, waterproof, weather resistance, and compact design action cameras to realize the significant attention of the consumers.
Key Factors Impacting the Growth of Action Camera Market:
The Action Camera market segmentation is based on resolution, application, end-use, and region.
Resolution Outlook:
Action cameras possess a wide-angle lens for capturing the view as desired since 4K resolution offers high-end video quality. The suitability of a video resolution highly depends on the usage of the camera and devices utilized in foreseeing the captured image. Additionally, the availability of semiconductors and sensors within the making of the camera unit enhances the production process thus resulting in a better-quality product. Miniaturization of chips and selection, therefore, influences the type and format of resolution for these devices.
The Ultra HD (UHD) segment is anticipated to witness a high CAGR because it offers several advantages to the user. For example, shooting in UHD delivers flexibility in standard definition and high definition. Commercial accessibility for advanced devices with UHD features is significantly driving the demand. Consumer preference for shooting in 4K/UHD over 1080p or 720p remarkably contributes to the growth of the segment.
Application Outlook:
Sports segments accounted for a greater market share, which may be attributed to the rise within the number of adventure sports and high exposure from media. Increase within the number of sports enthusiasts like surfing, skiing, skateboarding, climbing, skydiving, biking, bicycle, and racing, among other sports is further propelling the market demand. Moreover, the use of digital technology with advanced lens and resolution contributes significantly to capturing excellent quality images and videos in action. Additionally, a growing number of sports leagues and activities across the world are additionally supporting segment growth.
Recreational activities are that the fastest-growing segment thanks to the rising interest in fitness and adventurous activities among the youth mostly within the developed countries. On the opposite hand, outdoor activities like mountaineering, scuba diving, rowing, sea-surfing are now taking a professional form in emerging economies. For example, a million certificates are issued per annum for the scuba divers and to date, quite 23 million certifications are issued worldwide. Therefore, healthy growth within the scuba diving industry will parallelly support market growth across the world.
Regional Outlook:
North America dominated the market in 2019 due to the high income and the increasing popularity of adventure activities like bungee jumping, skydiving, and paragliding within the region. Media coverage for adventure sports is a booming industry within the U.S. because the regional market is witnessing a rise in demand for professional cameras with extensive storage facilities. Moreover, substantial investments in R&D activities for the development of advanced versions are additionally supporting regional growth. Furthermore, a shift in consumer behavior from digital to action cameras is that the major trend witnessed in the U.S. that affects the regional market.
Europe is anticipated to realize significant traction within the global market as several big players are launching their products mainly for European markets.
Competitive Landscape
The global market is characterized by the presence of a large number of players within the market. The new product launch is that the key strategy opted within the recent past by the prominent players operating within the market. However, due to the high growth potential, several players have started providing cloud storage services for an action camera to maximize market opportunities. In October 2019, GoPro introduced HERO8 Black, that's highly versatile with blended features from earlier versions. Major features of HERO8 Black includes video stabilization, enhanced resolution, and HyperSmooth 2.0 altogether frame rates. Other highlights like ‘Boost mode’ and in-app ‘horizon leveling’ have made the merchandise more appealing.
The key players operating within the market include GoPro, Inc.; Sony Corporation; Nikon Corporation; Garmin Ltd.; SJCAM, YI Technology; SZ DJI Technology Co., Ltd.; and Drift Innovation. These companies are effectively launching new products with low costs for his or her customers to strive within the competitive market of the action camera. Moreover, these players are using online and retail sales channels purchasable of action cameras within the global market.
This report also includes the profiles of key Action Camera market companies along with their SWOT analysis and market strategies. In addition, these competitive landscapes provide a detailed description of each company including future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launch, new product developments, and other latest industrial developments.
Key Developments in Action Camera Market:
What Does This Report Provide?
This report provides a detailed understanding of the global Action Camera market from qualitative and quantitative perspectives during the forecast period. The report also provides dynamic indicators with potential impact on the market during the forecast period and an in-depth analysis of the leading companies operating in the market.
Market Segmentation:
By Resolution
By Application
By End use
By Region:
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