The global action camera market size is poised to touch USD 9,382.5 million by 2023, according to the latest report by Market Research Future (MRFR). The report provides information on various dynamic factors and challenges to be faced by the industry for the forecast period (2020-2027). The COVID-19 outbreak and its effects on the market growth and revenue trajectories are included in the report.
The global action camera market is estimated to expand owing to development of cameras for individuals and group travelers. Rise of tourism and video blogging has triggered the demand for action cameras. Surge in social media platforms for promotional and marketing purposes as well as rise of content sharing can drive market demand significantly. Advances in cameras and investments in consumer electronics industry can facilitate the market.
Online shopping platforms can provide relief to action camera manufacturers owing to interests of customers and discounts provided by sellers. Integration of 360 degree cameras with virtual reality support can provide an experience of real-life event to customers. Presence of various professional applications to capture and process images and videos can bode well for the market.
But smartphones with high resolution cameras can be perceived as a threat to the market.
The COVID-19 pandemic had a negative impact on the action camera market owing to shutdowns initiated by governments to contain the spread of the virus. The halt on production of key components as well as lack of laborers to work on site are challenges to be faced by the market. Lack of travel and limited access to adventure sports had hampered market demand significantly.
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Box Style Action Cameras to Rule Market
Box style action cameras can account for the largest market share owing to the versatility of cameras and availability of cameras in various resolutions. It can exhibit 15% CAGR over the forecast period.
Full HD Cameras to Capture Market Share
The full HD cameras segment is set to capture a huge market share owing to its ability to record high quality and stable videos coupled with demand for 1080 pixel resolution cameras. Companies are offering cameras with ability to connect over Wi-Fi and updates for improving resolution of images and final cut of videos.
Professional End-users to Contribute to Market Revenue
Professionals are likely to contribute to the overall action camera market revenue owing to its application in adventure sports, racing, travel tourism, emergency services, and entertainment media. Improvement of technical parameters in cameras can bode well for the market.
North America to Dominate Global Market
North America is expected to dominate the global action camera market owing to a large consumer base of sports enthusiasts, huge spending power, and availability of latest variants. It can exhibit 11.16% CAGR during the forecast period due to high industry standards and considerable investments on promotions by manufacturers.
Panasonic Corporation (Japan), Garmin Ltd. (US), SJCAM Limited (China), Sony Corporation (Japan), GoPro, Inc. (the US), Olympus Corporation (Japan), Veho World (UK), SZ DJI Technology Co., Ltd (China), TomTom NV (Netherlands), Nikon Corporation (Japan), YI Technology (China), and PLR Ecommerce, LLC (US) are key players in the global action camera market.
The Go 2 action camera is the latest launch by Insta360 for a compact camera with a replaceable lens and a charging case.