Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Action Camera market.
Trusted Business Insights presents an updated and Latest Study on Action Camera Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Action Camera market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Industry Insights, Market Size, CAGR, High-Level Analysis: Action Camera Market
The global action camera market size was estimated at USD 3.3 billion in 2018 and is expected to register a revenue-based CAGR of 16.7% over the forecast period. Extreme sports events, holidays, seasonal cycles, and music festivals are the key factors driving the demand for action camera across the globe. In addition, rising popularity of action cameras in the professional activities along with outdoor adventures is also fueling the demand for action cameras. On the other hand, technological progress in the consumer electronics domain such as inclusion of AI and VR techniques in cameras is contributing significantly to the growth.
Evolution in consumer electronics industry such as miniaturization of sensors and extensive use of smart gadgets is anticipated to positively impact the market growth. Features such as portability, convenience, compact size, and versatility have resulted in driving the market. The new generation of action cameras often have add-ons that allow for Wi-Fi and other functions that connects action camera users with other devices. Moreover, action cameras are designed to shoot videos with the first-person perspective, which gives viewers a personal view into activities such as surfing, rock climbing, and skiing. That is making the action cameras more popular in the global market.
Annually, there is a substantial rise in the number of sports enthusiasts and adventurists across the globe as travel and exploration have been a major trend. Actions cameras fulfill the photography needs as they are lightweight, compact, and come in a variety of size and shapes that normally suits any environmental conditions. Moreover, 4k resolution and high image quality enables a crystal-clear video captured by the camera. Furthermore, ruggedness and prolonged battery life are some major features that are favoring the growth of the market.
Waterproof housings for action camera and products have created immense opportunities for the manufacturers. For instance, Nikon KeyMission360 comes with an in-built waterproof casing, whereas users need to purchase an aftermarket housing for Veho K2Pro 4K. In addition, compatibility with Wi-Fi and mobile apps are some common features wherein internet technology propels the significance of network connectivity in cameras. Therefore, manufacturers focus on supplementing the camera with latest technologies and features that go hand in hand with users demands.
On the contrary, complexity in the device handling with too many accessories can influence the buying decision for first time users. Complex system settings can drive off the first-time user from exploring the gadget. Pricing is another factor that creates limitations and influence the market trend as smartphones with latest versions have advanced lens features available within an affordable price. Therefore, the vendors operating in the market have introduced low cost, durable, waterproof, weather resistance, and compact design action cameras to gain significant attention of the consumers.
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 usage of the camera and devices used in foreseeing the captured image. In addition, availability of semiconductors and sensors in the making of camera unit enhances the production process thus resulting into 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 as it offers several advantages to the user. For instance, 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 in growth of the segment.
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.
Application Insights of Action Camera Market
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.
Regional Insights of Action Camera Market
North America dominated the market in 2018 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 is also supporting the regional growth. Furthermore, shift in consumer behavior from digital to action cameras is the major trend witnessed in 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.
Market Share Insights of Action Camera Market
The global market is characterized by the presence of a large number of players in the market. New product launch is the key strategy opted in the recent past by the prominent players operating in the market. However, owing to the high growth potential, several players have started providing cloud storage services for action camera to capitalize on the market opportunities. For instance, in October 2019, GoPro introduced HERO8 Black, that is highly versatile with blended features from earlier versions. Major features of HERO8 Black includes video stabilization, enhanced resolution, and HyperSmooth 2.0 in all frame rates. Other highlights such as Ã¢â‚¬ËœBoost mode and in-app Ã¢â‚¬Ëœhorizon leveling have made the product more appealing.
The key players operating in the market includes 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 their customers to strive in the competitive market of action camera. Moreover, these players are using online and retail sales channels for sale of action cameras in the global market.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Action Camera Market Research Report
This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2019 to 2025. For the purpose of this study, this market research report has segmented the global action camera market report based on resolution, distribution channel, application, end use, and region:
Resolution Outlook (Volume, Thousand Units; Revenue, USD Million, 2019 – 2030)
- Ultra HD
- Full HD
- Standard Resolution
Distribution Channel Outlook (Volume, Thousand Units; Revenue, USD Million, 2019 – 2030)
Application Outlook (Volume, Thousand Units; Revenue, USD Million, 2019 – 2030)
- Recreational Activities
- Emergency Services
End-use Outlook (Volume, Thousand Units; Revenue, USD Million, 2019 – 2030)
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