According to Precedence Research, the global action camera market size was valued at US$ 2.7 billion in 2020 and is projected to reach over US$ 4.4 billion by 2030, expanding growth at a CAGR of 5.2% from 2021 to 2030.
The rising popularity of social media platforms and various short video platforms has significantly influenced the revenues of the action camera market in a positive manner. The rising penetration of internet, rising consumption of video content, availability of cheap data, increased adoption of smartphones, and rising penetration of internet has significantly contributed towards the growth of the global action camera market and is expected to grow at an exponential rate during the forecast period. The rising participation of youth in the creation of video content in order to gain popularity on social media platforms such as Instagram, Facebook, YouTube, and Tik-Tok is a major driver of the global action camera market. The growing number of social media influencers and content creators and desire to gain popularity on social media amongst the youth population is a crucial factor accountable for the increased demand for the action camera market. Moreover, the social media is also overseen as a career. Platforms such as Instagram and YouTube pays the content creators based on their views per video. Therefore, all these factors are benefiting the action camera market positively.
The rising professional activities is boosting the action camera demand. The introduction of latest technologies like VR and AR in the action camera is further boosting the sales. Moreover, the use of miniature sensors and other parts in action camera resulted in its portability, convenience, and compact size that drives the growth of the market. The introduction of Wi-Fi and Bluetooth connectivity and ability to shoot videos and photos in 4K clarity have fostered the demand for the action camera. The rising tourism activities have also boosted the sales of action camera as people now a days tends to capture photos and videos of the destinations.
The rising importance of social media marketing is another significant factor propelling the market growth indirectly. The popular brands such as Zomato, Snapchat, and Google uses social media platforms as an important medium of advertisement. Moreover, certain brands partners with the various social media influencers and content creators for the endorsement of their products. Therefore, rising investments of various companies for advertising their products and brands on different social media platforms is indirectly boosting the participation of the population in social media platforms, which in turn boosting the growth of the action camera market.
End Use Insights
Based on end use, the personal segment dominated the global action camera market in 2020, in terms of revenue and is estimated to sustain its dominance during the forecast period. This is attributed to the rising adoption of action camera among the population, rising tourism activities, rising disposable income, and rising participation in social media platforms. These factors has had significantly led to the growth of this segment.
On the other hand, the professional segment is expected to be the fastest growing segment during the forecast period. This is due to the rising adoption of photography and videography as a career opportunity among the young population. Hence, the professional segment is anticipated to register highest growth rate.
Based on application, the sports segment dominated the global action camera market in 2020, in terms of revenue and is estimated to sustain its dominance during the forecast period. This can be attributed to the rising sports tourism and rising number of sports enthusiasts who wants to capture the high quality pictures and videos of their sports and adventure activities such as biking, surfing, scuba diving, and skydiving.
On the other hand, the recreational activities segment is estimated to be the most opportunistic segment during the forecast period. This is attributed to the rising participation of young in various recreational activities such as dancing, swimming, hiking, and canoeing, the developed nations. The demand for the action camera for capturing good quality photos and videos during these recreational activities is fostering the action camera market growth.
Based on resolution, the high definition segment dominated the global action camera market in 2020, in terms of revenue and is estimated to sustain its dominance during the forecast period. The high definition action camera is a compact and convenient camera that provides wide angle lenses and helps the user to shoot desired quality of pictures and videos. This segment has gained immense popularity since its introduction in the market.
On the other hand, the ultra HD segment is expected to be the fastest-growing segment. The rising demand from the professionals is significantly augmenting the segment growth. The commercial use of actionable camera is growing due to the advanced features installed in the premium action cameras.
Distribution Channel Insights
Based on distribution channel, the offline segment dominated the global action camera market in 2020, in terms of revenue and is estimated to sustain its dominance during the forecast period. This is due to the good after sales services provided by the sellers at a nominal cost. Moreover, customer retention is high in offline channels that fosters the growth of this segment.
On the other hand, the online segment is expected to gain rapid traction during the forecast period owing to the rising adoption of internet and e-commerce sites for purchasing action camera. The online sites provides huge discounts and easy comparison between different brands along with easy returns and payment options.
Based on region, the North America dominated the global action camera market in 2020. This is attributable to the increased disposable income and increased popularity of recreational and adventurous activities such as sky diving, bungee jumping, and scuba diving among the youth. The desire to capture videos and pictures and posting them on social media is significantly boosting the demand for the action camera in the region.
On the other hand, Europe is estimated to be the most opportunistic market owing to the rising popularity and growth of the sports tourism and adventure tourism. Moreover, significant product launches in the European market by the various market players is positively influencing the market growth in the region.
Key Companies & Market Share Insights
The market is moderately fragmented with the presence of several local companies. These market players are striving to gain higher market share by adopting strategies, such as investments, partnerships, and acquisitions & mergers. Companies are also spending on the development of improved products. Moreover, they are also focusing on maintaining competitive pricing.
In January 2020, Insta360 introduced One R Convertible Action Camera. It is a waterproof that can be used as a 360 degree capture device and can be also used as a standard action camera.
The various developmental strategies like new product launches with latest and innovative features fosters market growth and offers lucrative growth opportunities to the market players.
Some of the prominent players in the global action camera market include:
Scope of the Action Camera Market Report
|Market Size||USD 4.4 Billion by 2030|
|Growth Rate||CAGR of 5.2% From 2021 to 2030|
|Largest Market||North America|
|Fastest Growing Market||Europe|
|Forecast Period||2021 to 2030|
|Segments Covered||End Use, Application, Resolution,Distribution Channel, Region
|Companies Mentioned||Nikon Corporation, GoPro, Garmin Ltd., Rollei GmbH & Co. KG, Sony Corporation, SJCAM, SZ DJI Technology Co., YI Technology, Drift Innovation|
Segments Covered in the Report
By End Use
By Distribution Channel
No cookie-cutter, only authentic analysis – take the 1st step to become an Precedence client