NEW YORK, March 10, 2023 /PRNewswire/ -- Major players in the action camera market are GoPro Inc., Nikon Corporation, Garmin Limited, Sony Corporation, Veho World, Xiaomi, Drift Innovation, SZ DJI Technology Co Limited, Yi Technology, Panasonic, Insta360, SJCAM, JVC Kenwood Corporation, Eastman Kodak Company and Polaroid Cube.
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The global action camera market grew from $3.23 billion in 2022 to $3.68 billion in 2023 at a compound annual growth rate (CAGR) of 13.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The action camera market is expected to grow to $6.27 billion in 2027 at a CAGR of 14.3%.
The action camera market consists of sales of body-worn cameras , dash-camera , Refcam , underwater cameras , and 360 cameras .Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Action camera refers to a digital camera intended for recording immersive action photos that are typically mounted to helmets, bike or motorbike handlebars, the chest, or a tripod.The action camera has a wider lens and is smaller, more durable, and waterproof than other types of cameras.
Numerous athletes, sports fans, and hikers use it extensively in outdoor activities and sports.
North America was the largest region in the action camera market in 2022. The regions covered in the action camera market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The action camera market consists of sales of action cameras by entities (organizations, sole traders, and partnerships) that refer to a digital camera designed for capturing immersive action shots usually fixed to helmets, handlebars of a bike or motorcycle, chest, or tripod to record.The action camera is compact in size, rugged, and waterproof with a wider lens to get more width while recording or capturing.
It is widely used in outdoor sports and adventure by many sports enthusiasts, athletes, and hikers.
The main types of action cameras are box style, cube style, bullet style, periscope & 360° and others.The box-style action cameras are made of plastic or cardboard box with a lens at one end and film at the other end.
These action cameras have resolution types such as full HD, HD, ultra HD, others and are distributed through channels by brand outlets, supermarkets/hypermarkets, e-commerce and specialty stores. Action cameras are used in sports, travel and tourism, recreational activities, entertainment and media, automotive, emergency services and other applications.
The rise in extreme sports events, holidays, and music festivals is driving the growth of the action camera market.Action cameras are majorly used to capture sports events, holiday musical events, and many other activities such as actions and adventures of surfing, skateboarding, skiing, climbing, skydiving, bicycle racing, biking, and other sports.
The action camera is handier than a DSLR (digital single-lens reflex camera) because of the fixed point-and-shoot model.They can be placed anywhere, from a dashboard to underwater, to capture high-quality videos and photos.
There will be a significant need for action cameras in response to the rise in extreme sports events, holidays, and music festivals.For instance, according to the 2021 Holiday Travel Survey by a US-based Travel Planner, The Vacationer, conducted to find out how many Americans will travel this coming holiday season (Thanksgiving and Late December holidays), close to 63% of all Americans aged 18 or older (161 million adults) said to be traveling for at least one holiday in 2021, showing a 37% increase in holiday travel when compared to last year's survey.
It shows that there is a rise in the holidays. Thus, the rise in extreme sports events, holidays, and music festivals is expected to contribute to the growth of the action camera market.
The digital upgradation and use of IoT is the key trend gaining popularity in the action camera market.Major companies are focusing on adopting visual computing, AI (artificial intelligence), and edge computing in smart action camera products to enable better productivity with ease and convenience.
IoT application-based action camera helps to build an ecosystem for remote downloading and accessing device data at user ease.The digital upgradation and use of IoT also focus on creating an ecosystem of connected devices such as an action camera connected with an external device for multiple usages.
For instance, in May 2022, Hero Electronix, the Hero Group's technology company, launched Qubo Smart Dash Cam with artificial intelligence.It has a built-in 6-axis G-sensor that can auto-detect a sudden shake or collision and store the recording in the event file and comes with a mobile app for both Android and iOS to access the file.
It can be easily set up on the dashboard and record photos and videos while driving. In addition, in November 2021, Hero Electronix announced its plan to launch smart sunglasses as well as action cameras with a vision to create a novel connected device ecosystem.
In January 2020, Leica Camera AG, a German-based camera company, and Insta360, a Chinese camera company announced a partnership to bring true innovation and state-of-the-art imaging quality to the action camera and 360-degree camera sectors.Both companies will use their decades of optical and digital imaging experience in a new product space.
The partnership is aimed at creating innovative technologies under the highest image and quality standards.
The countries covered in the action camera market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The action cameras market research report is one of a series of new reports that provides action cameras market statistics, including action cameras industry global market size, regional shares, competitors with an action cameras market share, detailed action cameras market segments, market trends and opportunities, and any further data you may need to thrive in the action cameras industry. This action cameras market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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