Camera Modules Market worth $58.5 billion by 2026 - Exclusive Report by MarketsandMarkets™

CHICAGO, Dec. 7, 2021 /PRNewswire/ -- According to a research report "Camera Modules Market with COVID-19 Impact Analysis by Component (Image Sensors, Lens Modules, Voice Coil Motors), Focus Type, Interface, Pixel, Process, Application (Consumer Electronics, Automotive), and Region - Global Forecast to 2026", published by MarketsandMarkets™, the global Camera Modules Market was valued at USD 33.7 billion in 2020 and is estimated to reach USD 58.5 billion by 2026, registering a CAGR of 10.5% during the forecast period.

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The growth of digital technology has led to tremendous innovations in the automotive industry, which is propelling the demand for camera modules worldwide.

By component, the image sensor segment is projected to hold the largest share of camera modules market during the forecast period.

The market for the image sensor segment is expected to grow at the highest CAGR during the forecast period. The key factors contributing to the growth of the image sensor segment are the rising demand for small HD camcorders and smartphones, advancements in digital technology, coupled with rising concerns about security and surveillance among consumers Key players in the camera modules market are also adopting organic growth strategies to strengthen their camera modules product portfolio.

By pixel, above 13 MP is projected to witness the growth at higher CAGR during the forecast period

The above 13 MP is expected to grow at the highest CAGR during the forecast period. The rising need for better image quality from end users drives the growth of the camera modules market for cameras with higher megapixels. Further, the increasing shift to high-resolution camera modules, especially in machine vision systems is driven by improved technology and the price decline of these camera components and modules has fostered the growth of the market.

By focus type, fixed focus is projected to witness the growth at higher CAGR during the forecast period

The fixed focus segment of the camera modules market is projected to record the highest CAGR during the forecast period owing to the earlier trends of cameras in smartphones showing the use of mainly fixed focus camera modules; as they were a less expensive option and did not require the use of electronics, moving parts, and electricity. The automotive and security and surveillance sectors are largely expected to adopt fixed-focus camera modules. The adoption is likely to continue in night vision applications and medical microscopes.

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By interfaces, the camera modules with serial interfaces is projected to hold the largest share of camera modules market during the forecast period

The camera modules with serial interfaces segment of the camera modules market is projected to record the highest CAGR during the forecast period. . In mobile applications, an application processor uses a camera serial interface (CSI) to provide low-power and low-cost interfaces to cameras. A few of its benefits are widespread adoption for its ease of use and the ability to support a broad range of high-performance applications, including 1080 p, 4 K, 8 K and beyond video, and high-resolution photography.

By application, the consumer electronics segment is projected to witness growth at the highest CAGR during the forecast period

The consumer electronics industry held the largest size of the camera modules market in 2020 and a similar trend is likely to be observed during the forecast period. The key factor contributing to the growth of this segment is the increasing safety concerns among automobile manufacturers. The adoption of camera modules in advanced driver assistance systems (ADAS) with the growing trend for autonomous vehicles provides opportunities for market growth.

By region, APAC to hold the largest share of the camera modules market throughout the forecast period.

In 2020, the camera modules market in APAC held the largest share and by 2026, it is expected to grow at the highest CAGR during the forecast period. The market is driven by developments in camera modules by various APAC-based companies such as LG Innotek, OFILM Group Co., Ltd., Sunny Optical Technology (Group) Co., Ltd., Hon Hai Precision Inc. Co., Ltd. (Foxconn), Samsung Electro-Mechanics, Q Technology, and Luxvision Innovation Limited. The increasing population and rising penetration of smartphones in countries in APAC are expected to further drive the camera modules market in the near future. The regions several countries governments are taking initiatives about safety norms in automotive vehicles are creating demand for camera modules for the automotive sector.

LG Innotek (South Korea), OFILM Group Co., Ltd. (China), Sunny Optical Technology (Group) Co., Ltd. (China), Hon Hai Precision Inc. Co., Ltd. (Foxconn) (Taiwan), Samsung Electro-Mechanics (South Korea), Q Technology (China), ams AG (Austria), Chicony Electronics Co., Ltd (Taiwan), MCNEX Co., Ltd. (South Korea), are some of the key players in the camera modules market.

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