Underwater Camera Market size to record USD 3.64 billion growth from 2023-2027, Bundle packaging is one of the key market trends, Technavio

NEW YORK, May 8, 2024 /PRNewswire/ -- The global underwater camera market size is estimated to grow by USD 3.64 billion from 2023 to 2027, according to Technavio. This growth is expected to occur at a Compound Annual Growth Rate (CAGR) of almost 11.68% during the forecast period.

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Key Trends Fueling Growth

• Bundle packaging:
• Bundle packaging is a top-notch marketing tactic widely used for underwater cameras. It entails pairing cameras with various accessories like mounts, casings, and lenses. This approach aims to render products and add-ons more pocket-friendly for middle-class consumers. Bundled offers cut down on separate accessory investments, a move many buyers appreciate.
• This strategy not only boosts camera sales but also drives up accessory purchases. Big players like GoPro and Canon, known for crafting cameras and accessories, have embraced this method. Such practices are anticipated to fuel the growth of the underwater camera market in the upcoming forecast period.

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Major Challenges:

• Increase in vendor competition 
• The global underwater camera market is facing challenges with declining profit margins due to higher raw material costs. Major players like Canon, Nikon, Panasonic, and Sony are affected, as new vendors enter the market, drawn by growth prospects. These newcomers focus on affordable cameras for developing countries, shrinking sales and revenues for established vendors.
• Local players intensify competition, sparking price wars and forcing vendors to lower prices, squeezing profits. This competitive pressure may result in low-quality products flooding the market, harming its prospects.
• Furthermore, consumer electronics giants such as Sony, Olympus, and Ricoh are entering the underwater camera market with advanced offerings, posing a threat to existing players' market share. These factors are likely to impede the market's growth in the forecast period.

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Segmentation Overview

1. End-user 
• 1.1 Residential
• 1.2 Commercial
2. Distribution Channel
• 2.1 Offline
• 2.2 Online
3. Geography 
• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Residential- The residential segment for underwater cameras is on the rise, with significant growth anticipated in the forecast period. These cameras are popular among individuals for capturing underwater sports and leisure activities. Valued at USD 3.12 billion in 2017, the segment has seen continuous growth till 2021. Water sports like scuba diving, surfing, and rafting are widespread, especially in North America, with states like Hawaii and California being notable hotspots. Events such as the East Coast Surfing Championships attract participants from across the globe.

• The market expansion is driven by the demand for advanced products offering wide angles and enhanced sensors, aided by microelectronics and waterproof housings. Adventure tourism, including water sports, contributes to the market's growth, alongside businesses catering to underwater equipment and content sharing on social media. Rising per capita income and the popularity of water tourism globally are further fueling demand from sports enthusiasts. Overall, the residential segment is poised for growth due to these factors.

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Analyst Review

The underwater camera market offers a range of devices catering to diverse aquatic activities like swimming, snorkeling, and exploration. From compact digital cameras to DSLRs, these devices ensure high image and video quality for capturing underwater moments. For professionals, manual control options are available, while smart action cameras suit adventure enthusiasts.

Modern waterproof cameras withstand water pressure, delivering clear images even in challenging conditions. With autofocus and phase detection, capturing fast-moving subjects like marine life becomes effortless. Media and entertainment industries utilize underwater cameras for action movies and videography, enhancing storytelling.

Studio photographers explore biodiversity through underwater photoshoots, utilizing camera rental services to manage high costs. Beyond underwater adventures, these cameras find utility in activities like rock climbing and skiing, ensuring memories are preserved in high definition.

Market Overview

The underwater camera market caters to a diverse range of needs, from professional studio photographers to adventurous individuals seeking action-packed underwater photography. With the rise of modern waterproof digital cameras and smartphones equipped with underwater capabilities, capturing videos and images beneath the water surface has become more accessible than ever.

Remotely operated underwater vehicles enable exploration in deeper waters, while automated cameras streamline the process for enthusiasts. Despite the high cost associated with digital single-lens reflex (DSLR) cameras, their superior performance continues to attract media and entertainment professionals. The mirror mechanism ensures precise imaging even in challenging underwater conditions.

As interest in biodiversity photography grows, the market responds with innovative solutions for capturing the wonders of marine life. Whether for work or leisure, underwater cameras empower users to document and share their underwater adventures effortlessly.

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Key Topics Covered:

 1 Executive Summary
 2 Market Landscape
 3 Market Sizing
 4 Historic Market Size
 5 Five Forces Analysis
 6 Market Segmentation

• End-user 
• Residential
• Commercial
• Distribution Channel
• Offline
• Online
• Geography 
• North America
• Europe
• APAC
• Middle East And Africa
• South America

 7 Customer Landscape
 8 Geographic Landscape
 9 Drivers, Challenges, and Trends
10 Venodr Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio