The Action Camera Market would grow at a CAGR of 14.4% and touch the market value of USD 23.33 Billion during the forecast period 2020-2030.
When it comes to mobility and compactness, action cameras are gaining a lot of traction these days, with many people preferring them to DSLRs. Extreme sports such as surfing and skiing are frequently recorded with action cameras, which capture the action from various perspectives. There are a variety of action camera brands on the market that are dustproof, waterproof, shockproof, and crushproof.
The COVID-19 epidemic had a significant impact on the action camera business, resulting in significant revenue losses and the closure of several manufacturing plants around the world. On the one hand, the coronavirus-induced halt in manufacturing slowed the production of several essential components and materials in the worldwide action camera market. As a result, action camera makers have had difficulty procuring raw materials and drawing staff from quarantine, and cross-border trade between countries has been hampered. The selling of action cams for various fun activities grew as a result of the lockdown limits and work-from-home rules. As a result, the action camera industry is gradually reviving and witnessing a slew of new product introductions.
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Based on the Type, the market has been segmented into Box Style, Cube-Style, Bullet Style, Periscope & 360°, and Others.
Based on the Technology, the market has been segmented into Full HD, Ultra HD, HD, SD, and Others.
Based on the Distribution Channel, the market has been segmented into Online and Brick & Mortar Stores.
Based on the End-User, the market has been segmented into Professional and Personal.
Based on the Region, the market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW).
North America now leads the worldwide action camera market and is expected to maintain its dominance during the forecast period. The action camera market is growing due to factors such as a concentrated presence of significant industry players and a well-established power sports and extreme sports industry in the region. The Asia-Pacific has the second-largest market share in the world. The existence of several significant players is driving market expansion, as is the increased usage of these cameras due to the growing popularity of power sports. Furthermore, the action camera market share is boosted by the increasing growth of extreme sports in Japan, South Korea, China, and India. Europe is quickly establishing itself as a promising action camera market. The action camera market is growing due to factors such as rising technology upgrades and increased productivity, which is enhancing product quality and shortening time to market. Furthermore, industry standards that are becoming more severe have a beneficial impact on market growth. The United Kingdom and Germany are well-defined markets that contribute to the regional market’s growth.
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The major key players in the market are Garmin Ltd. (US), Sony Corporation (Japan), GoPro, Inc. (the US), SZ DJI Technology Co., Ltd (China), Veho World (UK), Olympus Corporation (Japan), TomTom NV (Netherlands), SJCAM Limited (China), PLR Ecommerce, LLC (US), Nikon Corporation (Japan), Panasonic Corporation (Japan), and YI Technology (China).
Action Camera Market Research Report: By Type (Box Style, Cube-Style, Bullet Style and Periscope and 360°), By Technology (Full HD, Ultra HD, HD and SD), By Distribution Channel (Online and Brick & Mortar Stores), By End-User (Professional and Personal) – Forecast till 2027
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