DUBLIN–(BUSINESS WIRE)–The “Action Camera & Accessories Market by Product Offering, Technology, Frame Rate, Distribution Channel, End User, and Application – Global Forecast to 2027” report has been added to ResearchAndMarkets.com’s offering.
The action camera & accessories market is expected to grow at a CAGR of 13.5% from 2020 to 2027 to reach $6.58 billion by 2027. In terms of volume, the action cameras market is estimated to grow at a CAGR of 12.1% from 2020 to 2027 to reach 29.9 million units by 2027 from 13.4 million units in 2020.
Succeeding an extensive secondary and primary research and in-depth analysis of the market scenario, the report carries out an impact analysis of the key industry drivers, restraints, and opportunities. The factors such as the adoption of new cameras with advanced technologies, the use of action cameras across various applications, and the increasing setup of camera manufacturing companies worldwide are the major drivers for this market. The increasing popularity of action cameras & accessories among travel bloggers, social media influencers, and online content creators to record high-quality videos also support market growth. However, the availability of technically advanced smartphones and other substitute products is expected to hinder this market’s growth to a certain extent.
Tourists worldwide are adopting travel blogging trends by creating videos and sharing travel experiences on online platforms, such as YouTube, Instagram, and Facebook. These bloggers create their profiles and offer traveling plans & experiences to the subscribers through internet-based platforms. The travel blogging industry is growing rapidly due to its high popularity among young travelers and high influence of online video platforms across the globe. These trends and the need for high stability, resolution, and wide view in video cameras is expanding the demand for action cameras.
The COVID-19 pandemic has drastically hit several industries, including consumer electronics, travel & tourism, adventure sports, and manufacturing. Consumer electronics companies have faced huge losses due to low consumption & purchases of electronic products during the first, second, and third quarters of 2020. The rapid spread of COVID in the U.S., Europe, and Asian economies resulted in nationwide lockdowns and a temporary halt of production facilities to prevent further spread. The market is expected to restore growth in 2021 by reopening the tourism industry, sports activities, and entertainment sector, which are the major consumers of action cameras.
Based on product offering, the action camera & accessories market is segmented into action cameras and accessories. The action cameras segment is poised to grow at the highest CAGR in terms of revenue and volume due to the increasing adoption across major applications, such as travel & tourism and sports. The action camera industry is witnessing growth with the increasing innovation & technical development in cameras, such as Wi-Fi connectivity, image sensors, water & shockproof features, and editing options. These developments offer high efficiency and performance over the conventional cameras, further adding up to their demand.
Based on technology, the market is segmented into full HD, ultra HD, and SD. The ultra HD segment is estimated to grow at the highest CAGR from 2020 to 2027 in terms of revenue and volume. The growth is attributed to the introduction of cameras with 4K HD resolution that captures clear images & stabilized videos while performing high-speed activities. The companies are launching new cameras to meet the consumer demand related to high stabilization & connectivity to editing applications. The market growth is witnessed in recent years due to the increased adoption of high cost and ultra HD cameras by online content creators and bloggers as they have the requirement for highly efficient cameras.
Based on application, the market comprises sports, travel & tourism, recreational activities, entertainment & media, automotive, emergency services, and other applications. In 2020, the sports segment accounted for the largest share of the market in terms of revenue and volume. Adopting full HD & ultra HD and high frame rate cameras in the adventure sports applications to record uninterrupted videos drives the market growth.
Market Dynamics
Drivers
Growing adoption of action cameras in adventure sports Increasing trend of travel blogging across the globe Restraints
Availability of high resolution & wide-angle cameras in smartphones Opportunities
Rising demand for advanced action cameras across the automotive sector Challenges
Data security concerns Companies Mentioned
GoPro Inc. Sony Corporation Insta360 SJCAM JVCKENWOOD Corporation TomTom International BV Garmin Ltd. SZ DJI Technology Co. Ltd. Drift Innovation YI Technology Eastman Kodak Company Nikon Corporation Rollie Panasonic Corporation Xiaomi For more information about this report visit https://www.researchandmarkets.com/r/z92my0