Ottawa, Nov. 04, 2021 (GLOBE NEWSWIRE) -- The global action camera market size was valued at US$ 2.7 billion in 2020, as per news study by Precedence Research. The action camera market is driven by the rapid growth of the travel and tourism industry and the rapidly growing social media platforms across the globe. Further, growing need for capturing pictures, video creation, and short reels by the social media influencers is positively contributing towards the growth of the global action camera market.
The popularity of sports and recreational activities among the young population is growing. Therefore, the increased participation of the population in activities such as sports, biking, scuba diving, bungee jumping, hiking, and canoeing has fostered the demand for the high quality pictures and videos that in turn, fostered the growth of the global action camera market across the globe. Moreover, the introduction of miniaturization and latest technologies such as IoT, AR, VR, Wi-Fi and Bluetooth connectivity, and waterproof technologies has exponentially boosted the sales of various action cameras across the global markets.
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Crucial factors accountable for market growth are:
- Rising disposable income
- Rising participation in recreational, sports, and adventure activities
- Rising number of participants in social media platforms
- Growing popularity of short video platforms
- New product launches with innovative features
- Rising penetration of internet along with the online sales channel
Report Scope of the Action Camera Market
| Report Coverage | Details |
| Market Size in 2020 | US$ 2.7 billion |
| Growth Rate from 2021 to 2030 | CAGR of 5.2% |
| Base Year | 2021 |
| Largest Market | North America |
| Fastest Growing Market | Europe |
| Companies Mentioned | Sony Corporation, Nikon Corporation, GoPro, Garmin Ltd., Rollei GmbH & Co. KG, SJCAM, SZ DJI Technology Co., YI Technology, Drift Innovation |
Regional Snapshots
Based on region, North America dominated the global action camera market. This is attributable to the increased participation of youth in the sports and recreational activities such as swimming, sky diving, scuba diving, hiking, and biking. The rising number of video content creators on various social media platforms is fostering the growth of the action camera market in this region. Further, increased disposable income, higher demand for the technologically advanced devices, and higher adoption rate of innovative technologies has positively influenced the region and augmented the growth of the North America action camera market.
On the other hand, Europe is estimated to be the most opportunistic market during the forecast period. This is mainly due to the developed sports tourism and adventure tourism sectors. Further, the introduction of latest and innovative features in camera by the manufacturers especially for the European customers is fostering the growth of the market in this region.
Market Dynamics
Drivers
Adventure enthusiasts are significantly boosting the demand for the action camera. The rapid growth in the popularity of sports events and adventure activities is influencing the market growth. The rising participation of youth in adventure, tourism, and sports and their desire to click high clarity pictures and HD videos is expected to drive the growth of the global action camera market in the foreseeable future across the globe.
Restraints
The high cost of the latest and high quality action cameras is restricting the low and middle income users to adopt the action cameras especially in the developing and underdeveloped markets. This may hinder the market growth in the forthcoming years.
Opportunities
New product launches with the introduction of latest technologies such as Wi-Fi connectivity, water proof technology, AR, VR, and IoT in the action cameras may provide various growth opportunities to the action camera manufacturers in the forthcoming years.
Challenges
The ongoing shortages of semiconductors and microchips all over the globe is a major challenge faced by all the electronics manufacturers across the globe. The semiconductors are a very important part of any compact digital electronic device. The shortage of such crucial component is a major challenge to the action camera industry.
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Report Highlights
- Based on the end user, the professional segment is expected to be the fastest-growing segment during the forecast period. The rising popularity of photography and videography as a career option among the individuals owing to the rapid growth of the social media is expected to register a significant growth of this segment.
- Based on the application, the sports segment dominated the market in 2020, owing to the rising participation of individuals in sports activities and rapid growth in the sports tourism and sports events across the globe.
- Based on the resolution, the ultra HD segment is anticipated to foresee a significant growth rate during the forecast period owing to the rising commercial accessibility of action cameras owing to its advanced features introduced by the manufacturers.
- Based on the distribution channel, online segment is estimated to be the fastest growing segment due to the rapid penetration of e-commerce channels and the convenience associated with the online purchase such as easy home delivery, easy payment options, and convenient return and refund policies of the online retailers.
Segments Covered in the Report
By End Use
- Professional
- Personal
By Application
- Recreational Activities
- Sports
- Emergency Services
- Others
By Resolution
- Standard Definition
- High Definition
- Ultra HD
By Distribution Channel
- Offline
- Online
By Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of the World
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