Action Camera Market Is Expected to Garner an Impressive Growth Period with Its Valuation Calculated to Reach USD 9.38 Billion By Forecast to 2023
The booming popularity of social media channels have prompted the travel industry to flourish, which has subsequently proliferated the global action camera market. Regionally, North America holds the dominant position, however, Asia Pacific is identified as the fastest growing region over the forecast period. The market comprises key players who are contributing significantly to aid the overall demand of the product.
Pune, India, June 11, 2019 (GLOBE NEWSWIRE) -- The global action camera market, according to Market Research Future (MRFR), is projected to grow at a compound annual rate of 14.2% during the forecast period between 2018 and 2023. The global market valuation is anticipated to grow from USD 4,237.9 million in 2017 to a striking figure of USD 9,382.5 million by the end of the forecast period in 2023.
Competitive Landscape
There are a number of key players operating in the global action camera market. Some of them reported by MRFR are TomTom N.V. (Netherlands), Sony Corporation (Japan), Olympus Corporation (Japan), Garmin Ltd (US), GoPro Inc. (US), PLR Ecommerce, LLC (US), Nikon Corporation (Japan), SZ DJI Technology Co., Ltd (China), Panasonic Corporation (Japan), Veho World (UK), SJCAM Limited (China), and YI Technology (China).
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An Actionable Form of Photography
Gone are the days when consumers used heavy and unwieldy camcorders. Today, action cameras are the new rage in the photography landscape. It is much more compact than any other standard point and shoot or even DSLR cameras. It can be mounted almost anywhere and is used to capture high-quality videos and photos, whether it from your dashboard or underwater.
Social Media: Creating Hype for Action Cameras
It is noticed that the demand for action cameras is increasing among users in both professional and personal capacity. This includes video recording various outdoor-based activities like sports, biking, and filmmaking, etc. The demand is justifiably high due to its unmatched capability of taking pictures underwater as well as in outdoor environments, without compromising on the quality and sharpness of the image.
The booming reach of various social media platforms has increasingly heightened the need among individuals to upload and share videos and photos. Instagram, Facebook, Twitter, and other social media channels have contributed significantly in increasing the demand for action cameras due to the widespread trend of sharing content on social networks.
High-end Smartphones: A Cause of Worry
The growing adoption of smartphones with high-end cameras is identified as a major constraint to the overall growth of the market. Various leading players like Sony Corporation are continuously bringing-forward new features and developments to enhance the quality of its image sensors to allow the same to be integrated with the cameras of smartphones. These smartphone cameras boast similar capabilities as that of action cameras, which is a cause of concern for the growth of the global market during the forecast period.
Market Classification
The global Action Camera Market segmentation is based upon the following components: distribution channel, end-user, type, and technology.
The type segment narrows down into cube style, box style, periscope and 360-degree, and bullet type. The technology segment divides into full HD, ultra HD, SD, and HD. By distribution or sales channels, the market is segregated into online and brick & mortar stores. The end users segment includes both personal and professional preferences.
Regional Analysis
The global action camera market is regionally segmented into the following regions: North America, Asia Pacific, North Americas, Europe, and the Rest of the World (RoW).
North America Spearheading the Global Landscape
As per the 2017 study, North America held a majority of the market share with close to 40% of it under its name. The valuation of the regional market stood at USD 1,691.0 million in 2017 and is expected to grow at an annual pace of 11.2% during the forecast period. The growing trend in relation to content sharing over social networking channels has strikingly impacted the prevalence of tourism, adventure sports, and travel industry in the North American region.
Asia Pacific Growing with the Highest CAGR Percentage
Asia Pacific standing second in the global rankings in terms of market share is expected to grow with the highest CAGR of 17.4% during the forecast period. Herein, the increasingly active social media user base and the increasing popularity of social networking channels among an expanding age group for the purpose of sharing videos and photos are driving the growth of the global action camera market.
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Industry Buzz
May 4th, 2019, Noise announced the launch of a new special edition action camera named Noise PLAY SE in India. The device brings-in the highly requested wireless remote accessory, one that enables users to begin or stop recordings and click photographs. The camera records 4K videos at 30 frames per second and promises to last more 2.5 hours on a single charge.
May 1st, 2019, AKASO made an announcement concerning the availability of the AKASO V50 Pro Native 4K action camera. The action camera boasts features such as touch screen, waterproof, offers clear and stable images, and has an adjustable view angle.
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