The action camera market size is anticipated to grow at a CAGR of over 23% from 2019 to 2028. Increasing popularity and usage of social networking sites is predicted to propel the industry growth over the forecast period. The rising popularity of action cameras in professional activities along with outdoor adventures is also fueling the demand for action cameras. On the other hand, technological progress in the consumer electronics domain such as the inclusion of AI and VR techniques in cameras is contributing significantly to the growth.
Top Driver: Growing popularity and user-base of social networking sites such as Twitter, Facebook, and Instagram will drive the market growth
The major factors driving the global action camera market include the rising popularity and user-base of social networking sites such as Twitter, Facebook, and Instagram, the trend of sharing photos and videos with followers and friends, and the increasing number of vendors in the market. Owing to the entry of a number of camera device manufacturers in the action camera arena, consumers can now choose from a number of options with features suiting their needs. The intense competition has also brought down prices to a certain extent, attracting consumers in cost-sensitive regions. One of the most popular trends in the global market is the rising popularity of bundle packages – cameras sold with necessary accessories. Being cost-effective, such packages are a hit among consumers and have indirectly boosted sales of accessories along with action cameras. However, the market is expected to be constrained to a certain extent by the rising popularity of smartphones with high-end cameras. The declining prices of smartphones in-built with excellent-quality cameras are also expected to limit the growth of the global action camera market to a certain extent.
Sports segment to Make Crucial Contribution for Growth of Global Action Camera
Sports segment accounted for a greater market share, which may be attributed to the rise within the number of adventure sports and high exposure from media. An increase within the number of sports enthusiasts like surfing, skiing, skateboarding, climbing, skydiving, biking, bicycle and racing, among other sports is further propelling the market demand. Moreover, use of digital technology with advanced lens and determination contributes significantly in capturing excellent quality images and videos in action. Additionally , growing number of sports leagues and activities across the world is additionally supporting the segment growth.
Retail channels hold the most important share of the action camera market as consumers prefer checking the equipment and its features face to face . Existence of high consumerism manifold in consumer trends. Growing need for channel partners so as to streamline sales strategy exhibits an excellent impact on the business.
Online channels are likely to possess a positive influence over the forecast time span thanks to rise in e-commerce and growing popularity of online purchase. Attractive web graphics appeal online users that demonstrate state-of-the-art products thus influencing the buying decision for first time online buyers.
North America dominated to witness fastest growth in Global Action Camera
The global action camera market is examined for Asia Pacific, Europe, North America, and therefore the remainder of the planet (RoW). North America is currently the dominant regional market within the global action camera market. The vast population of sports enthusiasts, quick access to high spending connection, and availability of technologically advanced and latest product varieties are the key factors making North America the leading regional marketplace for action cameras.
However, the market is additionally witnessing increased demand in developing parts of Asia Pacific. Major factors triggering this trend include rising disposable incomes in developing countries, rising expenditure on leisure, adventure and sports activities, and therefore the vast popularity of social media channels.
Players to Focus on Action Camera
These companies are effectively launching new products with low costs for their customers to strive in the competitive market of action camera. Moreover, these players are using online and retail sales channels for sale of action cameras in the global market. The key players operating in the market includes,
GoPro : For instance, in October 2019, GoPro introduced HERO8 Black, that is highly versatile with blended features from earlier versions. Major features of HERO8 Black include video stabilization, enhanced resolution, and HyperSmooth 2.0 in all frame rates. Other highlights such as ‘Boost mode’ and in-app ‘horizon leveling’ have made the product more appealing.
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