The increasing popularity of social media platforms across the globe is expected to drive the global action camera market growth during the forecast period
The Global Action Camera Market was valued at USD 2.2 Bn in 2020 and is expected to reach USD 4.1 Bn by 2027, with a growing CAGR of 8.7% during the forecast period.
Technological advancements, such as high-resolution, wide-angle, and improved stability in novel action cameras, are a few of the factors responsible for the growth of the action camera market. Manufacturers are continuously focused on the development of new products with advanced features such as 4K & 5K resolution, wide-angle lenses, and water resisting capability to capture wider views. Water-resistance technology in action cameras allows users to capture views underwater, eliminating camera breakdowns. These features aid manufacturers to gain the action camera market share of water surfing, underwater diving, boating, scuba diving, and other water-based application segments. For instance, in September 2020, GoPro launched its new range of series Hero 9 Black action cameras with 5K video recording, waterproof, shock-proof, and dual-screen features. The new product is mainly for vloggers and adventure video clip shooters that offer waterproof properties. This product are gaining traction in the action camera market due to its properties such as waterproof, shockproof, and others.
The travel & tourism industry is one of the dominant end-user sectors for the action camera, therefore any change in the market dynamics for travel & tourism impacts the demand for action cameras directly. Before the COVID-19 pandemic, the travel & tourism industry was growing at a considerable growth rate. For instance, as per, the Organisation for Economic Co-operation and Development (OECD), the tourism sector is contributed around 4.4% to the global GDP. Currently, it is increasing at a rate of 3.8% year-on-year from 2018 and is expected to showcase rapid recovery post COVID19 period.
The increasing demand for bundle packages is the most attractive trend in the global action camera market – cameras sold with necessary accessories. These packages are cost-effective and have indirectly fuelled the sales of accessories along with action cameras. However, the rising popularity of smartphones with high-end cameras and declining prices of smartphones in-built with excellent-quality cameras are also hampering the growth of the action camera market to a certain extent.
Global Action Camera Market by Region Outlook (Revenue, USD Million, 2021-2027):
In terms of geography, North America accounted for the largest market share in the action camera market due to rising disposable income in the region and the growing popularity of adventure activities like bungee jumping, skydiving, and paragliding within the region. Media inclusion for adventurous sports is a roaring industry inside the U.S. as the regional market is witnessing a rise in demand for professional cameras with extensive storage facilities.
The Global Action Camera Market Segmentation:
Global Action Camera Market by Resolution Industry Outlook (Revenue, USD Million, 2021-2027)
Global Action Camera Market by Distribution Channel Industry Outlook (Revenue, USD Million, 2021-2027)
Global Action Camera Market by Application Industry Outlook (Revenue, USD Million, 2021-2027)
Global Action Camera Market by End User Industry Outlook (Revenue, USD Million, 2021-2027)
The key players operating in the action camera market are: