Action Camera Market
Added: (Fri Apr 02 2021)
Pressbox (Press Release) -
Action Camera market was valued at 2.1 billion US dollars in 2021, which is expected to cross 3.2 billion US dollars by the end of 2027 with a compound annual growth rate of 8.6% during the forecast period 2021 to 2027.
Driving Factors:
One of the major driving factors of the Action Camera market is the rising number of product launches.
Recent research and new product developments in the consumer electronics industry, such as the adoption of sensors in products and smart gadgets, is another major driving factor of the Action Camera market.
Another major driving factor of the market is the action camera's attractive features such as compact size, portability, convenience, and versatility.
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The rise in disposable income and rapid growth in popularity of adventurous activities such as sky diving, surfing, caving, and snorkeling are some of the driving factors that propel the Action Camera market's growth.
Action Camera Market Segmentation:
The Action Camera market is segmented on the basis of end-user, on the basis of technology, on the basis of distribution channel, and on the basis of region.
On the basis of end-user, the Action Camera market is segmented into two types, namely professional and personal. Among these segments, the professional segment holds the major share of the market and is expected to hold dominance during the forecast period as it is majorly used for most movie shooting as well as action advertisements by various production departments all around the world.
On the basis of technology, the market of Action Camera is bifurcated into the standard definition, high definition, and ultra-high definition. Among these segments, the high-definition segment holds the market's major share and is expected to hold dominance during the forecast period. On the other hand, the ultra-high-definition segment is expected to increase the market value during the forecast period.
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On the basis of distribution channels, Action Camera's market is bifurcated into brand outlets, supermarkets, hypermarkets, e-commerce, and specialty stores. Among these segments, the supermarket's segment holds the major share of the market.
Regional Analysis:
The Action Camera market is elaborated in various regions all around the world such as North America (US, Mexico, Canada and rest of North America), Europe region (Germany, Spain, Italy, UK, France and rest of Europe), Asia Pacific region (China, India, Japan, Australia and rest of Asia Pacific).
North America region is expected to hold the dominance of the market during the forecast period. Increased demand from consumers, rise in social media usage and rise in per capita income, especially in some of the emerging economies such as the United States and Canada.
Asia Pacific region is expected to increase the Action Camera market owing to the rising demand for different types of innovative and compact action cameras for outdoor activities purposes. Also, the factors such as the increase of investments by the companies for the new technological advancements in the emerging countries like China and India help the growth of the market in the Asia Pacific region.
The Europe region is expected to increase the market revenue of Action Camera owing to the rise in disposable income and rapid growth in the popularity of adventurous activities such as sky diving, surfing, caving, and snorkeling.
Key market players:
Some of the key market players of the Action Camera market are Sony Corporation, Shenzhen Arashi Vision Co., Ltd, Drift Innovation Ltd, GoPro, Inc., Eastman Kodak Company, Samsung Electronics Co., The Ricoh Company, World Wide Licenses Ltd.–iON, Toshiba Corporation, and Xiaomi Corporation.
COVID-19 impact on the Action Camera Market:
Coronavirus is a deadly disease caused by SARS-CoV-2, which was first registered in China. The action camera market has seen a drastic downfall during the time of lockdown, especially in the first half of 2020. The market had faced huge losses in terms of revenue as several manufacturing facilities are closed. The manufacturers in the action camera have faced challenges regarding the raw materials and laborers' presence due to quarantine restrictions. These factors declined the growth rate of the action camera market in 2020. But with some relaxations released by the government in the last months of 2020, the market shares started to rise tremendously.