The global action camera market is projected to reach USD 9.6 billion by 2025 and expected to grow with a CAGR of 16.7% during the forecast period, from 2019 to 2025. Rapidly changing consumer trends and growing demand for advance featured action cameras are major factors driving the market growth. In recent years, 4K and above is parallel with HD image resolution have rapidly changed consumer perception about the camera industry. For example, display manufacturers are offering contract features for videos and images with effective brightness.
Growing demand for technologically advanced and entry-level cameras is a major factor driving the action cameras market growth, as the industry is developing in terms of VR technology, image quality, and resolutions. The demand for action cameras is surging due to increased sales of UHD variants. In addition, the growing penetration of 4K display technology will flourish the demand for UHD technology during the forecast period. Such trends are encouraging manufacturers to develop advanced featured action cameras.
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AKASO introduced a waterproof action camera with name EK7000 Pro 4K that offers auto image stabilization, a wireless remote control, and an adaptable view angle. It is widely used for water sports in order to capture high-quality images underwater. The company has availed its product on Amazon.co.uk and Amazon.com with attractive offers for consumers. It exhibits features like an upside-down and loops recording that allows recording in outdoor conditions.
Asia Pacific is expected to have considerable growth due to the growing demand for these cameras with high resolution and advanced lenses. Factors such as growing popularity of social media platforms, increasing spending on sports, and adventure activities are triggering the market growth in this region. Moreover, easy availability of a wide range of action cameras on e-commerce and retail channels is boosting the product demand across the globe.
Further key findings from the report suggest:
• Ultra HD segment is projected to witness remarkable growth over the forecast period due to growing demand for high image quality and resolution of the videos captured by professionals.
• In 2018, retail channel held the largest market share due to high dependency on aftermarket and rapidly changing consumer’s trend.
• The action cameras are widely used for capturing action and adventures of skateboarding, bicycle racing, biking, skiing, surfing and other sports which is boosting demand for these cameras in sports segment.
• Action cameras are gaining traction among professionals for capturing important moments of their adventures and sharing them to different social media platform.
• Asia Pacific is expected to emerge as fastest growing region due to growing number of tournaments and sports league in developing countries.
Impact of COVID-19
Due to the outbreak of COVID-19, most countries have imposed lockdown, and even curfew which has huge impacts on lifestyles, health & wellbeing, and also effects on sports and outdoor activities, thereby it is affecting the growth of action camera industry to some extent. The impacts on sport and adventurous activities have been complex and highly uneven. Sports leagues and sports mega-events have been postponed or canceled thereby are expected to adversely impact market growth during the pandemic situation.
However, leading players such as GoPro, DJI, Sony, and others have launched action cameras with plenty of advanced features, in 2020. Technological development and new product launch strategies implemented by key players are expected to strengthen their business in the COVID-19 outbreak.
Global Action Camera Market: Key Players
Sony Corporation; Nikon Corporation; Garmin Ltd.; GoPro, Inc.; SJCAM; YI Technology; and SZ DJI Technology Co., Ltd.
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