Extreme Sports And Digital Advancements Are Expected To Propel Growth In The Action Camera Market As Per The Business Research Company's Action Camera Global Market Report 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Sept. 12, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company, the global action camera market has embarked on a thrilling journey, surging from $3.23 billion in 2022 to $3.68 billion in 2023, marking an impressive Compound Annual Growth Rate (CAGR) of 13.6%. Even more exciting is the anticipation of the market report size growing to $6.27 billion by 2027, sustaining a robust CAGR of 14.3%.
Adventurous Enthusiasts Drive Growth
The rise of extreme sports events, holidays, and music festivals has ignited the rapid growth of the action camera market. Action cameras have become the go-to choice for capturing the exhilarating moments of sports, music events, and various adventures such as surfing, skateboarding, skiing, climbing, skydiving, and more. Offering a convenient point-and-shoot model, these compact devices can be mounted anywhere, from dashboards to underwater environments, ensuring the capture of high-quality videos and photos. The surge in holidays and travel is exemplified by The Vacationer's 2021 Holiday Travel Survey, revealing that nearly 63% of Americans aged 18 or older (161 million adults) intended to travel for at least one holiday in 2021, indicating a 37% increase compared to the previous year. This trend underscores the growing demand for action cameras as adventure enthusiasts seek to document their experiences.
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https://www.thebusinessresearchcompany.com/report/action-camera-global-market-report
Key Industry Players
Prominent players in the action camera market include GoPro Inc., Nikon Corporation, Garmin Limited, Sony Corporation, Veho World, Xiaomi, Drift Innovation, SZ DJI Technology Co Limited, Yi Technology, Panasonic, Insta360, SJCAM, JVC Kenwood Corporation, Eastman Kodak Company, and Polaroid Cube.
Embracing Digital Advancements and IoT
A noteworthy trend in the action camera market is the integration of digital advancements and the use of the Internet of Things (IoT). Leading companies are adopting visual computing, artificial intelligence (AI), and edge computing in smart action camera products, enhancing productivity, convenience, and connectivity. For instance, Hero Electronix unveiled the Qubo Smart Dash Cam with AI capabilities, equipped with a built-in 6-axis G-sensor to detect sudden shakes or collisions, storing recordings in event files. The accompanying mobile app allows easy file access, making it ideal for dashboard-mounted recording while driving. Additionally, Hero Electronix's plans to introduce smart sunglasses and further action camera innovations aim to establish a novel connected device ecosystem.
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Regional Dynamics
In 2022, North America emerged as the largest region in the action camera market, showcasing the widespread adoption of these devices. The comprehensive action camera market analysis encompasses regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Segmentation of the Global Market
The global action camera market is segmented based on several key factors:
- Type: Segmented into Box Style, Cube Style, Bullet Style, Periscope & 360°, and Other Types.
- Resolution Type: Categories include Full HD, HD, Ultra HD, and Other Resolutions.
- Distribution Channel: Encompassing Brand Outlets, Supermarkets/Hypermarkets, E-Commerce, and Specialty Stores.
- Application: Including Sports, Travel and Tourism, Recreational Activities, Entertainment and Media, Automotive, Emergency Services, and Other Applications.
Action Camera Global Market Report 2023 by The Business Research Company provides insights on the action camera market size, action camera market segments, action camera market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 6,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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