Acumen Research and Consulting, Recently Published Report on titled “Action Camera Market Size, Share, Growth Opportunities, Trends and Forecast 2019 – 2026”.
LOS ANGELES, Jan. 09, 2020 (GLOBE NEWSWIRE) — The global action camera market is expected to grow at a CAGR of around 11.3% during the forecast period 2019 to 2026 and expected to reach the market value of around US$ 10.5 Bn by 2026.
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North America dominated the global action camera market in the year 2018. The region has experienced the potential growth owing to the presence of action camera companies such as Garmin Ltd., GoPro, Inc. and Nikon Corporation among others. The presence of a large customer base along with growing demand for quality action cameras is additionally accelerating the regional market growth. Moreover, innovation and development in Action camera and growing urbanization increase in penetration of e-commerce, and growing popularity of adventure and sports activities in the US and Canada are expected to enhance the market size. This also expected to open investment opportunities in the global market for the manufacturers in the coming years. The Europe region is expected to exhibit a second-largest share in the action camera market. The increasing number of private label store brands in the region is expected to contribute to market growth. Additionally, growing consumer preference towards high quality action camera, growing research and development in action cameras and increase in disposable income of individuals in this region further expected to further propel the growth of the market. Furthermore, growing number of action camera manufacturers, growing distribution channel, growing number of sports and adventure sports activities, growing consumer electronics industry further grows the demand for action camera in the region over the forecast the period.
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Asia-Pacific is expected to register the highest CAGR in the global market during the forecast period. The growing consumer electronics industry, growing expenditure on sports and leisure activities, changing lifestyle of consumers, and growing number of social media users along with rapid urbanization further expected to boosts the demand for action camera in the region during the forecast period.
On the basis of application, the sports segment is expected to dominate the global action camera market in the year 2018. The sports segment accounts of the largest share in the market and held for more than 32% of the total market in 2018. The major factors that are driving the growth of this segment are the rising number of adventure activities, growing number of sports enthusiasts such as climbing, skydiving, skateboarding, and surfing, increase in demand from media, and rising demand for advanced lens and features to capture high quality images. This expected to enhance the dominance of the sports segment in the global market over the forecast period.
Box style segment dominated the action camera market on the basis of type in the year 2018. The growing demand for high quality photos and video, increase in purchasing power of consumers, growing applications of this camera in various sports activities such as skydiving and surfing, availability in various resolutions, and growing innovation and development from manufacturers in box style action camera further expected to raise the segment during the forecast period.
Retail segment dominated the action camera market on the basis of distribution channel in the year 2018. The retail segment accounts of the largest share in the market and held for more than 37% of the total market in 2018. The major factors that are driving the growth of this segment are the rising consumer awareness towards checking features and products before purchasing and growing spending on channel partners, growing preference towards aftermarket services, and rising demand for availability of accessories on special stores. This expected to enhance the dominance of the retail segment in the global market over the forecast period.
Some of the leading competitors are Nikon Corporation, Garmin Ltd., SJCAM, Drift Innovation, Panasonic Corporation, TomTom, iON Worldwide, Sony Corporation, GoPro, Inc., YI Technology, and SZ DJI Technology Co., Ltd.
Some of the key observations regarding action camera industry include:
- In October 2019, GoPro, Inc. launched new versions of both its Hero line and its newer 360-degree ruggedized action cameras. This new product high-barrier polyolefin filmthat significantly reduced the packaging’s carbon footprint. This new action camera shoots at resolutions between 1080p and 4K, and also gains HyperSmooth 2.0.
- In February 2018, Sony Corporation launched new action camera named as RX0. This new camera features with 1-inch Exmor RS CMOS sensor, anti-distortion high speed (1/32000) shutter, and ZEISS Tessar T 24mm lens with f4.0 aperture.
- In November 2018, SZ DJI Technology Co., Ltd. introduced new handheld camera named as Osmo pocket. The new Osmo Pocket can record 4K at 60 frmanes per second, three axis gimbal at a data rate of 100 Mb/s.
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