PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1320203
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1320203
Action Camera and Accessories Market size was valued at USD 2,789.4 Million in 2022, expanding at a CAGR of 12.7% from 2023 to 2030.
Action cameras are compact and ruggedized cameras designed for capturing high-quality video and photos during various action-oriented activities. They are typically small, lightweight, and equipped with wide-angle lenses to capture a broader field of view. Action cameras are popular among outdoor enthusiasts, athletes, travelers, and adventure seekers who want to record their experiences in high definition. Key features of action cameras include waterproof and shockproof capabilities, making them suitable for use in challenging environments such as underwater or in extreme sports like surfing, mountain biking, skiing, and skydiving. Many action cameras also offer built-in Wi-Fi or Bluetooth connectivity, allowing users to transfer footage and images to their smartphones or other devices instantly
In recent years, action cameras have experienced a surge in demand due to their extensive usage in sports, adventure, and racing activities. Sports enthusiasts utilize these cameras extensively to capture live sports events from various angles, enhancing their performance and analysis. However, the rising availability of smartphones equipped with high-resolution and wide-view angle cameras has posed a challenge to the demand for dedicated action cameras. To counter this competition, action camera manufacturers are rapidly innovating their products, focusing on high-resolution, wide-angle lenses, and improved stability in newly launched models. These advancements have led to high unit sales, as consumers are drawn to the enhanced capabilities of these cameras. To meet evolving consumer preferences, companies are developing new action camera models with 4K & 5K resolution, wide-angle lenses, and water-resistant features. These enhancements enable users to capture wider views at clearer resolutions, surpassing the capabilities of conventional cameras. The incorporation of water-resistance technology in action cameras further extends their utility, allowing users to record underwater views without the risk of camera malfunctions.
The Global Action Camera and Accessories Market is segmented on the basis of Product Type, By Technology, By End User, and Region.
The market is divided into two categories based on Product Type: Full HD and Ultra HD. The Full HD segment emerged as the dominant segment in the market. The market's growth can be credited to the substantial demand for full HD cameras across various application sectors, enabling users to capture high-quality and stable videos during their activities. In response to this demand, companies within the action camera market are actively developing products equipped with full HD resolution and WiFi connectivity features. These additions facilitate effortless updates, uploads, and video editing for users. With the ability to record videos in superior quality compared to HD and SD resolution cameras, full HD resolution is a driving force behind the growth of the action camera market. Customers are increasingly drawn to the enhanced video recording capabilities offered by full HD cameras, further fueling the market's expansion.
The market is divided into two categories based on End user: Personal and Professional. The professional segment is projected to experience the highest CAGR both in terms of revenue and volume. This significant growth can be attributed to the increasing adoption of action cameras in various professional applications, including sports, entertainment & media, travel & tourism, automotive, and emergency services. In these industries, consumers rely on action cameras for their ability to provide uninterrupted and stable video recording. Moreover, the continuous innovation of technical parameters in new action camera models is expected to drive the demand for these cameras further within the professional segment. The enhancements in features and performance are anticipated to appeal to professionals in different fields, reinforcing the growth of action cameras in this particular market segment.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
The action camera market on a global scale is moderately consolidated, with only a few vendors holding significant market share. Some of the key players in this market include insta360, GoPro Inc., Olympus Corporation, Garmin Ltd, and Nikon. These market players are actively investing in new product launches and continuous innovations to improve their existing offerings. This strategic approach enables them to gain maximum market traction and stay competitive in a dynamic market influenced by emerging trends.
In November 2022, GoPro Inc. made a notable announcement regarding the global release of the GoPro Hero 11 Black series cameras. The Hero 11 Black camera range comprises three models: the Hero 11 Black, the Hero 11 Black Creator Edition, and the Hero 11 Black Mini. Each of these cameras features a new and larger sensor with 10-bit color depth, enhanced video stabilization, and the widest field-of-view ever seen in a GoPro Hero camera