Action Camera Market Highlights:
According to the report by Market Research Future (MRFR), the global action camera market is slated to acquire a substantial market valuation of up to USD 9.4 billion by 2023 at a moderate CAGR over the assessment period.
The influential factors contributing towards the growth of the global action camera market are the growing usage of smart gadgets, thriving consumer electronics industry, and the rising trend of sharing content online on social networking websites. The incessant advancement in the consumer electronics industry has led to the reduction of numerous devices contrary to previous-generation devices.
The usage of social media websites as platforms for many promotional and marketing activities such as marketing by online distribution live videos and pictures is growing. Action Camera Market the implementation of social media is growing among individuals from developed developing countries, and even in slow-development regions such as Nigeria, Jordan, Lebanon, Kenya, and others. On the other hand, the rising adoption of smartphones having high-end cameras is a limitation to market growth over the assessment period.
The major market players operating in the global action camera market are Garmin Ltd. (US), Sony Corporation (Japan), GoPro, Inc. (the US), SZ DJI Technology Co., Ltd (China), Veho World (UK), SJCAM Limited (China), Olympus Corporation (Japan), TomTom NV (Netherlands), PLR Ecommerce, LLC (US), Nikon Corporation (Japan), Panasonic Corporation (Japan), and YI Technology (China).
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The global action camera market is segmented on the basis of type, technology, end-users, and distribution channels.
- Based on the type, the action camera market has been segmented into a box style, bullet-style, cube-style, and periscope, and 360°. The box style segment is likely to register the highest CAGR of 15% during the review period. Box style action camera is the most used and multipurpose camera among action cameras. GoPro and Sony Corporation are the leading market players in this segment. The cube style is projected to exhibit a significant CAGR during the forecast period. Cube style action cameras are portable and relatively compact and commonly used to mount on small places.
- Based on the technology, the global action camera is sub-segmented into full HD, HD, Ultra HD, and SD.
- Based on the distribution channel, the market for action cameras is sub-segmented into online and brick & mortar stores
- Based on the end user, the action camera market is bifurcated into personal and professional.
The global market for action cameras is segmented on the basis of region, into Europe, Asia Pacific, North America, and the rest of the world.
North America is likely to lead the global action camera market with a CAGR of 11.16% over the forecast period. Asia-Pacific is estimated to account for the second-largest market and display the highest CAGR of 17.39% over the review period. The market in Europe is projected to register a 15.13% CAGR in the foreseeable future. The market in the rest of the world is poised to record a CAGR of 8.64% over the forecast period.
Exceedingly active social media users and the increasing popularity of social networking websites for online distribution of photos and videos are predicted to increase the demand for action cameras exponentially. Another key factor that contributes in the growth of the action camera market is the cost-sensitive buyer base. The local and regional market players offer action cameras with similar or cutting-edge features at lower rates. Furthermore, the governments and other authorities in developing countries are planning on capitalizing in the deployment of action cameras for law enforcement and reconnaissance activities. On the other hand, most of the South American and African countries are witnessing a relatively lower demand for action cameras and may experience gradual growth over the review period.
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