01 April 2021
Visiongain has published a new report on Action Camera Market Report to 2031: Forecasts By Type (Box Style, Bullet Style, Cube-Style, Periscope And 360 Degree), By Resolution (S.D., HD, Full HD, Ultra H.D.), By End-Use (Personal, Professional), By Distribution Channel (Online, Offline). PLUS, Profiles of Action Camera Companies, and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.
The global action camera market was valued at US$ XX billion in 2019 and is projected to reach a market value of US$ XX billion by 2031.
Action cameras are the specialized cameras that are used to capture adventure activities, sports, and other activities featuring high-paced actions. Unlike traditional cameras, action cameras are simple and sturdy and can be mounted on helmets, car dashboards, and cycles, for capturing videos or images. Increasing demand for smart gadgets, increasing usage of social networking websites, and booming consumer electronics industry are the factors driving the growth of the action camera market. The market seeks growth opportunities from the integration of V.R. technology with 360° cameras and advancements in hardware, enhancing the portability and usage of action cameras rugged environments. However, the high cost of devices and rising penetration of smartphones with high-end cameras are some of the factors hampering the market growth during the forecast period.
COVID-19 Impact on Action Camera Market
The COVID-19 outbreak has affected the businesses and livelihood of the people at an unprecedented rate. The coronavirus outbreak is expected to have a significant impact on the action camera market; the market is witnessing a substantial dip. China was the epicentre of COVID and also a hub for electronic manufacturing activities. The nationwide lockdown imposed by the governments led to shutting down of manufacturing facilities and the trade restrictions disrupted the supply chain. The sales of the action cameras also witnessed a dip as the people were confined to homes with the surge in coronavirus cases. Thus, the market witnessed a significant downturn during the first and second quarter of 2020, causing substantial business losses. However, the market is expected to gain traction by the second quarter of 2021.
Increasing Usage of Social Networking Websites
Social media usage has increased tremendously over the years. Facebook is one of the largest social media platforms having 2.4 billion users following to which is YouTube having more than one billion users and many others. Rapid adoption and such high usage of social networking websites offer an advantage to the action camera market. The websites provide a platform for the users to post their pictures and videos of their recent activities to help them achieve a higher audience. Moreover, the growing demand for vlogging across social networking websites further propels the market growth.
Booming Consumer Electronics Industry
With increasing consumer disposable in developing countries, the consumers spend on electronic goods has witnessed a rise. As the spending pattern changes, there is a shift in factors spurring the purchase of electronics products. The advancement in the consumer electronics industry led to the miniaturization of various devices. The cameras also witnessed a significant evolution in terms of improved battery life, low light photography, powerful zoom-in, rugged body, and high resolution, among others, drives the growth of the action camera market.
Integration of V.R. Technology With 360° Cameras
360° videos witnessed a significant demand across social media platforms such as YouTube and Facebook, thereby creating a need for 360° V.R. cameras. Integrating V.R. technology with the 360° cameras allows the professional to take multiple pictures from different angles simultaneously and create a spherical image by combining all the photos, allowing the user to experience video in real. The enhanced user experience is expected to create growth opportunities for the action camera market.
Advancements in Hardware Enhancing the Portability and Usage of Action Cameras Rugged Environments
Action cameras are witnessing increasing demand for activities due to their rugged body and small size. Advancements in the hardware technology is expected to reduce the camera size further so that the camera can be easily mounted on the helmet or car dashboard. Moreover, the enhancements in the camera body are expected to offer more sturdiness to allow their usage even in rugged environments such as adventure sports, which is expected to create growth prospects for the action market during the forecast period.
The action camera market is highly competitive. The key market players are investing in research & development activities to develop earphones & headphones with advanced features and obtain a competitive position in the market. Some of the companies profiled in the report include Garmin Ltd, Sony Corporation, GoPro, Inc., Nikon Corporation, AKASO, SZ DJI Technology Co., Ltd., Veho World, SJCAM Limited, TomTom N.V., and PLR Ecommerce, LLC.
September 2020, GoPro, Inc. launched a new action camera in its Hero series named as Hero9. The new camera offers features such as a 20MP sensor to capture 5K videos, HyperSmooth 3.0 video stabilization, and in-camera horizon levelling, among many other features.
March 2019, AKASO launched EK7000 Pro 4K waterproof action camera. The new camera offers electronic image stabilization, adjustable view angle, a wireless remote control, and including Loop Recording & Upside Down, which help in the recording knocks or accidents providing crucial evidence if required for insurance claims.
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