(I-BusinessNews.Com, February 25, 2021 ) According to a new market research report titled, “Action Camera & Accessories Market by Product Offering (Action Camera, Accessories), Technology (Full HD, Ultra HD), Frame Rate (31-60, 61-120 fps), Distribution Channel, End User (Personal, Professional), and Application– Global Forecast to 2027″, the action camera & accessories market is expected to grow at a CAGR of 13.5% from 2020 to 2027 to reach $6.58 billion by 2027 from $2.7 billion in 2020. In terms of volume, the action camera market is estimated to grow at a CAGR of 12.1% from 2020 to 2027 to reach 29.9 million units by 2027 from 13.4 million units in 2020.
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The action camera & accessories market is driven by factors, such as the innovation of cameras with the integration of sensors, water & shockproof features, and AI technology. These cameras can capture optimized photos & videos with image quality, further increasing their demand in the entertainment & media, travel & tourism, and sports industries. AI-based features improvise the camera positioning, coverage, and accuracy of action cameras to gain high consumer attraction. The development of cameras with biometric sensors and the trend of miniaturization in the camera industry globally has resulted in the rapid growth of the action cameras market in recent years.
Consumers in the action camera industry prefer small, miniaturized, and easy-to-carry cameras over the huge SLRs to efficiently capture ongoing activities, such as travel blogs, underwater sports, air sports, and recreational activities. These factors and the increased consumer awareness for adopting advanced wide-angle view cameras will support the action camera demand over the forecast timeline. The availability of advanced substitute products such as smartphones & 360-degree cameras and data security concerns associated with the action cameras & applications are expected to hinder the market growth.
Impact of COVID 19 on the Action Camera & Accessories Market
The effect of COVID-19 had a significant impact on the action camera & accessories market. Governments of various countries-imposed lockdown to minimize the spread of the virus. This resulted in disruption of the supply chain due to the shutdown of manufacturing facilities and trade restrictions. The application sectors for action cameras, including travel & tourism, sports, and entertainment & media, were temporarily closed in the first, second, and third quarters of 2020 globally. However, the market is slowly gaining its tracks, with the slow and steady opening of adventure sports, travel & tourism, and entertainment sectors in some countries. The consumers are restarting their travel blogs, sports & adventure blogs, and online video showcasing channels after the global pandemic in 2020, which is expected to support the recovery of the action camera & accessories market.
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Based on product offering, the action cameras segment is expected to witness the highest CAGR in terms of revenue and volume over the forecast period due to increased purchases of these cams in the automotive & adventure tourism sectors to record high quality, stable, and uninterrupted videos. Action cameras and accessories are gaining demand across young consumers who are majorly using cameras for performance tracking and online showcasing of adventure sports, such as biking, recreational activities, racing, and underwater & air sports. Consumers in the professional end-user sector pose a need for various advanced accessories, such as mods, protectors, and mounts to place cameras at bikes, bicycles, helmets, pets, dashboards, and smartphones to capture videos while performing the ongoing tasks.
Based on technology, the ultra-HD segment is expected to grow at the highest CAGR in terms of revenue and volume compared to full HD and SD technology-based action cameras. The benefits associated with 4K resolution, including clear & high defines pictures, sharp images due to oversampling of pixels, and stabilization, are increasing the demand for these products. The availability of online & inbuilt editing programs and applications connected with 4K cameras allows users to stabilize the videos & images in the editing process. Action camera market players are launching new products with 4K resolutions to enhance the product portfolio.
Based on frame rate, cameras with a 31-60 fps frame rate commanded the largest share in 2020 in terms of revenue and volume due to the high demand for these products with reasonable costs compared to the high frame rate cameras. These cameras are available at affordable prices and 4K resolutions to capture clear pictures. A higher frame rate improvises videos’ stabilization and sharpness, further offering better quality to the users. Consumers with high purchasing power create a demand for 4K and 31-60 fps cameras.
Based on distribution channel, the online segment is estimated to experience the fastest growth rate from 2020-2027 in terms of revenue and volume due to high consumer inclination towards online purchases across the globe. Online shopping trends have impacted the consumer electronics industry like the fashion sector, owing to the availability of several product options and discounts compared to offline stores. The segment will gain pace after the COVID-19 pandemic due to the virus’ threat in public places and retail stores. As a result, the consumers are expected to shop majorly through online stores as they offer minimal contact deliveries at affordable prices.
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Based on application, the sports segment commanded the largest share of the overall action camera & accessories market in 2020 in terms of revenue and volume due to the high adoption of action cameras in performing underwater sports, air sports, recreational sports, racing, hiking, biking, and adventure activities. Sports participants and consumers use cameras to record the activities while performing it to gain performance insights. These trends and the increasing awareness of sports sector performers related to high defined cameras are driving the market growth. Such cameras allow the participants to attach them to body parts and record them at the same time of performing. The high stability, wide view angles, and lightweight features of action cameras promote their sports application usage.
This research report analyzes major geographies and provides a comprehensive analysis for North America (U.S., and Canada), Europe (UK, Germany, France, Italy, Spain, Switzerland, Russia, and Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Australia, Singapore, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and the Middle East and Africa (UAE, Saudi Arabia, South Africa, and Rest of the Middle East and Africa). Asia-Pacific region is expected to gain the fastest growth from 2020-2027 due to the increasing adoption of advanced electronic products and cameras in the travel & tourism and sports sector. Also, the presence of several major manufacturers in Asian countries, such as China, Japan, and South Korea, is a major factor for the development of the action camera & accessories market. The availability of action cameras at low costs compared to the North American and European markets gains high consumer attraction in low-income countries.
The key players operating in the global action camera & accessories market are GoPro, Inc. (U.S.), Sony Corporation (Japan), Insta360 (Arashi Vision Inc.) (China), SJCAM (China), JVCKENWOOD Corporation (Japan), TomTom International BV (Netherlands), Garmin Ltd. (U.S.), SZ DJI Technology Co., Ltd. (China), Drift Innovation (U.K.), YI Technology (China), Eastman Kodak Company (U.S.), Nikon Corporation (Japan), Rollie (Germany), Panasonic Corporation (Japan), and Xiaomi (China) among others.
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