Action Camera Market Subjected to Expand Moderately by 2023
Posted by Minakshi on February 24th, 2021
The global Action Camera Marketis expected to witness substantial growth during the forecast period. North America accounted for the largest market share of 39.9% of the total market in 2017, with a market value of USD 1,691.0 million; the market is expected to register a CAGR of 11.2% during the forecast period. The presence of GoPro, Inc. which holds a leading spot and nearly half of the total market share is driving the growth of the action camera market in the region. The US and Canada are both countries with high disposable income. Moreover, the consumer electronics market in North America is highly developed and mature. Every major company has a physical store in the US which further contribute to the overall sales of action cameras in the region. However, higher competition from the new Asian companies providing cheaper products than the established players is posing as a challenge for the companies operating in North America.
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Asia-Pacific was the second-largest market in 2017, valued at USD 1,443.8 million; it is projected to register the highest CAGR of 17.4%. Highly active social media users and the rising popularity of social networking sites for sharing photos and videos are expected to increase the demand for action cameras exponentially. Innovation by companies such as Sony Corporation, Panasonic Corporation, and SJCAM, and their entry into action camera market have increased the rivalry among the established players. Another major factor that helps in the growth of the action camera market is the cost-sensitive consumer base. The local and regional companies offer action cameras with similar or advanced features at lower rates. Moreover, the British government and other authorities in countries are planning on investing in the deployment of action cameras for law enforcement and surveillance activities. However, most of the South American and African countries are witnessing a relatively low demand for action cameras.
The global Action Camera Market is expected to grow from USD 4,237.9 million in 2017 to USD 9,382.5 million by 2023, at a CAGR of 14.2% during the forecast period (2018–2023).
Global Action Camera Market Segmentation
The global action camera market has been segmented on the basis type, technology, distribution channel, end user, and region. The type segment has further been divided into box style, cube style, bullet style, and periscope and 360°. The technology segment has been classified as ultra HD, full HD, HD, and SD. On the basis of distribution channel, the market has been bifurcated into online and brick & mortar stores. Based on end users, the market has been segmented personal and professional. On the basis of region, the market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world.
Some of the prominent players in the global action camera market are Sony Corporation (Japan), Garmin Ltd (US), GoPro Inc. (US), Olympus Corporation (Japan), SZ DJI Technology Co., Ltd (China), Veho World (UK), SJCAM Limited (China), TomTom N.V. (Netherlands), PLR Ecommerce, LLC (US), Panasonic Corporation (Japan), Nikon Corporation (Japan), and YI Technology (China)
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About the AuthorMinakshi
Joined: January 28th, 2021
Articles Posted: 259
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