Action Camera Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 20

Posted by Statzy Market Research on April 13th, 2021

The market for action cameras is expected to witness a substantial growth due to the various benefits it provides in comparison with either standard point and shoot or DSLR. The various benefits provided are the provision of recording 4k videos in top-notch quality without any hassle, compact size, provision to capture different angles extreme sports such as surfing and skiing, and ability to use as a car dashcam.

- Action cameras are designed such that the videos shot on these devices provide the first-person perspective to the viewers. This is generating interest among the viewers as they have can develop their personal view into activities such as surfing, rock climbing, and skiing.

- Various factors such as the increasing use of smart gadgets, rise in extreme sports events, holidays, and music festivals, the growing trend of sharing content on social networking websites, and booming consumer electronics industry are driving the growth of the action camera market.

- Further, in the age where smartphones with advanced lens and features are available within an affordable price, the price of the action cameras could hinder the growth of the market. However, this challenge of a price war among the latest devices is handled with the players in the market introducing low cost, durable, waterproof, weather resistance, and compact design action cameras.

Key Market Trends

Increased Use of Action Cameras Amongst the Adventure Enthusiasts is Expected to Aid the Market Growth

- The growing popularity of sports events and outdoor adventure activities at the domestic and regional levels and the increase in sports enthusiasts and adventurists are further supporting the growth of the market. The action cameras are increasingly being used in sports and adventure activities such as surfing, rock climbing, and skiing as action cameras are designed in such a way that the videos shot on these devices provide the first-person perspective to the viewers.

- Growing involvement in sports to adopt a healthy and active lifestyle, and popularity of adventure sports such as trekking, mountain racing, and ice skating is attracting the consumers from countries across the globe for sports participation and influencing the sales of these devices.

- Also, the increasing use of social media platforms for sharing live videos and pictures and for various promotional and marketing activities is augmenting the growth of the market studied. Developing countries such as India, China are observing an increasing trend of social media adoption among individuals.

- According to Facebook, it had 1,562 million active users daily, as of the first quarter of 2019. In fact, Twitter stated that 500 million Tweets are sent each day and 9% more people are using Twitter every day, reinstating the growing penetration of social media networks at a global level

- However, an incremental technological advancement in the smartphone cameras with the smartphone makers making heavy investments in the market is expected to hinder the market growth. Also, the affordable rate of smartphones with advanced camera features as compared to the action cameras is further expected to hinder the market growth of the action cameras in the forecast period.

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North America Region is Expected to Contribute Significantly

- The North American region is expected to contribute significantly to the market studied, over the forecast period, owing to the presence of a large number of vendors, who are also investing hugely in market innovation, coupled with the dominance of the United States in the global market.

- The growing production volume of light commercial vehicles and the growing influence of the New Car Assessment Program (NCAP) is expected to drive the demand for action cameras in the North American region.

- North America is one of the leading markets owing to various factors such as the increasing trend of athleticism, rising concern for health, among others. The increasing participation of individuals in extreme sports events is further supporting the market growth.

- Physical Activity Council (PAC), US estimated that the % of individuals who had participated in fitness sports and outdoor sports has increased from 60.1% and 53.9%, in 2013 to 66.0% and 59.2%, in 2018, respectively. Outdoor sports included trail running, cross-country skiing, stand-up paddling, hiking, etc.

Competitive Landscape

The competitive landscape of the global action camera market is moderately consolidated with few vendors available globally, with the majority of the market share. The market players are increasingly making significant investments in terms of new product launches while making various innovations in the existing products. This will help them gain maximum market traction, as the market is continuously evolving due to the emerging trends.

- January 2020 - Insta360 showcased One R Convertible Action Camera in CES. The company's latest camera is waterproof and can be used as a standard action camera or as a 360-degree capture device.

- October 2019 - GoPro released new versions of both its Hero line and its newer 360-degree ruggedized action cameras. The GoPro Hero8 Black’s most significant change is that it gains a new body design that incorporates GoPro’s signature mounting system right into the case so that users no longer need add-on frames to attach it to selfie sticks, suction mounts, body mounts and more.

- March 2019 - Sony announced the successor for its rugged RX0 action camera, the RX0 II. Sony’s new action camera has a 180-degree flip-up screen. It caters to the demands of the vloggers and action shooters of a tiny camera that can fit in a pocket but can still shoot high-quality vlogs.

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