Pocket Video Camera Market to Set Phenomenal Growth by 2028
Posted by Shashiipawar on April 18th, 2019
Also See: Video Camera, Pocket Video, Global Pocket, Forecast Period, Video, Pocket, Market
The past decade has been decisive in defining the market status of pocket video camera globally. While pocket and flip camcorders hit the market with more sales against traditional camcorders, the former has been undergoing downfall after 2010. Currently, the global pocket video camera is on decline, losing a considerable chunk of market share. FMI’s market research outlook for the forecast period 2016-2026 indicates the sustenance of this scenario through 2026.
Restraints to the Demand for Pocket Video Camera
The demand for pocket camcorders is constantly declining against the growing use of digital cameras and smartphones, which have gained a firm hold within the market. Although relatively lower prices and superior optical zoom remain the camcorders’ strong fortes, the emergence and widespread acceptance of the other two are expected to continue grasping more market size, contrary to camcorders.
According to FMI’s market research, a majority of the population that has been using a smartphone for photography as well as video recording, does not prioritise high resolution quality as long as their mobile devices allow quick capturing, easy editing and manipulation, and convenient sharing. This in turn is expected to curb the demand for camcorders in the forecast period as well.
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Factors Identified to Drive Market Growth
The average price of a pocket camcorder ranges between US$ 100 and US$ 300, which is a key driver expected to sustain its demand in the market. The prices are much lesser compared to digital camera and smartphone.
Leading pocket video camera manufacturers have been introducing various advanced technologies to the market, which aim at providing unparalleled video quality, sharing options, and enhanced features. This could be a stimulant to the demand for camcorders during the forecast period.
Compact size and exceptional optical zoom have played a key role in popularising pocket camcorders. While smartphones and digital cameras successfully took over pocket video cameras in terms of compact size, pocket camcorders maintain their optical zoom superiority in the market, which is projected to compel consumers to buy dedicated camcorders, in contrast to the other two.
Global Pocket Video Camera: Market Segmentation
FMI’s report on the global pocket video camera market offers a 10-year forecast based on the segmentation of the market based on the product size and application.The market is further sub-segmented according to commercial areas, consumer segment, and others. Apart from this, the global pocket video camera market is also divided on the basis of various price ranges such as premium, mid-size, and low price ranges. The market is further bifurcated on the basis of distribution channel, including multi-brand store, single-brand store, and online store.
Geographically, the global pocket video camera industry is divided by major regions, including North America, Latin America, Western and Eastern Europe, Asia-Pacific excluding Japan, Japan, and Middle East and Africa. North America accounts for a major market share for pocket and flip camcorders, and is predicted to maintain a considerable market size on a global level.
Current and Upcoming Trends in Market
Opportunities for Manufacturers
Pocket camera manufacturers can invest in web services, which would be complementary to photos or videos, allowing for innovative hardware capabilities, and enhanced features to cater to evolving consumer interests.
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Global Pocket Camcorder Market: Key Players
The key players identified to capture significant market shares in the global pocket video camera market include Sony Corporation, JVC Corporation, Panasonic, GoPro, Kodak, Cisco, Contour Inc., and Xiaomi. Sony and JVC remain the most sought after brands among pocket camera consumers.
Most of the leading market brands are focusing on innovative product development and brand reinforcement, which is anticipated to push the sales of pocket camera recorders in the near future. Launching of superior pocket video camera models offering ultra-HD video quality, easy shareability, and quick editing feature is expected to reevaluate the pocket camcorders market over the forecast period 2016-2026.
If the market continues to decline during the forecast period, major brands such as Sony, Canon, and Samsung might not have to face a major impact, as their adjuvant businesses will continue to bring in significant profits. However, the downfall of the pocket camcorder market will certainly pose a major influence on Nikon, being the only player that capitalises exclusively on cameras.
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