NEW YORK, April 11, 2024 /PRNewswire/ — The global action camera market size is estimated to grow by USD 3659.29 mn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of over 16.47% during the forecast period. North America held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 37%.
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Technavio has announced its latest market research report titled Global Action Camera Market 2023-2027
North America is expected to play a pivotal role in propelling the global action camera market
Geographic Landscape:
The Action Camera Market in North America continues to thrive, driven by the region’s popularity in underwater sports and outdoor adventures. With offerings from industry leaders like YI Technology, Insta360, GoPro, Motorola, and Hero Electronix, consumers have a range of options from Box Style, Cube Style, and Bullet Style cameras. Advanced features such as Periscope & 360-degree recording, Boost mode, Horizon leveling, and 4K resolution cater to both professional and enthusiast markets. DSLR alternatives are increasingly being replaced by these smart gadgets at extreme sports events, holidays, music festivals, and social networking websites. Wi-Fi and Bluetooth connectivity enable seamless sharing on platforms like Facebook, TikTok, Twitter, and Instagram. Ultra HD variants and IoT integration further enhance the user experience. Sports Marketing Surveys indicate a growing trend towards action cameras for promotional activities and active lifestyle activities, including trekking, mountain racing, ice skating, and more.
Research Analysis
The Action Camera market has experienced significant growth due to the increasing popularity of extreme sports and the desire to capture high-quality footage during professional activities and seasonal cycles. DSLR cameras are no longer the only option for capturing stunning visuals, as Action Cameras offer a more portable and durable solution. Extreme sports enthusiasts, tourists, and music festival goers alike are turning to devices like GoPro and Leica to document their adventures in Ultra HD. Vehicles, motorbikes, surfboards, and even mountaineering expeditions can be recorded with ease. Social Media platforms have fueled this trend, allowing users to share their experiences with a global audience in real-time via Wi-Fi. AI and VR techniques are also being integrated into Action Cameras, enhancing the user experience and expanding their applications beyond extreme sports events.
Market Drivers
The Action Camera market is experiencing significant growth, driven by the rising popularity of extreme sports and social networking websites. DSLR cameras have been traditionally used for capturing action-packed moments, but action cameras offer portability and versatility, making them ideal for extreme sports events, holidays, music festivals, and outdoor adventures. Brands like GoPro, Hero Electronix, Leica, and Ricoh Theta Z1 are leveraging Wi-Fi and Bluetooth connectivity, 4K resolution, and IoT technology to cater to the active lifestyle market. Car dashcams and mounts for motorbikes, surfboards, and other vehicles are also gaining popularity. Social media platforms like Facebook, TikTok, Twitter, Instagram, and Snapchat are key promotional tools for action camera brands, with GoPro partnering with Comcast to reach a wider audience. Sports marketing surveys indicate a growing trend towards Ultra HD variants, as consumers seek higher quality content for their social media presence. Smart gadgets and gimbal stabilizers further enhance the user experience, while artificial intelligence and smartphone cameras pose potential competition. NCAP regulations ensure safety standards for car dashcams, and sports events continue to provide opportunities for action camera adoption.
Market Overview
The Action Camera Market is experiencing significant growth, with various players offering innovative solutions. Sporters and adventurists are increasingly adopting these devices for capturing high-definition videos and images in extreme conditions. The market consists of companies like GoPro, Sony, and Garmin, among others. These companies offer features such as 4K resolution, Wi-Fi connectivity, and waterproofing. The market is driven by factors such as the increasing popularity of extreme sports and the rising demand for portable and wearable devices. The market is expected to continue its upward trend, with new technologies and innovations expected to further fuel growth. The market also caters to the needs of professionals, hobbyists, and everyday users, making it a versatile and dynamic industry. Holidaymakers and musicians are also utilizing these devices for unique perspectives and experiences. Ultimately, the Action Camera Market offers a wide range of benefits and applications, making it an exciting and evolving sector to watch.
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About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio