action camera market is expected to reach $3.2 billion by 2027— Allied Market Research

According to a new report published by Allied Market Research titled, “Action Camera Market by End User, Technology, and Distribution Channel: Opportunity Analysis and Industry Forecast, 2021–2027,” The action camera market size was valued at $2.1 billion in 2019, and is projected to reach $3.2 billion by 2027, growing at a CAGR of 8.6 % from 2021 to 2027. North America dominated the market in 2019, accounting for nearly 34% of the total market share. The action camera market exhibits an incremental revenue opportunity of $1.1 billion from 2019–2027.

The action camera market holds a substantial scope for the market growth. The market is currently in its growth stage; however, its contribution to the global market is expected to increase significantly during the forecast period. Increase in demand for compact cameras has enforced the market to produce innovative products with various features such as water proofing, Wi-Fi connectivity, and latest sensor technologies. Growth of the global population and rise in per capita income boost the market growth, thus increasing production of action cameras. Change in consumer behavior in the personal use segment and preference of consumers for mobile phones over action cameras are expected to affect sales in coming years. Although, numerous players are entering the action camera market with innovative cameras with new features. Emerging innovative cameras with compact sizes are expected to increase the market competition in years to come.

Growth in population in developing countries, such as China and India, has increased demand for body worn cameras and action cameras. This increase in population, coupled with per capita income has increased demand for action cameras, further raising production of cameras. In emerging countries, per capita income is more as compared to developed countries and hence, adoption of new and innovative products such as body worn cameras, diving cameras, and action cameras is eventually higher.

The action camera market is segmented on the basis of end user, technology, distribution channel, and region. By end user, it is categorized into professional and personal. The professional segment was valued at $1.3 billion and is expected to growth with a CAGR of 7.7 (2019-2027) to reach $1.9 billion by 2027. The personal segment is expected to be the fastest growing segment with a CAGR of 9.9% during the forecast period. The fastest growth of personal segment is attributed increase in demand for personal users for different types of action cameras made with various attractive features. 

By technology, it is categorized into standard definition (SD), high definition (HD), and ultra-high definition (Ultra HD). On the basis of distribution channel, the market is divided into brand outlets, supermarkets/hypermarkets, e-commerce, and specialty stores. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, France, Italy, Germany, Russia, and rest of Europe), Asia-Pacific (China, India, Japan, South Korea, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, the UAE, Saudi Arabia, and rest of LAMEA). Countries such as China, the U.S. and the UK, NORDIC countries, India, and South Korea are largest spenders on action cameras. In addition, factors such as product availability, socio-economic status, per capita expenditure and consumer purchasing power are responsible for the growth of the action camera market in these regions.

Key Findings Of The Study

• The ultra-HD products segment is expected to grow at a CAGR of 11.9% during the forecast period.
• Asia-Pacific is anticipated to dominate the action camera market growth, registering a CAGR of 13.4%
• Professional segment is projected to contribute with highest market share during the forecast time period, with around 60% market share in 2027, and CAGR of 7.7%
• The e-commerce distribution segment is anticipated to dominate the global action camera market, with a CAGR of 12.6% during the forecast period.
• The specialty store segment is estimated to grow at a CAGR of 7.6% during the forecast period. 

The global market is fragmented with the presence of several market participants across various regions. The strong presence private label brands is giving tough competition to global players. The key players operating in Global Action camera market include GoPro, Inc., Samsung Electronics Co., Sony Corporation, Shenzhen Arashi Vision Co., Ltd, Drift Innovation Ltd, The Ricoh Company, World Wide Licenses Ltd –iON, Eastman Kodak Company, Toshiba Corporation, and Xiaomi Corporation.