According to a new report by Allied Market Research, titled, Global Compact Camera Module Market by Component and Application: Global Opportunities Analysis and Industry Forecast, 2018-2024, the global compact camera module market was valued at $26.66 billion in 2017, and is projected to reach at $57.81 billion by 2024, registering a CAGR of 11.4% from 2018 to 2024.
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Compact camera modules have gained momentum in the recent years owing to the growth in consumer electronics industry. The smartphone manufacturers continue to innovate in advanced camera module technologies thus propelling the growth of the compact camera module market.
Increase in the smartphones shipped, particularly in Asia-Pacific significantly drives the market growth. Further, rise in need for slimmer smartphones with advanced cameras influence several technological advancements in the compact camera module market.
The report features a competitive scenario of the global compact camera module market and provides a comprehensive analysis of the key growth strategies adopted by major players. The key players operating in the global compact camera module market include Semco, LG Innotek, O-Film, Foxconn Sharp, Henkel, Sunny Optical, Menex, Liteon, Cowell, and Q-tech. These players have adopted competitive strategies, such as innovation, new product development, and market expansion to boost the growth of the market.
The growth in ADAS and automated driving makes way for lucrative opportunity for the market growth. ADAS utilizes image sensors to provide safety features such as lane-departure warning, parking assistance, and collision avoidance systems. The automated driving and ADAS systems largely benefit from the digital still camera manufacturers and the expertise developed from the mobile camera modules.
Key Findings of the Compact Camera Module Market:
- The image sensor sub-segment accounted for the highest share in 2017.
- The consumer electronics sector dominated the market in 2017 owing to increased adoption in smartphones.
- Asia-Pacific dominated the global compact camera module market in 2017, owing to the presence of huge number of manufacturers. Further, China accounts for a major percentage of the regional revenue.