Capturing Adventures: Action Camera Market Insights
The Business Research Company’s Action Camera Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032
LONDON, GREATER LONDON, UK, January 2, 2024 /EINPresswire.com/ — The action camera market has experienced robust growth, surging from $3.81 billion in 2023 to an anticipated $4.41 billion in 2024, demonstrating an impressive Compound Annual Growth Rate (CAGR) of 15.5%. This trajectory is poised to continue, propelling the market to reach $7.63 billion by 2028, with a projected CAGR of 14.7%.
Driving Forces: Rise in Extreme Sports, Holidays, and Music Festivals
The growth of the action camera market is propelled by the surge in extreme sports events, holidays, and music festivals. Action cameras play a pivotal role in capturing diverse activities, including sports adventures like surfing, skateboarding, skiing, and more. The rise in holiday travel, exemplified by a 37% increase in holiday travel among Americans in 2021, underscores the increasing need for action cameras. This trend is expected to persist as the popularity of extreme sports and festive events continues to grow.
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Rising Travel and Tourism Amplifies Demand:
The action camera market is further fueled by increased travel and tourism, where these compact and durable devices find extensive use in capturing adventurous moments. The U.S. Department of Commerce reported a notable increase in international arrivals for travel and tourism, reaching 22.1 million in 2021. As travel and tourism activities continue to rise, the demand for action cameras is expected to follow suit.
Key Players Shaping the Market:
Major players influencing the action camera market landscape include GoPro Inc., Garmin Ltd., Nikon Corporation, Sony Corporation, Veho World Limited, 360fly Inc., Activeon Inc., AEE Technology Inc., Akaso, Apeman Global, Brinno Inc., Campark, Crosstour, SZ DJI Technology Co. Ltd., Drift Innovation Ltd., Shenzhen Arashi Vision Co. Ltd., ISAW Camera Inc., JVCKENWOOD Corporation, and others.
Digital Upgradation and IoT Integration: Transformative Trends
A key trend shaping the action camera market is the digital upgradation and integration of the Internet of Things (IoT). Companies are adopting visual computing, AI, and edge computing in smart action camera products. This facilitates improved productivity, ease of use, and connectivity with other devices, creating an ecosystem for remote data access and multiple functionalities. Hero Electronix’s launch of the Qubo Smart Dash Cam with AI and plans for smart sunglasses and action cameras showcase the growing influence of digital upgradation and IoT in the market.
Regional Dynamics: North America Leading, Global Presence
In 2023, North America emerged as the largest region in the action camera market. The comprehensive market analysis spans regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Market Segmentation:
The action camera market covered in this report is segmented –
1) By Type: Box Style, Cube Style, Bullet Style, Periscope & 360°, Other Types
2) By Resolution Type: Full HD, HD, Ultra HD, Other Resolutions
3) By Distribution Channel: Brand Outlets, Supermarkets/Hypermarkets, E-Commerce, Specialty Stores
4) By Application: Sports, Travel And Tourism, Recreational Activities, Entertainment And Media, Automotive, Emergency Services, Other Applications
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Action Camera Global Market Report 2023 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Action Camera Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on action camera market size, action camera market drivers and trends, action camera market major players, competitors’ revenues, market positioning, and action camera market growth across geographies. The action camera market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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