Action Cameras Market Analysis and Latest Trends
Action cameras are compact, portable devices that are designed to capture high-quality video and images in extreme conditions. These cameras are specifically built to withstand rugged environments and are often used for sports and outdoor activities. They feature wide-angle lenses, waterproof and shockproof casings, and various mounting options, making them ideal for capturing adventure footage.
The action cameras market has been experiencing significant growth in recent years due to the rising popularity of adventure sports, outdoor activities, and vlogging. The demand for action cameras has been fueled by the increasing number of people participating in activities like skiing, surfing, mountain biking, and skydiving, who wish to document and share their experiences. Furthermore, the growing presence of social media platforms and the increasing use of these platforms for sharing visual content have also contributed to the market growth.
In addition, the continuous advancements in technology have led to the introduction of innovative features in action cameras, such as built-in Wi-Fi, image stabilization, 4K resolution, and voice control, enhancing the user experience and attracting more consumers. Action cameras are also being increasingly used in professional videography and filmmaking.
The market growth analysis suggests that the action cameras market is expected to grow at a compound annual growth rate (CAGR) of 5.2% during the forecast period. The key factors driving this growth include the increasing consumer inclination towards adventurous activities, the growing popularity of social media platforms, and the continuous innovation and improvement in action camera technology. With the market becoming more competitive, leading manufacturers are focusing on product development and strategic partnerships to expand their market share and stay ahead of the competition.
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Action Cameras Major Market Players
The action cameras market is highly competitive, with several key players dominating the industry. Some of the major players in the market are GoPro, Garmin, Sony, SJCAM, Panasonic, RICOH, iON, Contour, Polaroid, Drift Innovation, Amkov, and DJI.
GoPro is one of the leading companies in the action cameras market. It offers a wide range of products, including the HERO7, Fusion, and HERO8. GoPro has shown consistent market growth due to its superior technology and brand recognition. The company has a global market share of around 20% and is expected to witness future growth due to its continuous innovation in camera technology and expansion into new markets.
Sony is another significant player in the action cameras market, offering products such as the Sony HDR-AS50 and FDR-X3000. Sony has a strong brand presence in the consumer electronics industry and has witnessed steady market growth. The company is expected to further expand its market share by focusing on product diversification and technological advancements such as image stabilization and high-resolution video recording.
Garmin, primarily known for its GPS devices, has also made a mark in the action cameras market. The company's VIRB series, including VIRB Ultra 30 and VIRB XE, have gained popularity among consumers. Garmin has achieved a substantial market share, leveraging its strong distribution network and brand reputation. The company is expected to witness future growth by targeting consumers in the sports and adventure segment and expanding its product portfolio.
SJCAM, a Chinese manufacturer, has emerged as a significant player in the action cameras market. The company offers a range of budget-friendly products with impressive features, appealing to price-conscious consumers. SJCAM has experienced considerable market growth in recent years due to its competitive pricing strategy and product quality. Moreover, the company's focus on expanding its global distribution network has contributed to its market success.
In terms of sales revenue, GoPro generated over $1.2 billion in revenue in 2018, while Sony's imaging products, including action cameras, contributed to approximately $9 billion in sales during the same year. Garmin's overall revenue in 2018 was around $3.3 billion, with action cameras contributing a significant portion. Unfortunately, precise revenue figures for the other companies mentioned are not readily available.
The overall market size of the action cameras industry is expected to reach $8.9 billion by 2025, driven by increasing consumer interest in adventure sports, rising demand for high-quality action footage, and advancements in camera technology. This projected growth presents significant opportunities for companies to expand their market presence and increase sales revenue.
What Are The Key Opportunities For Action Cameras Manufacturers?
The action cameras market has experienced substantial growth in recent years and is projected to continue growing at a healthy rate in the future. The increasing popularity of outdoor activities, adventure sports, and vlogging has significantly surged the demand for action cameras. The market is driven by advancements in camera technologies, such as improved image stabilization, higher frame rates, and enhanced durability, making them more appealing to customers. Additionally, the rise of social media platforms and the growing trend of sharing personal experiences has further fueled the market growth. As the outdoor and adventure industry continues to expand, the action cameras market is expected to witness continued growth and innovation.
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Market Segmentation
The Action Cameras Market Analysis by types is segmented into: