The compact camera module market is projected to grow at CAGR of 9.72% between 2017 and 2023

The recent study on the compact camera module market covers an in-depth analysis of the market on the basis of application, components, and geography. The report also covers the country level analysis within the regions as well. Additionally, the report covers the key trends in the market along with drivers and restraint during the forecast period 2018-2023. According to the report titled “Compact Camera Module Market – Forecast from 2018 to 2023”, the market is estimated to grow at a CAGR of 9.72% to reach a market size of US$52.632 billion in 2023 from US$30.167 billion in 2017. The report has segmented the compact camera module market by application (consumer electronics, security and surveillance, communication devices, medical devices, others), components (lens, actuators, sensors, adhesive, others) and by geography such as North America (United States, Canada, Mexico, others), South America (Brazil, Argentina, others), Europe (Germany, France, United Kingdom, Spain, others), Middle East and Africa (Saudi Arabia, Israel, others), and Asia Pacific (China, Japan, South Korea, India, others). The growing focus on improving the rear mobile cameras, in order to match its performance with the high-end digital photography cameras, is significantly driving the demand for compact camera modules. Furthermore, the trend towards enhancing the performance and features of the front end camera in the smartphone is further projected to augment the demand for a compact camera module. Moreover, the shift towards installing dual front and rear cameras by the smartphone manufacturers is further the providing the opportunity for the compact camera module manufacturers to generate higher revenues.

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The demand from the automotive industry is growing at a high CAGR.

The growing proportion of electronic contents within the vehicles is estimated to drive the compact camera module market. The growing investment in ADAS and automated driving is significantly pushing the demand for automotive cameras for auto parking, lane departure warning system, adaptive camera, and rear view camera applications among others.

Some of the major players discussed in the reports are Truly Opto-Electronics Ltd., Delo, LG Innotek, and LITE-ON Technology Corporation, among others.

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