Capture the Action: Action Camera Market Analysis and Growth Forecast 2024

The action camera market size has grown rapidly in recent years. It will grow from $3.81 billion in 2023 to $4.41 billion in 2024 at a compound annual growth rate (CAGR) of 15.5%. The growth in the historic period can be attributed to rise of social media, rise in outdoor activities, change in consumer lifestyle, increased adoption of smartphones, increased use of smart devices.

The action camera market size is expected to see rapid growth in the next few years. It will grow to $7.63 billion in 2028 at a compound annual growth rate (CAGR) of 14.7%. The growth in the forecast period can be attributed to rising penetration of the internet, rising professional activities, growing popularity of documentaries and short films, sports and e-sports growth, rise in disposable income. Major trends in the forecast period include use of miniature sensors, waterproof and rugged features, 360-degree video and vr, live streaming integration, ai-enhanced features.

Market Overview -
Action camera refers to a digital camera intended for recording immersive action photos that are typically mounted to helmets, bike or motorbike handlebars, the chest, or a tripod. The action camera has a wider lens and is smaller, more durable, and waterproof than other types of cameras. Numerous athletes, sports fans, and hikers use it extensively in outdoor activities and sports.

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Action Camera Market Growth Driven By Extreme Sports, Holidays, And Music Festivals
The rise in extreme sports events, holidays, and music festivals is driving the growth of the action camera market. Action cameras are majorly used to capture sports events, holiday musical events, and many other activities such as actions and adventures of surfing, skateboarding, skiing, climbing, skydiving, bicycle racing, biking, and other sports. The action camera is handier than a DSLR (digital single-lens reflex camera) because of the fixed point-and-shoot model. They can be placed anywhere, from a dashboard to underwater, to capture high-quality videos and photos. There will be a significant need for action cameras in response to the rise in extreme sports events, holidays, and music festivals. For instance, according to the 2021 Holiday Travel Survey by a US-based Travel Planner, The Vacationer, conducted to find out how many Americans will travel this coming holiday season (Thanksgiving and Late December holidays), close to 63% of all Americans aged 18 or older (161 million adults) said to be traveling for at least one holiday in 2021, showing a 37% increase in holiday travel when compared to last year's survey. It shows that there is a rise in the holidays. Thus, the rise in extreme sports events, holidays, and music festivals is expected to drive the growth of the action camera market.

Competitive Landscape -
Major companies operating in the action camera market 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, Eastman Kodak Company, Mokacam Technology Co. Ltd., Monoprice Inc., Olympus Corporation, Polaroid Corporation, Ricoh Company Ltd., Shenzhen Hongfeng Century Technology Co. Ltd., Shenzhen ThiEYE Technology Co. Ltd., TomTom International BV, Shenzhen Jiehe Technology Development Co. Ltd., VTech Holdings Limited, Shanghai Xiaoyi Technology Co. Ltd.

Digital Upgradation And Internet Of Things (IOT) Transforming Action Cameras
The digital upgradation and use of IoT is the key trend gaining popularity in the action camera market. Major companies are focusing on adopting visual computing, AI (artificial intelligence), and edge computing in smart action camera products to enable better productivity with ease and convenience. IoT application-based action camera helps to build an ecosystem for remote downloading and accessing device data at user ease. The digital upgradation and use of IoT also focus on creating an ecosystem of connected devices such as an action camera connected with an external device for multiple usages. For instance, in May 2022, Hero Electronix, the Hero Group's technology company, launched Qubo Smart Dash Cam with artificial intelligence. It has a built-in 6-axis G-sensor that can auto-detect a sudden shake or collision and store the recording in the event file and comes with a mobile app for both Android and iOS to access the file. It can be easily set up on the dashboard and record photos and videos while driving. In addition, in November 2021, Hero Electronix announced its plan to launch smart sunglasses as well as action cameras with a vision to create a novel connected device ecosystem.

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Key Segments -

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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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