Compact Camera Module Market to Hit US$ 67.6 Bn by 2031, Growing at 11.7% CAGR: TMR Analysis

The Global Compact Camera Module Market (Markt für Kompaktkameramodule) size, which stood at US$ 40.3 Bn in 2022, is expected to surge at a robust CAGR of 11.7% from 2023 to 2031, reaching an estimated value of US$ 67.6 Bn by the end of 2031. This significant growth is driven by the expanding applications of compact camera modules (CCMs) in advanced driver-assistance systems (ADAS) technology and the increasing integration of high-resolution cameras in smartphones.

Industry experts highlight that the decline in average selling prices of CCMs, coupled with continuous innovation, is creating lucrative opportunities for manufacturers in the compact camera module industry. Additionally, the rising demand for connected and autonomous vehicles is anticipated to further propel advancements in CCM optics, contributing to market growth.

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Market Introduction: Compact camera modules (CCMs) are miniature imaging systems primarily integrated into mobile devices such as smartphones, tablets, and laptops. The resolution of a camera in a smartphone has become a critical feature influencing consumer buying decisions. The development of smaller, lighter, and more efficient camera modules has been driven by the widespread adoption of smartphones and technological advancements.

CCMs are customizable based on the specifications required by different sectors. For instance, the resolution of CCMs in tablets, smartphones, robots, PCs, medical devices, and other electronic devices can range from 5 megapixels to 24 megapixels. The increasing use of CCMs in automotive cameras, security systems, medical devices, and drones is generating substantial market opportunities. Moreover, the integration of CCMs in augmented reality (AR) and virtual reality (VR) applications is expected to further boost market growth.

Market Dynamics
Increasing Penetration of Smartphones and Tablets
According to GSMA Intelligence, over 65% of the global population owns a smartphone, with additional users of tablets and laptops. The integration of CCMs in these devices has prompted camera manufacturers to explore the holistic applications of compact camera modules beyond single-purpose uses. Modern smartphones, equipped with micro camera systems, can be utilized as portable optics modules or mobile spectrometers, measuring light intensity in transmission, emission, or reflection. These multifaceted applications of smartphones and other display devices embedded with CCMs are expected to drive market trends during the forecast period.

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Rising Demand from the Automotive Sector
The demand for enhanced safety features and autonomous driving technology in vehicles is driving the integration of CCMs in advanced driver-assistance systems (ADAS). Applications such as parking assistance, blind spot identification, surround vision cameras, and rearview mirror replacement are becoming increasingly common. According to the European Automobile Manufacturers' Association, global motor vehicle production reached 85.4 million units in 2022, a 5.7% increase from 2021. This trend is expected to continue, boosting the adoption of CCMs in the automotive sector. Advancements in low-light performance, such as increased ISO settings for better sensor sensitivity, are also expected to drive market growth.

Regional Market Insights
The Asia Pacific region holds a prominent share of the compact camera module market (Marché des modules d'appareils photo compacts), driven by the widespread adoption of smartphones and tablets in countries like India and China. The demand for thinner and faster laptops and notebooks among the millennial population is prompting manufacturers to develop miniature camera assemblies. The rise of smart cities in Asia Pacific is further boosting the integration of advanced video cameras for surveillance, contributing to market growth. Prominent manufacturers in South Korea and Thailand are key contributors to the region's market expansion. For instance, LG Innotek announced an investment of US$ 1.07 Bn in July 2022 to expand the production of camera modules and other electronic parts at its Gumi manufacturing campus by the end of 2023. Similarly, Chicony Electronics Co. Ltd. began producing keyboard and CCMs at its new plant in Thailand in May 2021.

Key Players and Competitive Landscape
The global compact camera module market is highly competitive and fragmented. Leading players are focusing on R&D activities to launch innovative modules with enhanced features. Key players are also expanding their product portfolios through partnerships and collaborations to strengthen their global presence. Notable companies operating in the market include LG Innotek, Semco, Foxconn Sharp, O-Film, Sunny Optical, Henkel, Liteon, Menex, Q-tech, and Cowell.

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