Action Camera & Accessories Market by Product Offering (Action Camera, Accessories), Technology (Full HD, Ultra HD), Frame Rate (31-60, 61-120 fps), Distribution Channel (Online, Offline), End User (Personal, Professional), and Application (Sports, Travel & Tourism) – Global Forecast to 2027
London, Oct. 21, 2021 (GLOBE NEWSWIRE) — According to a new market research report titled “Action Camera & Accessories Market by Product Offering (Action Camera, Accessories), Technology (Full HD, Ultra HD), Frame Rate (31-60, 61-120 fps), Distribution Channel (Online, Offline), End User (Personal, Professional), and Application (Sports, Travel & Tourism)– Global Forecast to 2027”, published by Meticulous Research®, the action camera & accessories market is expected to grow at a CAGR of 13.5% from 2021 to 2027 to reach $6.58 billion by 2027. In terms of volume, the action cameras market is estimated to grow at a CAGR of 12.1% from 2020 to 2027 to reach 29.9 million units by 2027 from 13.4 million units in 2020.
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Action cameras are digital cameras designed to record action while performing activities. These cameras are designed to be compact and rugged and are largely waterproof and shockproof, making them suitable for high-intensity activities. Action camera accessories are used to mount, place, support, protect, and charge the cameras. These include batteries, mods, mounts, protectors, and other accessories.
The growth of this market is backed by factors such as the growing demand for action cameras in adventure sports and growth in travel blogging across the globe. Moreover, the rising demand for advanced action cameras across the automotive sector provides significant opportunities in this market. However, smartphone availability featuring high-resolution & wide-angle cameras obstruct this market’s growth to some extent. In addition, data security concerns are challenging the growth of the action camera & accessories market.
The Impact of COVID-19 on the Action Camera & Accessories Market
With the increasing number of COVID-19 cases globally, consumers opted to spend on necessities and food products compared to recreational & leisure activities, travel & tourism, and adventure sports in the highly impacted regions, including Europe and Asia-Pacific. Panic buying among consumers led to empty shelves at retail outlets due to the scarcity of essential goods. In the first and second quarters of 2020, consumers stored huge quantities of grocery & food commodities due to lockdowns and the limited availability of goods across retail stores. This situation resulted in a massive decline in the demand and sales of basic and advanced consumer electronics products, including action cameras. Also, the imposition of stringent lockdowns and the temporary halting of recreational and sports activities such as boating, mountaineering, skiing, and underwater sports negatively impacted action camera businesses globally.
Lockdowns across major countries led to the shutting down of manufacturing facilities and the imposition of trade restrictions across borders, halting production. Entire supply chains were disrupted, which created a demand-supply gap. The consumer electronics industry was highly impacted as consumers were not spending on high-cost electronic products due to the global economic downturn.
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The sudden outbreak of COVID-19 had an unprecedented impact on public health and businesses alike. Following the WHO’s social distancing guidelines for minimizing the spread of the virus, people avoided air travel, hotels, cruises, and crowded places. These factors reduced the participation of consumers in sports activities, and travel restrictions further impacted the demand for action cameras.
The action camera & accessories market is segmented based on product offering, technology, frame rate, distribution channel, end user, and geography. The study also evaluates industry competitors and analyzes the market at the country level.
Rise in Travel Blogging Across the Globe to Drive the Growth of the Market
The travel & tourism sector contributes greatly to the global economy. The growing tourism industry contributes to economic growth, job creation, and development worldwide. According to the United Nations World Tourism Organization (UNWTO), tourism accounted for 7% of the global trade and one in eleven jobs globally in 2019. According to the UNWTO World Tourism Barometer, in 2018, export earnings from international tourism reached nearly USD 1.7 trillion. By 2030, 1.8 billion people are expected to travel internationally.
In recent years, there has been immense growth in travel blogging. Travelers and tourists create videos and share their travel experiences on online platforms such as YouTube, Instagram, and Facebook. Travel blogging is becoming increasingly popular among young travelers, and the influence of online video platforms is also increasing rapidly across the globe. Travel bloggers require high-resolution cameras that can capture high-quality video and images and offer advanced features such as image stabilization and wide viewing angles. These trends have propelled the demand for action cameras in recent years.
Several countries, including France, Bali, the Maldives, and Spain, depend on revenue from the travel & tourism sector as it directly affects these countries’ incomes and GDP. Travel bloggers help promote the tourism industry and influence video equipment sales, including action cameras. Manufacturers offer travel & tourism-specific cameras to meet the growing demand for image stabilization and wide viewing angles. Action camera manufacturers have worked on reducing camera size and weight to offer easy-to-carry products. Also, accessories such as camera mods, stands, and protectors are being developed to cater to travel & tourism industry users. These factors, coupled with technical innovation, are expected to support the demand for advanced action cameras in tourism and travel blogging applications during the forecast period.
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To provide efficient analysis, Meticulous Research® has segmented this market based on product offering (action camera, action camera accessories [batteries, mounts, mods, protectors, and other accessories]), technology (full HD, ultra HD, SD), frame rate (31-60 fps, 15-30 fps, 61-120 fps, 121 to 240 fps), distribution channel (online, offline), end user (personal, professional), application (sports, travel & tourism, recreational activities, entertainment & media, automotive, emergency services, and other applications), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa).
Based on product offering, the action camera & accessories market is segmented into action cameras and accessories. The action cameras segment accounted for the largest share of the overall action camera & accessories market in terms of revenue and volume in 2020. This segment’s large share is mainly attributed to the increasing adoption of sports & tourism cameras by travel bloggers and sports participants. The rising trends of travel blogging and online content creation to influence people through social media are expected to drive action cameras. The company strategies of new product launches and innovations in the existing cameras with advanced technologies to offer easy handling & editing are major factors for gaining consumer attraction.
Based on technology, the full HD segment accounted for the largest market share in 2020 in terms of revenue and volume due to the ability to record videos in better quality than the HD and SD resolution cameras. Full HD cameras offer high resolution & stability over the standard displays. Also, these products are gaining demand across recreational and adventure sports applications. Consumers are using these cameras with waterproof features for underwater activities.
Based on frame rate, cameras with a 31-60 fps frame rate accounted for the largest share in 2020 in terms of revenue and volume due to the high demand for these products with reasonable costs compared to the high frame rate cameras. These cameras are available at affordable prices and 4K resolutions to capture clear pictures. A higher frame rate improvises videos’ stabilization and sharpness, further offering better quality to the users. Consumers with high purchasing power create a demand for 4K and 31-60 fps cameras.
Based on distribution channel, the online segment is estimated to experience the fastest growth rate from 2020-2027 in terms of revenue and volume due to high consumer inclination towards online purchases across the globe. Online shopping trends have impacted the consumer electronics industry like the fashion sector, owing to the availability of several product options and discounts compared to offline stores. The segment will gain pace after the COVID-19 pandemic due to the virus’ threat in public places and retail stores. As a result, the consumers are expected to shop majorly through online stores as they offer minimal contact deliveries at affordable prices.
Based on application, the sports segment accounted for the largest share in 2020 in terms of revenue and volume due to the high adoption of action cameras in performing underwater sports, air sports, recreational sports, racing, hiking, biking, and adventure activities. Sports participants and consumers use cameras to record the activities while performing them to gain performance insights. These trends and the increasing awareness of sports sector performers related to high-defined cameras are driving the market growth. Such cameras allow the participants to attach them to body parts and record them simultaneously. The high stability, wide view angles, and lightweight features of action cameras promote their sports application usage.
Geographically, North America accounted for the largest share of the global actiona camera and accessories market in 2020, followed by Europe and Asia-Pacific. The Middle East & Africa and Latin America are also witnessing considerable market growth. North America’s major share is mainly attributed to the presence of key players in the region and the high demand for digital cameras in various application industries. Furthermore, the high adoption of internet-based content creation and blogging trends in the U.S. due to the presence of a technically aware population is a key factor driving the market growth.
The key players operating in the global action camera & accessories market are GoPro, Inc. (U.S.), Sony Corporation (Japan), Insta360 (Arashi Vision Inc.) (China), SJCAM (China), JVCKENWOOD Corporation (Japan), TomTom International BV (Netherlands), Garmin Ltd. (U.S.), SZ DJI Technology Co., Ltd. (China), Drift Innovation (U.K.), YI Technology (China), Eastman Kodak Company (U.S.), Nikon Corporation (Japan), Rollie (Germany), Panasonic Corporation (Japan), and Xiaomi (China) among others.
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Scope of the Report
Action Camera & Accessories Market, by Product Offering
Action Camera Market, by Technology
Action Camera Market, by Frame Rate
Action Camera Market, by Distribution Channel
Action Camera Market, by End User
Action Camera Market, by Application
Travel & Tourism
Entertainment & Media
Action Camera & Accessories Market, by Geography
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