The global action camera market size is expected to reach USD 9.6 billion by 2025, expanding at a revenue-based CAGR of 16.7%, according to a new report by Grand View Research, Inc. A shift in consumer trends and demand for technologically advanced action cameras is likely to induce the market growth throughout the forecast period. 4K and above in parallel with high definition image resolution have made a huge difference to consumer perception about the camera industry in the recent years. For instance, display manufacturers are now focusing on providing adjustable contrast features for images with effective brightness.
Entry level pricing and consumer demand for latest technology are the major driving factors as the industry is progressing in terms of resolution, image quality, and enhanced VR aspects. Demand for 4K resolution in action cameras is accelerating owing to the increased sale of Ultra HD variants in the past few years. It is also anticipated that the adoption of 4K display technology will outpace the demand for Ultra HD technology in the forthcoming years. Such consumer buying patterns will enable manufacturers to produce massive units of digital media.
Recently, AKASO unveiled EK7000 Pro 4K waterproof action camera that involves adaptable view angle, auto image stabilization, and a wireless remote control. It is highly ideal for water sports to produce high quality images in the diving mode in underwater scenarios. The company has made the product available for consumers on Amazon.com and Amazon.co.uk at an attractive price. EK7000 Pro 4K exhibits features such as upside down and loop recording that is capable of recording in outdoor conditions and producing sensitive evidence in case of insurance claims.
Asia Pacific is likely to witness a steady growth owing to rise in demand for action camera with advanced lens and resolution features. Major factors triggering the demand for these devices are increasing expenditure on leisure, rising disposable incomes, adventure and sports activities, and the vast popularity of social media channels. Moreover, commercial availability of varieties of cameras along with growing presence of retail channels and e-commerce is also propelling the regional demand over the forecast period.
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Further key findings from the report suggest:
- Ultra HD segment is estimated to register remarkable growth owing to growing emphasis of the customers on image quality and resolution of the videos captured
- Retail channels accounted for highest market share in 2018 owing to change in consumer trends and high reliability for aftermarket sales service
- The action cameras are being increasingly used for capturing the actions and adventures of surfing, skiing, skateboarding, climbing, skydiving, biking, bicycle racing, among other sports, hereby supporting the growth for the sports segment
- Action cameras are experiencing a surge in demand by professionals for capturing crucial moments of their adventures and sharing them on social media platforms with their followers
- Asia Pacific is anticipated to register higher growth in the market owing to increasing number of sports leagues and tournaments in the region
- Some of the key players mentioned are GoPro, Inc.; Sony Corporation; Nikon Corporation; Garmin Ltd.; SJCAM; YI Technology; and SZ DJI Technology Co., Ltd.