Action camera market size is anticipated to grow at a CAGR of over 22% from 2016 to 2023. As of 2015, more than 7 million units were shipped across the world. Increasing popularity and usage of social networking sites is predicted to propel the industry growth over the forecast period.
By end-use, professional and personal are the major segments. Personal action camera market share accounted for around 75% of the overall revenue in 2015. Ultra HD, SD, HD, and Full HD are contributing towards technology segment. GoPro accounted for over 45% of the overall industry in 2015.
U.S. action camera market size led regional demand, and is anticipated to continue its dominance over the forecast period.
Surging application of these devices for capturing action sports and activities is likely to drive action camera market growth. Attributes such as high quality as well as high speed offered by these devices is expected to positively impact the industry from 2016 to 2023. They are majorly attached to surfboards, handlebars and helmets, and are also an integral part of extreme sports such as wing-suit flying and base jumping. At times, multiple cameras are used to capture various perspectives. For instance, a helmet camera is used to capture the actor's perspective in combination with another camera that is attached to the rider's environment, such as a wing, board, wrist and handlebar.
Ability to capture high speed action scenes and capability to withstand extreme rugged conditions such as heavy rain and wind may positively impact action camera market share over the forecast period. Furthermore, features offered such as compact size, light weight and high amount of convenience while mounting on vehicle is forecast to drive demand from 2016 to 2023.
Growing popularity among various age groups coupled with advanced product features offered by vendors is likely to provide massive growth potential to the action camera market over the next seven years. Rising competition among the industry participants may hamper demand from 2016 to 2023. Furthermore, increasing demand from developing economies is likely to provide high growth prospects to industry players.
Sports application is likely to capture major industry share over the forecast period. Furthermore, professional sales are mainly driven by emergency services, security and TV productions. Price polarization is predicted to be the key action camera market trend. The industry is likely to experience substantial demand from professional athletes as this device helps in monitoring as well as improving their performance on field.
Advent of bundle packaging in predicted to boost demand for these products. As vendors bundle cameras with numerous accessories, it thus eliminate users’ need of buying extra equipment. This in turn offers high cost effectiveness to customers. Introduction of new players in the industry is expected to benefit customers, as this device with high features and enhanced quality are likely to be available at affordable prices.
Increasing significance of smartphones is expected to hamper industry growth from 2016 to 2023. Enhanced features such as high image and video quality offered by smartphone cameras are forecast to hinder demand.
Asia Pacific action camera market size is expected to witness high growth owing to rising customer demand across the region. Europe is predicted to experience stable growth from 2016 to 2023.
Key participants accumulating significant action camera market share include GoPro, Drift Innovation, Contour, Garmin, iON Worldwide, JVC Kenwood, Rollei, PLR IP (Polaroid), Sony, and Veho.
Other prominent partners are Brinno, Braun Photo Technik, Chilli Technology, EyeSee360, Geonaute, Delkin Devices, GoPole, Hitachi, HEDCAMz, iSAW, Liquid Image, Mobius, Panasonic, Oregon Scientific, PAPAGO, RePlay XD, Pyle Audio, Toshiba, Shimono, Vievu, Viofo, VIO POV and Xsories.