Action Camera Market to Surpass 8608.37 Million by 2030 Drives Due to Rising Popularity of Extreme Sports Events
SkyQuest projects that the action camera market will attain a value of USD 8608.37 million by 2030, with a CAGR of 11.3% over the forecast period (2023-2030). The action camera market is witnessing rapid growth, primarily fueled by the rising popularity of extreme sports events, holidays, and music festivals. These occasions offer thrilling experiences that individuals want to capture and share with others. The appeal of action cameras lies in their fixed point-and-shoot model, which makes them more accessible and user-friendly compared to DSLRs (digital single-lens reflex cameras).
Westford, USA, Aug. 18, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, the surging sales and demand for action camera market can be attributed to the ever-growing trend of content sharing on social networking platforms. Individuals are keen on capturing and sharing their experiences with a broader audience with social media becoming an integral part of people’s lives. Action cameras offer the perfect tool for creating captivating content, whether it’s for personal adventures or professional pursuits.
Browse in-depth TOC on the “Action Camera Market”
- Pages – 165
- Tables – 173
- Figures – 79
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Action cameras are specifically designed to provide viewers with a first-person perspective, creating a unique and immersive experience in the action camera market. This aspect of action cameras generates significant interest among viewers, as they can witness thrilling activities such as surfing, rock climbing, skiing, and more from the perspective of the person recording the footage. This first-person view allows viewers to develop a deeper connection and a sense of involvement with the action.
Prominent Players in Action Camera Market
- Go Pro
- Sony Corporation
- Garmin Ltd.
- Xiaomi Corporation
- Canon Inc.
- Panasonic Corporation
- Nikon Corporation
- TomTom International B.V.
- SJCAM Limited
- Drift Innovation Ltd.
- Contour, LLC
- iON Worldwide LLC
- Olympus Corporation
- Polaroid Corporation
- Ricoh Company, Ltd.
- Sioeye, Inc.
- 360fly, Inc.
- YI Technology, Inc.
- Kaiser Baas Pty Ltd.
- Veho Muvi
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Personal Applications Segment is Expected to Dominate the Market Due to the Increasing Adoption of Social Media Platforms
Personal applications accounted for over 60% of the market share in the action camera market. This dominance is expected to continue, with a projected CAGR. The significant growth in personal applications can be attributed to the increasing adoption of social media platforms, particularly among the younger generation.
The market in North America is anticipated to hold a substantial share of the action camera market owing to several key factors. The region has a growing involvement in extreme sports events. The popularity of mountain biking, skiing, snowboarding, surfing, and skydiving activities has been steadily increasing, leading to a higher demand for action cameras to capture these exhilarating moments.
Offline Channels Segment is Expected to Grow the Market Due to Customer Preferences for Inspecting the Equipment
Offline channels hold the largest share of the action camera market owing to customer preferences for inspecting the equipment and its features in person. The desire for hands-on experience and the ability to physically examine the product before purchasing remains strong among consumers. This trend aligns with the consumerism prevalent in market, where individuals seek tangible interactions and quality assurance.
Regional markets in the Asia Pacific are experiencing rapid growth in the action camera market, making it the fastest-growing region. One notable development that contributed to this growth was the release of the Motorola One Action. This device introduced a 117-degree wide-angle action camera, primarily focused on video recording capabilities. Such advancements in action camera technology have gained significant traction in the market.
A comprehensive analysis of the major players in the action camera market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in Action Camera Market
- Recently, Hero Electronix, the technology company of The Hero Group, made waves with the release of the Qubo Smart Dash Cam, featuring cutting-edge artificial intelligence capabilities. This innovative device incorporates a built-in 6-axis G-sensor, which enables it to detect sudden shakes or collisions and automatically record them in the event file. Users can conveniently access these recordings through a mobile app available for both Android and iOS platforms.
- Insta360 launched the ONE RS, a remarkable three-lens action camera that hit the market with a starting price of US$299.99 in 2022. Designed to cater to action enthusiasts, the ONE RS boasts various editions, providing users with multiple options to suit their needs.
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Key Questions Answered in Action Camera Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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