Market Overview
The portability and compactness nature of the action camera is driving the Action Camera Market, and it is widely preferred over DSLR cameras in today’s generation. Action cameras are mostly used for streaming and recording extreme sports like surfing and skiing; it has the ability to capture sporting actions from different angles. These cameras have various properties and features like dust resistance, waterproof, shockproof, and crush-proof features. Social media has been the boosting factor of the market because of the growth of content sharing on social websites. The market witnessed rapid sales because of this factor. The increase in the use of social media for social activities like promoting and marketing is accelerating the Action Camera Market. The market is even receiving huge opportunities worldwide, for example, an increase in online sales of the cameras in emerging and developing countries. The adoption of 360-degree cameras with VR integration is emerging the market trend. The adoption of action cameras in the entertainment and media industries to shoot live sport and events enhances the market's growth rate.
The COVID-19 pandemic period severely affected the Action Camera Market Size, which led to huge revenue losses. The Action Camera Market manufacturers' facilities were shut down because of strict guidelines during the lockdown period. There was a delay in the suppling of raw materials, and the production process was stopped. On the other hand, in the lockdown period, customers get attracted to online sales of action cameras, which geared up the market growth.
According to the recent global reports, the experts stated that the action camera market would grow at a CAGR of 14.4% and touch the market value of USD 23.33 Billion during the forecast period 2020-2030.
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Market segmentation
The Action Camera Market is divided by type, technology, distribution channel and end-user. Based on the type, the market is bifurcated into Box Style, Cube-Style, Bullet Style and Periscope and 360°. The main benefit of the action cameras is the long-range shooting capabilities and installation facilities. The longer lenses are needed for outdoor videos. They are great for several usages. The technology segment segregated the Action Camera Market into Full HD, Ultra HD, HD, and SD. Among them, the full HD segment is expected to dominate the market in the forecast period due to the rise in video-creating content. The number of influencers is increasing with the demand for social media. Several influencers post vlogs and videos daily, and the view depends on the quality of the video, which makes the segment hold the largest growth. The market is divided into online and retail-based on the distribution channel. The retail segment accounts for the largest market share in 2018 as the consumer pattern is changing and the ideal balance of after-market sales service. The cameras are in demand in the sports industry due to the use of cameras in sports like skating, climbing, skiing, etc. The end-user segment of the market is separated into personal and professional. Both segments will help in the rise of the market share.
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Regional analysis
The Action Camera Market is analyzed in the regions like North America, Asia Pacific, Europe, and other parts of the world. North America held a high growth rate in 2020 due to the rise in extreme sports events and increasing government focus to improve the emergency services like medics and rescue workers. The presence of leading digital technology and the rise in the investment to connect the advanced technologies with the action camera is propelling the Action Camera Market. Other market regions will also improve the market situation in the forecast period.
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Industry news
Insta360 claims the GO 2 is the world's smallest action camera, measuring thinner than a smartphone and weighing about six times lighter than competing action cams -- without sacrificing the size of the image sensor. It's loaded with high-quality features, too.
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