The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The global action camera market has witnessed remarkable growth, surging from $3.23 billion in 2022 to $3.68 billion in 2023 at a commendable Compound Annual Growth Rate (CAGR) of 13.6%. The trajectory points towards continued expansion, with projections indicating a market size of $6.27 billion by 2027 at an accelerated CAGR of 14.3%.

Adventurous Allure: Driving Growth
– Rise of Extreme Sports and Events
The catalyst behind the growth of the action camera market is the burgeoning popularity of extreme sports events, holidays, and music festivals. Action cameras have become indispensable tools to capture the exhilaration of activities like surfing, skateboarding, skiing, climbing, and more. Their portable nature and fixed point-and-shoot model make them handier than traditional DSLRs, allowing users to document moments in challenging environments, from underwater scenes to the heart of extreme sports action.

– Holiday Travel Surge
The demand for action cameras aligns with the surge in holiday travel and experiences. According to The Vacationer’s 2021 Holiday Travel Survey, approximately 63% of Americans aged 18 or older (161 million adults) expressed plans to travel for at least one holiday in 2021, indicating a 37% increase compared to the previous year. This trend underscores a rise in holiday activities, creating a substantial need for action cameras to capture these memorable moments.

Key Players: Pioneering the Market
The action camera market boasts key players steering the industry forward. Companies such as GoPro Inc., Nikon Corporation, Garmin Limited, and Sony Corporation dominate the landscape, contributing to the market’s vibrancy and innovation.

Technological Evolution: Embracing Digital Upgradation and IoT

– Visual Computing and AI Integration
A key trend gaining traction in the action camera market is the digital upgradation and integration of IoT (Internet of Things). Major players are incorporating visual computing, artificial intelligence (AI), and edge computing into smart action camera products. This integration enhances productivity, offering users convenience and advanced features.

– Connected Ecosystem
The focus on IoT extends to building an interconnected ecosystem. Action cameras, equipped with IoT applications, facilitate remote downloading and access to device data, streamlining user experience. This interconnected environment involves pairing action cameras with external devices for versatile applications.

– Hero Electronix’s Innovations
In May 2022, Hero Electronix, a technology company within the Hero Group, launched the Qubo Smart Dash Cam with AI capabilities. This dashcam features a built-in 6-axis G-sensor to detect sudden shakes or collisions, storing recordings in event files. The accompanying mobile app enables easy access to these files for both Android and iOS users. Hero Electronix’s vision includes expanding the connected device ecosystem, evident in their plans to launch smart sunglasses and action cameras in November 2021.

Market Segmentation: A Diverse Array

– Camera Styles and Resolutions
The action camera market is diversified based on camera types and resolutions. Types include Box Style, Cube Style, Bullet Style, Periscope & 360°, and others. Resolution types span Full HD, HD, Ultra HD, and other resolutions. This diversity caters to varied consumer preferences, ensuring a broad market appeal.

– Distribution Channels and Applications
Further segmentation occurs based on distribution channels, covering Brand Outlets, Supermarkets/Hypermarkets, E-Commerce, and Specialty Stores. The applications span Sports, Travel and Tourism, Recreational Activities, Entertainment and Media, Automotive, Emergency Services, and Other Applications. This wide-ranging segmentation reflects the versatility of action cameras across different sectors.

Regional Dominance: North America Leads
While the action camera market experiences global growth, North America takes the lead. The region emerged as the largest player in the market in 2022, showcasing the widespread adoption and affinity for action cameras.

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The Action Camera Global Market Report 2023  provides an overview of the Action Camera market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The Action Camera market forecast analyzes Action Camera market size, Action Camera market share, leading competitor and their market positions.

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