Press Release Description
Action Camera Market to Bloom with Rising Social Media & Content Creation
The Global Action Camera market is projected to record around 10.42% CAGR during 2023-28, revealed MarkNtel Advisors in their recent research report. The burgeoning use of social media for content creation, especially by the gen-z generation, coupled with the increasing consumer interest in extreme sports activities like water surfing, scuba diving, etc., are the key factors expected to drive the market in the forecast years.
Additionally, social media consumption across the globe has rapidly expanded due to inflated internet penetration which has attracted a large number of customers to the content creation segment. An action camera is one of the lucrative product categories that has embarked on content creation due to its fast frame rate capturing in moving environments/activities.
- According to Shopify (a Canada-based e-commerce platform), the social media applications with the most users were Facebook (2.96 billion), YouTube (2.51 billion), WhatsApp (2 billion), Instagram (2 billion), etc. Among the top 4 three are content creation & watching platforms with a vast number of users that are further expected to grow & help promote the demand for the action camera category in the coming years.
Moreover, the rising number of music events, concerts, and fests, is also contributing to the market expansion, owing to the trends of recording each & every moment and uploading the same in real-time for promotional purposes. Several influencers are progressively using action cameras to portray an excellent presence on social media by posting high-quality videos for product marketing. These aspects cite lucrative growth prospects for the leading companies operating in the global market through 2028.
Box Style & Cube Style Cameras to Acquire a Significant Market Share
The market is bifurcated into various types, such as Box style, Cube style, Bullet style, and 360 degrees. Camera types such as box & cube styles are prominently growing in the market. With the rugged design & compact for-factor making it suitable for action environments such as sports activities, games, touring, etc., as well as easier portability with affordable pricing, a large number of customers have opted for the respective category. The segment also offers an economical range of products with attractive features, including Wi-Fi, NFC, enhanced battery life, and 4k recording capability with higher frame rates, which has also been attributed to a high degree of adoption of the respective categories, further influencing revenue growth.
North America Holds a Sizable Market Share, Preceded by Europe & Asia-Pacific
Increasing technological advancements in consumer electronics by the leading players, the mounting penetration of social media, and the high per-capita income of people in the US are the prime aspects driving the North America Action Camera market. Moreover, the ever-increasing interest of people in recreational & adventurous activities like scuba diving, sky diving, & bungee jumping, among others, coupled with the massive consumer demand for technologically advanced devices, are other prominent factors stimulating the regional market growth.
Followed by North America, Europe & Asia-Pacific region is expected to hold a considerable market share in the market. With the fast-developing market for content creation as well as the rise in the number of content-consuming audiences, the video content creation market in the respective regions has enhanced. Countries such as India, China, South Korea, and Japan are among the key countries that have witnessed a massive upgrade in the video content-creating & consuming population leading to promoting the sales of the action camera category.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Nikon Corporation, Sony Corporation, GoPro, Insta360, SAMSUNG Electronics Co., Olympus Corporation, Xiaomi Corporation, SZ DJI Technology Co., YI Technology, Drift Innovation, Rollei GmbH & Co. KG., Garmin Ltd., TOSHIBA, and World Wide Lances are looking forward to strengthening their market position
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends that have shaped the industry to its current form?
- What key factors would propel and impede the industry across the regions?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition shaped across various countries, followed by their comparative factorial indexing?
- How have buying behavior, customer inclination, and expectations from product manufacturers evolved during 2018-28?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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