The global action camera market is anticipated to witness strong growth on account of increasing application in capturing action sports and activities. Growth of travel industry and increasing number of travelers and adventure sports enthusiasts can propel market growth in coming years. Action cameras are designed to withstand harsh weather conditions during adventures, such as bicycling, climbing, trekking, snowboarding, and skiing. Advancements in movie-making and increasing need for special effects are expected to boost the product demand in coming years.
Increasing demand for these cameras among residential users as well as in TV broadcasting and security industries is anticipated to boost market growth in the coming years. In addition, growing popularity of social media platform due to increasing trend of sharing video content on internet is expected to stimulate market growth in future. Benefits, such as high speed and exceptional quality, offered by an action camera are likely to gain traction among end users. The device can also be attached to helmets, handlebars, and surfboards and are useful in sports, such as base jumping and flying. For instance, Skydio, a California-based company, introduced its first product called R1, a fully autonomous flying camera. It is capable of capturing 4K video and can be synchronized with mobile app. It consists of 13 cameras, which are independent. The product is equipped with NVIDIA Jetson, an AI supercomputer, which helps to make smart decisions, plan real-time activities, and navigate complex environments.
Increasing adoption of smartphones with improved features, such as greater quality of image and video capturing, can challenge market growth. However, launch of cameras with enhanced features at affordable prices is likely to present growth opportunities for the market. Additionally, high penetration of internet and innovation in camera technology are anticipated to fuel the demand for these devices in future.
Major technologies used in action cameras include SD, HD, Full HD, and Ultra HD. These cameras find applications in a wide range of industries, such as sports and adventure, media and entertainment, mining, healthcare (for surgeries), engineering and archaeology, and R&D activities. Sports and adventure is the leading application in the market.
North America is a prominent region in the market due to presence of key manufacturers, high demand for innovative technology solutions, and increasing use of social networking sites. In addition, rising number of sport enthusiasts, availability of technologically advanced products, and increasing purchasing capacity of consumers can boost regional market growth in coming years. Asia Pacific is anticipated to witness robust growth in the coming years owing to increasing disposable income, growing sports and adventure activities, and increasing spending on leisure. Moreover, increasing popularity of social media is expected to increase the adoption of action cameras, which could further boost regional market growth in coming years. Emerging countries, such as China and India, are the leading consumers of consumer electronics in the region.
Some of the key companies operating in the action camera market are iON Worldwide; Drift Innovation; JVC Kenwood; Drift Innovation; and Sony Corporation. The market is extremely competitive due to presence of a large number of regional and international players. Emergence of new participants is also expected to increase competition in the market. Players are trying to adopt various strategies, such as mergers and acquisitions, in order to strengthen their presence in the market. Moreover, they are involved in R&D investments and development of innovative and cost-effective products to gain traction in the market.
For instance, GoPro, Inc. launched its new HERO7 line of cameras having several innovative features, such as HyperSmooth stabilization, TimeWarp, improved audio, and live streaming. These products comprise intuitive 2-inch touch screen, voice control, waterproof and rugged design, and 3x faster WiFi transfer speeds.
Similarly, YI Technology introduced its YI 4K+ Action Camera, which captures 4K video at 60 frames per second (fps). It is built with an Ambarella H2 SoC processor, which offers a maximum bitrate of 120Mbps. This processor also supports low power consumption to maintain battery.
Research Support Specialist, USA