Action Camera Market with Highest growth in the near future by leading key players
The global Action Camera Market is expected to witness
substantial growth during the forecast period. North America accounted for the
largest market share of 39.9% of the total market in 2017, with a market value
of USD 1,691.0 million; the market is expected to register a CAGR of 11.2%
during the forecast period. The presence of GoPro,
Inc. which holds a leading spot and nearly half of the total market share is
driving the growth of the action camera market in the region. The US and
Canada are both countries with high disposable income. Moreover, the consumer
electronics market in North America is highly developed and mature. Every major
company has a physical store in the US which further contribute to the overall
sales of action cameras in the region. However, higher competition from the new
Asian companies providing cheaper products than the established players is
posing as a challenge for the companies operating in North America.
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Asia-Pacific was the second-largest
market in 2017, valued at USD 1,443.8 million; it is projected to register the
highest CAGR of 17.4%. Highly active social media users and the rising
popularity of social networking sites for sharing photos and videos are
expected to increase the demand for action cameras
exponentially. Innovation by companies such as Sony Corporation, Panasonic
Corporation, and SJCAM, and their entry into action camera market have increased
the rivalry among the established players. Another major factor that helps
in the growth of the action camera market is the cost-sensitive consumer base.
The local and regional companies offer action cameras with similar or advanced
features at lower rates. Moreover, the British government and other authorities
in countries are planning on investing in the deployment of action cameras for
law enforcement and surveillance activities. However, most of the South
American and African countries are witnessing a relatively low demand for
action cameras.
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The
global Action Camera Market is expected to grow from USD 4,237.9
million in 2017 to USD 9,382.5 million by 2023, at a CAGR of 14.2% during
the forecast period (2018–2023).
Global
Action Camera Market Segmentation
The global
action camera market has been segmented on the basis type, technology, distribution channel, end user, and region. The type segment has
further been divided into box style, cube style, bullet style, and periscope
and 360°. The technology segment has been classified as ultra HD, full HD, HD,
and SD. On the basis of distribution channel, the market has been bifurcated
into online and brick & mortar stores. Based on end users, the market has
been segmented personal and professional. On the basis of region, the market
has been segmented into North America, Europe, Asia-Pacific, and the rest of
the world.
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