The Latest Action Camera Industry Statistics Explained
The global action camera market size was valued at USD 3.3 billion in 2018.
The statistic indicates that the total value of the global action camera market was estimated to be USD 3.3 billion in the year 2018. This figure represents the combined sales revenue generated by all action cameras sold worldwide during that period. The market size is a key indicator of the economic importance and growth potential of the action camera industry, reflecting the demand for these specialized cameras for capturing high-action and outdoor activities. Understanding the market size helps businesses gauge the potential for growth and investment opportunities in the action camera sector, as well as track trends in consumer preferences and technological advancements in the industry.
The market is expected to expand at a CAGR of 16.7% from 2019 to 2025.
This statistic indicates that the market in question is projected to experience significant growth over the period from 2019 to 2025, with a Compound Annual Growth Rate (CAGR) of 16.7%. CAGR is a smoothed annual growth rate that provides a constant rate of return over the specified time frame. In this case, a CAGR of 16.7% suggests a consistent annual growth rate over the entire six-year period. This forecast suggests that the market is anticipated to expand rapidly and presents opportunities for potential investors or businesses operating within this market to capitalize on this growth trajectory.
Ultra HD cameras accounted for a revenue share of around 49.0% in the global market in 2018.
The statistic indicates that in 2018, Ultra HD cameras captured nearly half of the revenue generated in the global camera market. This high revenue share suggests a significant demand for Ultra HD cameras, which offer higher resolution, clarity, and quality compared to traditional cameras. The popularity of Ultra HD cameras could be attributed to multiple factors such as advancements in technology, increasing consumer preference for high-quality images and videos, and expanding applications in areas like professional photography, filmmaking, surveillance, and broadcasting. This statistic highlights the strong presence and competitiveness of Ultra HD cameras in the market, reflecting the industry trend towards higher resolution imaging solutions.
Wearable cameras dominated the market by capturing a revenue share of 47.9% in 2018.
This statistic indicates that in 2018, wearable cameras held the largest market share in terms of revenue, accounting for 47.9% of the total revenue generated in the camera industry. The dominance of wearable cameras suggests that they were highly popular among consumers, likely due to factors such as convenience, portability, and advanced features that catered to the evolving needs and preferences of users. This trend highlights the significance and growing demand for wearable cameras in the market during the specified time period, showcasing their strong impact on the overall performance and dynamics of the camera industry in 2018.
Online distribution channel segment is expected to expand at a CAGR of 14.8% from 2019 to 2025.
This statistic indicates that the online distribution channel segment is projected to experience a Compound Annual Growth Rate (CAGR) of 14.8% from the year 2019 to 2025. This growth rate suggests a significant expansion in the online distribution channel’s market size and scope over the specified period. The expected CAGR of 14.8% signifies a steady and substantial increase in the segment’s performance, highlighting a growing preference for online platforms in distributing goods or services. This trend may reflect evolving consumer behavior towards digital channels for shopping, as well as advancements in technology and e-commerce platforms that are driving the growth of online distribution channels.
The Asia Pacific action camera market is projected to witness the fastest growth over the forecast period.
This statistic indicates that the Asia Pacific action camera market is expected to experience a significant increase in market size and demand compared to other regions over the forecast period. Several factors such as technological advancements, increasing disposable income, rising interest in adventure sports and outdoor activities, and the growing popularity of social media platforms for sharing content are likely contributing to this projected growth in the Asia Pacific region. This trend suggests a promising market opportunity for action camera manufacturers and retailers to target this region with their products and marketing strategies in order to capitalize on the anticipated surge in demand for action cameras in the coming years.
By 2023, the worldwide sales of action cameras are projected to reach 9 million units.
The statistic indicates a projected increase in the worldwide sales of action cameras to reach 9 million units by the year 2023. This forecast suggests a growing demand for action cameras, likely driven by factors such as increasing interest in action sports, adventure activities, vlogging, and the popularity of sharing visual content on social media platforms. The projection implies that action camera manufacturers can expect an expanding market and potential opportunities for growth in the coming years as consumers continue to seek out these versatile and portable devices for capturing high-quality photos and videos in various adventurous settings.
By 2023, it is projected that close to 50 percent of all action cameras will be shipped to customers in Asia.
This statistic projects that by the year 2023, nearly half (close to 50 percent) of all action cameras manufactured will be sent to customers located in Asia. This suggests a significant market shift towards the Asian region as a key consumer base for action cameras. This trend could be influenced by various factors such as the rising popularity of action sports and outdoor activities, increasing disposable income, and technological advancements in the region. As a result, manufacturers and marketers of action cameras may need to adapt their strategies to cater to this growing market segment in Asia to capitalize on the projected increase in demand.
GoPro, a brand associated with action cameras, holds approximately 70% of the action camera market.
The statistic that GoPro holds approximately 70% of the action camera market indicates that GoPro is the dominant player in the action camera industry, significantly outperforming its competitors in terms of market share. This level of market dominance suggests that GoPro enjoys a strong brand presence, customer loyalty, and competitive advantage in the marketplace. With 70% market share, GoPro can leverage its position to influence industry trends, set pricing standards, and shape the direction of the action camera market. This statistic underscores GoPro’s status as the go-to brand for consumers looking for high-quality action cameras and solidifies its reputation as a market leader in this product category.
Adventure tourism, an important segment for action cameras, is set to rise by 45% per year.
This statistic suggests that adventure tourism, a significant market for action cameras, is expected to experience a substantial growth rate of 45% per year. This increase indicates a strong demand for action cameras within the adventure tourism industry, likely driven by factors such as the popularity of outdoor activities, the rise of social media content creation, and advancements in technology. The projected growth rate suggests that companies involved in the production and sale of action cameras have an opportunity to capitalize on this expanding market by targeting adventure travelers seeking to document their experiences through high-quality visual content. The positive outlook for adventure tourism and its correlation with the demand for action cameras highlights the potential for growth and innovation within this niche market segment.
Sales of action cameras are expected to surge during the coronavirus pandemic due to increased interest in outdoor activities.
The statistic suggests that there is an anticipated rise in the sales of action cameras as a result of the ongoing coronavirus pandemic. This surge in demand is attributed to a growing interest in outdoor activities among individuals seeking alternatives to traditional indoor entertainment options during the pandemic. With restrictions on indoor gatherings and entertainment venues, more people are turning to outdoor activities such as hiking, biking, and other adventures where action cameras are commonly used to capture and share experiences. The increased demand for action cameras reflects a shift in consumer behavior towards outdoor recreational activities as a way to stay active, entertained, and connected during these challenging times.
Consumer electronics accounted for over 25% market share in 2017.
The statistic “Consumer electronics accounted for over 25% market share in 2017” indicates that consumer electronics products held a substantial portion of the overall market’s sales during that year. This suggests that a significant portion of consumer spending and interest was directed towards electronic devices such as smartphones, TVs, laptops, and other gadgets. The high market share of consumer electronics highlights the popularity and importance of these products in the market in 2017, potentially influencing industry trends, competition dynamics, and overall economic performance within the consumer electronics sector.
Sports application is anticipated to grow at more than 22% CAGR from 2018 to 2024.
This statistic indicates that the sports application industry is expected to experience significant growth with a Compound Annual Growth Rate (CAGR) of more than 22% from 2018 to 2024. This suggests a strong upward trend in the adoption and usage of sports-related applications over the specified time period. Factors contributing to this anticipated growth could include advancements in technology, increasing demand for fitness and sports-related services, and the popularity of health and wellness trends. Businesses operating in the sports application space may see increased opportunities for expansion and innovation as the market continues to expand at a rapid pace.
Europe accounted for a significant share of the action camera market in 2019.
This statistic indicates that in 2019, Europe played a substantial role in the action camera market, contributing a notable portion of the overall market activity. This implies that Europe was a key player in terms of both production and consumption of action cameras during that year. Factors such as a high demand for action cameras among European consumers, strong presence of manufacturers in the region, and effective marketing strategies targeting European markets might have contributed to Europe’s significant share in the action camera market in 2019. This statistic suggests the importance of Europe as a major market for action cameras and highlights the region’s influence on the global market dynamics during that period.
The action camera market includes key players like Garmin, Sony, GoPro, Akaso, and others.
The statistic is highlighting key players within the action camera market, specifically naming Garmin, Sony, GoPro, Akaso, and other companies as notable competitors in the industry. These companies are significant players in the market known for producing a range of action cameras that cater to various consumer needs. By mentioning these key players, the statistic provides insight into the competitive landscape of the action camera market, indicating that consumers have a variety of brands to choose from when seeking such products. This information can be valuable for stakeholders in the industry, investors, and consumers looking to understand the major players driving innovation and market trends in the action camera sector.
Asia-pacific is expected to grow at the fastest rate over the forecast period.
This statistic means that the Asia-Pacific region is projected to experience the highest rate of economic growth or expansion in comparison to other regions over the forecast period. This could be due to various factors such as population growth, increasing investments, technological advancements, favorable government policies, and emerging markets. A fast-growing region may present business opportunities for investors, attract foreign direct investments, and contribute to global economic development. Policymakers and businesses may need to take into account the changing dynamics in the Asia-Pacific region to capitalize on the growth potential and adapt to the evolving market conditions.
Conclusion
Based on the statistics presented, it is evident that the action camera industry is thriving and experiencing steady growth. With technological advancements, increasing popularity of outdoor activities, and a surge in adventure tourism, the demand for action cameras is projected to rise in the coming years. Businesses in this industry can capitalize on these trends by focusing on innovation, marketing strategies, and understanding consumer preferences to stay competitive and meet the evolving needs of the market.
References
0. – https://www.www.statista.com
1. – https://www.www.gminsights.com
2. – https://www.www.grandviewresearch.com
3. – https://www.www.business-standard.com
4. – https://www.www.mordorintelligence.com
