Market Trends of Action Camera Industry
Increased Use of Action Cameras Among Adventure Enthusiasts Expected to Aid Market Growth
- The growing popularity of sports events, outdoor adventures, and active lifestyle activities, such as trekking, mountain racing, and ice skating, at the domestic and regional levels, and the increased number of sports enthusiasts and adventurists are further supporting market growth. The action cameras are designed so that the videos shot on these devices provide a first-person perspective to viewers.
- Demand for 4K resolution in action cameras is accelerating owing to the increased sale of Ultra HD variants in the past few years. It is also anticipated that the adoption of 4K display technology will outpace the demand for Ultra HD technology in the coming years. According to TechRadar, as of March 2024, the market saw a trend where leading action cameras, like the GoPro Hero 12 and 10, DJI Osmo Action 4, and Insta360 Ace Pro, boasted 4K video capabilities at 120fps. In contrast, models such as the Olympus Tough TG-6 and Akaso Brave 7 LE were limited to a 4K video frame rate of 30fps.
- Also, the increasing use of social media platforms for sharing live videos and pictures and various promotional and marketing activities is augmenting the market's growth. Developing countries such as India and China are observing an increasing trend of social media adoption among individuals.
- The digital transformation and implementation of IoT also emphasize the creation of an ecosystem of interconnected devices, including an action camera linked to an additional gadget for many uses. For example, Hero Electronix unveiled the Qubo Smart Dashboard Cam featuring artificial intelligence in May 2022. It contains a built-in 6-axis G-sensor, which can identify a rapid shaking or impact and capture it in the incident file, which is accessible via a smartphone application for both Android & iOS. It is simple to install on the dashboards and can capture images and movies while driving.
- However, incremental technological advancements in smartphone cameras, with smartphone makers making heavy investments, are expected to hinder market growth. Also, the affordable rate of smartphones with advanced camera features compared to action cameras is further expected to hinder the market growth of action cameras in the forecast period.
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North America Expected to Contribute Significantly
- The North American region is expected to contribute significantly to the market studied over the forecast period due to the presence of many vendors who are also investing hugely in market innovation, coupled with the dominance of the US in the global market. This is attributable to the increased participation of the youth population in sports and recreational activities.
- It is one of the leading markets due to various factors, such as the increasing trend of athleticism and rising concern for health. Individuals' participation in extreme sports, such as swimming, sky diving, scuba diving, hiking, and biking, and growing emphasis by governments in the region to improve emergency services such as paramedics and firefighting.
- The growing participation of individuals in extreme sports events further supports market growth. According to a report by the Physical Activity Council's Participation (PAC) produced by Sports Marketing Surveys, Tennis participation in the United States increased by 1 million in 2022. The survey and report monitor more than 120 different sports and activities participated in by Americans.
- Additionally, the presence of leading social media firms and increasing investments in R&D to integrate advanced functionality into action cameras are driving robust market growth. For instance, according to meta platforms, Facebook was the platform on which the United States spent the most time per day. The average time spent on Facebook was 33 minutes, followed by TikTok at 32 minutes and Twitter at 31 minutes daily.
- However, despite Facebook's ubiquity, other social networking sites have also gained market share, especially among teenagers and young adults. Instagram and Snapchat are growing in popularity continually among young American internet users. Thus, growing penetration for social media users is likely to drive the studies market.
- The growing production volume of light commercial vehicles and the New Car Assessment Program (NCAP) influence is expected to drive the demand for action cameras in the North American region.
- Increased disposable income, higher demand for technologically advanced devices, and higher adoption rate of innovative technologies have positively influenced the region and augmented the growth of the North American action camera market.
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