Action Camera Market Size

Action Camera Market Size

Action Camera Market size valued at over USD 3.5 billion in 2019 and is expected to grow at a CAGR of more than 14% from 2020 to 2026. The global industry shipments are poised to cross 5 million units by 2026. The market growth is attributed to the expanding travel & tourism industry globally.

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The travel & tourism industry plays a crucial role in the global economic development. According to The World Tourism Organization (UNWTO), in 2019, there were around 1.5 billion international tourist arrivals across all regions globally. Tourists prefer to carry compact action cameras that ensure hassle-free travel. The U.S. is anticipated to host around 95.5 million international visitors annually by 2023. The expanding tourism industry will surge the demand for robust action cameras as travelers are enthusiastic about recording HD videos and high-quality pictures during travel.
 

Industry players are integrating advanced technologies, such as AI and biometrics, in action cameras to differentiate their offerings. For instance, in January 2020, Insta360 launched the One R versatile action camera that consists of a processor with an inbuilt miniature touchscreen and a 360-degree camera that records at 5.7k resolution. As such compact gadgets ensure enhanced portability and high-resolution video recording, the market will witness a demand for miniaturized action cameras. Furthermore, developments in the electronics and semiconductor industries have enabled the miniaturization of devices while maintaining ruggedness and quality. R&D activities in the electronics market will enable action camera manufacturers to offer high-performance cameras in the market.
 

The ongoing coronavirus (COVID-19) pandemic has negatively impacted the action camera market due to the imposition of lockdown measures in several countries globally. Travel restrictions and the temporary closure of industries & manufacturing facilities to ensure social distancing and prevent transmission have hampered the industry growth in 2020. However, with the gradual reopening of factories & industries and the relaxation on travel restrictions, the market will gain traction.