The global action camera market is currently valued at USD 3,540 million and is expected to surpass USD 5,810 million by 2021, says Technavio.
Technavio has announced its latest market research report on the global action camera market, under its consumer electronics portfolio. This market analysis discusses the major drivers and key emerging trends and offers an analysis of key vendors like Drift, Garmin, GoPro, iON, Rollei, and Sony.
According to Ujjwal Doshi, a lead analyst for consumer electronics research at Technavio, “Various brands are taking advantage of the growing popularity of social media and are promoting their brands through content promotion. For instance, GoPro, a leading vendor, has partnered with Comcast to deliver GoPro contents to a diverse audience, ranging from adventure enthusiasts to animal lovers.”
Increasing popularity of social media and the inclination of sharing moments captured on such platforms is one of the key factors driving the adoption of action cameras on a global level. For instance, Google Plus has around 150 million active users monthly, and there are more than 350 million people on Instagram.
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Rapid shift in demand from developed nations to developing nations
The ever-growing popularity of adventure tourism and growing sports infrastructure in developing nations is encouraging vendors in the market space to shift their focus from developed nations to developing nations. The reach of the action camera market is very low in emerging economies, such as India and China. This provides a huge opportunity for vendors as there will be a high number of first-time buyers. Some key factors driving the sales in developing nations are increasing urbanization, rising disposable income, increasing use of social networking sites, and growing interest in photography.
Increasing implementation of product bundling strategy
A key major marketing strategy used by vendors in the market is the bundling of cameras with a variety of accessories for consumers. This is more economical for consumers as they do not have to spend separately on accessories. It also helps increase the sales of accessories alongside action cameras, which is predominantly being used by global brands such as GoPro and Sony.
This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. An analysis of the key companies, including their market shares, business overview, key financials, etc. is provided in this study. This market study also provides a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Action Camera Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Wearable Adhesive Market 2017-2021
- Global Gaming Laptop Market 2017-2021
- Global Projector Screen Market 2017-2021
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