The global underwater camera market is expected to witness high growth of a CAGR of around 20% by 2021, says Technavio.
Technavio has announced its latest market research report on underwater camera for the forecast period, 2017-2021. This market analysis, under the consumer electronics vertical, discusses the major drivers and key emerging trends that will influence the growth of the global underwater camera market during the forecast period. Some of the top vendors listed in this industry analysis include Canon, Nikon, Panasonic, and Sony.
Among various regions, the Americas will be the fastest-growing region in the global market and is expected to contribute revenues of around USD2 billion by 2021. The growth is attributed to the increased awareness of underwater cameras among consumers, high disposable income, and rise in the number of diving destinations in the region.
“Bundle packaging is one of the most used marketing tactics for underwater cameras. Through such strategy, the cameras are bundled with a variety of accessories such as casing, mounts, and lenses. Bundle packaging is adopted to make products and accessories easily affordable to the middle-class population. These offers are cost effective as consumers are not required to invest separately in accessories. Strategies like this helps to increase sales of accessories and cameras,” says Ujjwal Doshi, a senior analyst at Technavio for research on consumer electronics.
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This new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Popularity of social networking sites
The intensifying social media activities is one of the major drivers for the sales of underwater cameras. The demand for underwater cameras is increasing as people are interested to share photos and videos with their friends through popular social networking sites. Advances in technology and online photo communities have made digital photography more accessible to consumers. The advent of social networking sites has changed the way customers interact with brands. The accessibility of editing tools and the capability of smart action cameras to instantly share photos and videos on social networking sites and platforms have increased the demand for underwater cameras.
Growth in adventure tourism
Adventure tourism is one of the fastest-growing segments of the tourism industry. The number of adventure tourists is increasing annually, which is further fueling the demand for underwater cameras. The tourists are increasingly using them to capture moments of their adventure sports such as water aerobics, diving, swimming, and Waboba. Further, the growth of adventure tourism is supported by increasing safety standards for adventure tourism, which has encouraged the users to engage in adventurous sports. During the forecast period, the demand for underwater cameras is expected to upsurge with the growth in the amount of people participating in adventure sports.
Advances in technology
The advent of digital technology in image processing has revolutionized underwater photography. Moreover, digital photographs have higher image quality due to which even amateur photographers can capture great underwater images. Small-sized underwater digital cameras are becoming bulky which is due to their increasing functionality, where users can capture high-detail images using 3D technology. To implement this technology, two digital cameras are joined in order to provide a stereo capturing range.
Some of the other prominent vendors identified in this report are Brinno, Drift Innovation, Fujifilm, Garmin International, GoPro, Olympus, Ricoh, Rollei, Samsung Electronics, and Toshiba.
This research report includes an in-depth analysis, market shares, and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, and key financials. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Underwater Camera Market 2017-2021‘. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Digital Camera Market 2016-2020
- Global 360-Degree Camera Market 2016-2020
- Global Gigabit Ethernet Camera Market 2016-2020
- Global Automotive Split-View Camera Module Market 2016-2020
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