Research company Technavio has released its new Global Action Camera Market 2017-2021 industry research report detailing the state of the action camera market and expected trends over coming years. According to the report, Technavio expects action camera growth to increase about 15% by 2021, with Ultra HD cameras driving demand. HD action camera growth, meanwhile, is expected to decrease by more than 3%.
Numerous factors are driving action camera growth, according to Technavio, including a `growing fascination of individuals to capture adventurous activities on camera,` as well as increased adventure sports popularity and certain social sharing platforms like YouTube and Instagram. Per the report, the global action camera market is currently dominated by Drift, Garmin, GoPro, iON and Rollei.
By the year 2021, Technavio expects the Ultra HD category of the action camera market to reach $3.3 billion, with one `major factor` behind the growth being the broadcast industry`s `demand for better viewing angles.` The Full HD category, meanwhile, is expected to reach $2.2 billion, with the surveillance/security industry driving growth.
The HD action camera market has already reached its peak, according to the report, at least based on shipments which show the largest demand having been achieved last year. Developing markets in places like India and China helped drive the demand for HD cameras, though growth is expected to fall over the next four years.
In 2016, Ultra HD cameras saw the most demand, holding 46.99% of the market share. Technavio expects UHD action camera demand to grow 18.74% over the next four years, eclipsing the anticipated 16.63% anticipated growth for Full HD cameras (which held 34.72% market share last year). The research estimates that HD action camera growth will be absent, meanwhile, decreasing 3.45% by 2021 below last year`s 14.06% market share.
Via: BusinessWire
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