NEW YORK, July 1, 2024 /PRNewswire/ — The global action camera market size is estimated to grow by USD 3.65 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 15.11% during the forecast period. Driven by the increasing popularity of social media and adventure tourism. The market is also expected to benefit from the growing adoption of smartphones with high-end cameras, as this will make action cameras more affordable and accessible to a wider range of consumers.
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Here are some of the key factors driving the growth of the action camera market:
Increasing popularity of social media: Social media platforms like YouTube and Instagram have made it easier for people to share their experiences with the world. Action cameras are perfect for capturing high-quality videos of extreme sports and other outdoor activities.Growing adoption of smartphones with high-end cameras: The increasing affordability of smartphones with high-end cameras is one of the biggest challenges facing the action camera market. However, it is also expected to benefit the market by making action cameras more accessible to a wider range of consumers.Rising disposable income: As disposable incomes rise, people are more likely to spend money on recreational activities such as extreme sports and adventure travel. This will drive demand for action cameras.
The action camera market is facing some challenges, such as the increasing affordability of smartphones with high-end cameras. However, the market is expected to continue to grow in the coming years, driven by the factors mentioned above.
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From the burgeoning Microphones Market to the expanding Global Underwater Camera Market and the dynamic Set-Top Box Market, the tech landscape is evolving rapidly. As a Senior Research Analyst, navigating these sectors involves deep dives into market trends, competitive dynamics, and consumer preferences. With over 7 years of expertise, I specialize in delivering comprehensive market insights, conducting rigorous analysis, and advising strategic decisions. My role extends to mentoring junior analysts, ensuring robust financial modeling, and crafting insightful reports that drive informed business strategies
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SOURCE Technavio
