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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SOURCE Technavio