Market Insight
The waterproof camera market is set to grow to a value of USD 10.4 billion by 2023, accompanied by a healthy CAGR of 18.5% during the forecast period (2017-2023), acknowledges the new report by Market Research Future (MRFR).
Market Drivers and Restraints
The waterproof camera market owes its tremendous growth to various factors. People who hike and trek often encounter issues with their cameras falling off into water. Hence, to address these issues, the market for waterproof cameras is finding strong foundation on a global level. The waterproof camera lets users click and capture any moment on camera, irrespective of the weather. The global waterproof camera market is projected to accrue a massive amount of revenue in the forthcoming years as a result of the expanding travel industry which backs up the augmentation of the product demand in various regions around the world.
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Key Players
The prominent players in the market of Waterproof Camera market are – Fujufilm (Japan), Nikon (Japan), Go-Pro (U.S.), Canon (Japan), Kodak (U.S.), Honeywell International Inc. (U.S.), Panasonic Corporation (Japan), Robert Bosch Gmbh (Germany), FLIR Systems (U.S.), Olympus (Japan) among others.
Market Segmentation
The Waterproof Camera Market is segmented on the basis of application, range, and types.
The various applications of waterproof cameras include media & entertainment, travel & tourism, and security & surveillance. In media & entertainment, waterproof cameras are used to shoot underwater scenes in movies and TV shows. Whereas, in security and surveillance, these are used in water-themed amusement parks as well as swimming pools for ensuring that people who cannot swim or have restricted swimming skills do not drown in the water. Of course, the travel and tourism industry is expanding at a tremendous pace, which is increasing the product demand amongst the tourists who want to capture the view of every scenic beauty of nature without worrying about the weather.
Range-wise, the market is segmented into 10-30 m, 30-60 m, 60-80 m, and 80 m & above.
Type-dependent segments in the waterproof camera market are disposable waterproof cameras and normal waterproof cameras. The disposable underwater cameras are relatively cheaper, have a limited functioning span and are used for fun activities such as snorkeling. These can take pictures within 33 feet depth.
Regional Analysis
The regional segmentation of the global waterproof camera market is done in the key regions of Europe, Asia Pacific, North America, and the rest of the world (RoW).
Leading the pack in the global waterproof camera market is the region of North America that has amassed 40% share of the global market. The reasons behind this strong growth include high disposable income as well as the thriving travel & tourism industries. Moreover, countries in North America such as the United States of America (USA) and Canada are the biggest contributors to regional market growth.
Following suit is the region of Europe, which has established itself as the biggest market for waterproof cameras. The market is flourishing in the region, backed by the stronghold of the tourism industry in the region. Europe attracts almost 100 million tourists every year. As per a survey, the highest revenue from tourism is recorded in France, making the country the most important market in the region. Also, owing to the popular trend of sharing pictures on social media, a number of tourists choose posting pictures taken in rivers or underwater on social media. This is where a waterproof camera comes into play, which is a must buy for such tourists. Not to be left behind, Asia Pacific is noting a healthy growth rate in the waterproof camera market, with the estimation of USD 2 BN by the end of the forecast period.
Industry Trend
In July 2018, Z-Edge WiFi sports action cam was launched which is available for USD 70. The waterproof camera offers various features of GoPro at a fraction of the latter’s cost. The reduction in the cost price is a popular trend adopted by various manufacturers of waterproof camera. In simple words, profit increases owing to an increase in demand when there is a reduction in the product cost.
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Intended Audience
- Camera Manufacturers and Suppliers
- Distributors
- Waterproof Technology Solution Providers
- Research firms
- Consultancy firms
- Semiconductor Manufacturing Companies
- Stakeholders
- End-user sectors
- Technology Investors
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