Action camera market: The role of industry shapers and sports

The action camera industry has been witnessing remarkable attention from the user-base of social networking sites like Twitter, Facebook, and Instagram. This attention has risen with the trend of sharing photos and videos with friends and followers and the pool of vendors in the market. With the advent of camera device manufacturers in the action camera arena, consumers have been provided with a wide range of options that suit their needs. The extreme competition has also taken down the prices to a certain level, drawing customers in cost-sensitive areas.

What is an action camera and what makes it better than a normal camera?

An action camera is a digital camera that is designed to capture the action when engaged in it. Thus, action cameras are usually compact and strong, and surface-level waterproof. In burst mode and time-lapse mode, they usually will take photos and also record high-definition video. A common feature is also the slow-motion video recording at 120 or 240 fps.

An action camera is also more compact than a basic point and shoot or DSLR. It can be mounted anywhere, from the dashboard to underwater, and can take high-quality videos and photos. Some action cameras are capable of recording high-quality 4k videos without any difficulty. They can also record excellent photos, thanks to their large sensors, and also, the pictures can be instantly transferred to a smartphone via Wi-Fi. To have a comparable quality of videos, people have to buy a large-sized camera that is at least twice or thrice as costly.

Portability is one of the main benefits of action cameras. Many of them are easier to fit in a hand's palm. With any normal tripod or monopod, the camera can be easily propped up and there is also no need to worry about carrying it around. Action cameras are smaller than other point and shoot cameras, even with a rugged or waterproof casing on. The action camera can be used to film extreme sports such as surfing and cycling, as well as recording sporting action from various angles. Action cameras can be installed on a cricket bat in India, where cricket is all the rage, to get a unique video viewpoint. The videos can be used to understand the mistakes and make improvements in the game.

Adventure sports have become prevalent than ever before; and so has the adoption of action camera

Given today's obesity epidemic, any sport that gets children (and adults) off the couch may also have long-term benefits for some real exertion. Extreme sports are a chance to challenge and express oneself. There is a room or cooperation, without any specific win and loss that can help the development of self-esteem among some children. There's very little organization in teams or tournaments, and no overzealous parents are shouting through the backstop fence at their children. In recent times, female empowerment has hit the jackpot and these women are finally making some impact on adventure sports. In this growth, social media plays a huge role where 'unsponsored' female athletes can self-publicize.

A brief look over the strategic moves undertaken by industry giants:

• The consumers demand all that’s high tech!

The prime focus of major market makers like Panasonic was to fulfill the requirements of a consumer base that desires for excellence in performance. Keeping that in hand, the customers longed for higher picture quality and video functions for active platforms like YouTube. This is when Panasonic India swooped in to launch Lumix G95 in July 2019. It was the company’s latest digital single-lens mirrorless camera. The product can capture videos in a 4K resolution at 9fps burst shooting speeds.

• More of technology, less in size

People nowadays prefer to carry more stuff with the least spaces. A high-tech product that is anything between pocket-size to bottle-size will have all the attention of customers. Drift, a British action camera maker, decided to be a part of this trending wave and launched Ghost XL in August 2019. This product was intended to be a battery-efficient and wallet-friendly action camera. The lens of this cam can be rotated 300 degrees, unlike other cameras. What’s more, to satisfy the seeking souls of customers, the product was created in a way so that users can mount the camera in whatever orientation and can also twist the lens to straighten the shot.

• High resolution and digital stabilization

This is how the basic need for action cameras has advanced over time; digital efficiency and a clear resolution. Under this light, GoPro, the hero of action cameras, introduced a new version of both its Hero line and its newer 360-degree ruggedized action cameras. This product launch was put forth in October 2019. GoPro Hero8 Black was launched with an added technology called HyperSmooth 2.0, which can record video at resolutions between 1080p and 4K. HyperSmooth 2.0 is the second-gen version of GoPro’s proprietary digital stabilization technology. Additionally, GoPro MAX, which is the new version of GoPro Fusion, delivers 360-degree capture and has its HyperSmooth stabilization technology called Max HyperSmooth technology.

The big picture

The action camera market is driven by the most prominent trends in the industry. These include the rising popularity of bundle packages that sell cameras with necessary accessories. The wholesome packages of this kind are cost-effective, which makes them a big hit among the consumers and they also create a direct impact on the sales of accessories along with action cameras.

Nonetheless, due to the increasing proliferation of smartphones with high-end cameras, the market is expected to be narrowed to some extent. The declining prices of in-built smartphones with high-quality cameras are also anticipated to somewhere limit the growth of the global market for an action camera.

KBV Research is a global market research and consulting company serving all kinds of business verticals, government and non-governmental organizations, and not-for-profit organizations.