Camera Module Market Is Estimated To Witness High Growth Owing To...

Camera Module Market Is Estimated To Witness High Growth Owing To Increasing Demand For Smartphones

Posted 2023-12-19 12:03:48

The global Camera Module Market is estimated to be valued at US$ 89,269.40 Mn or in 2023 and is expected to exhibit a CAGR of 15.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Camera modules find applications in smartphones, laptops, tablets, desktops, surveillance cameras, automotive, and consumer electronics. In smartphones camera modules enable features such as augmented reality, facial recognition, and portrait mode. The increasing demand for high resolution and advanced camera features in smartphones is driving the demand for camera modules.

Market Dynamics:
The growth of the camera module market is driven by increasing demand for smartphones and integration of advanced camera features in smartphones. As per Indian Brand Equity Foundation (IBEF), India's mobile phone production is estimated to reach US$ 190 Bn by 2025 through production of phones, components, and other parts. India's smartphone industry is estimated to reach US$ 120-150 Bn by 2026 from US$38 Bn in 2020.The increasing demand for high resolution cameras for photography as well as video recording will further drive the demand for camera modules with higher megapixel count and advanced features such as optical image stabilization. Additionally, the increasing applications of computer vision, artificial intelligence, and augmented reality across industries will boost adoption of camera modules.

SWOT Analysis

Strength:
- Camera module technology allows high quality digital imaging which enhances photography experience of users.
- Major players investing heavily in R&D to develop advanced camera modules with improved features like autofocus, image stabilization etc.
- Rising demand for smartphones and other consumer electronics boosting continuous volume growth of camera module market.

Weakness:
- Heightened competition from local players offering camera modules at competitive prices affects margins of established brands.
- Supply chain disruptions and restrictions on raw material exports from China increases procurement costs.

Opportunity:
- Growing popularity of AI-powered cameras and adoption of AR/VR technologies open new revenue streams for camera module manufacturers.
- Emergence of applications like autonomous vehicles, drones requires specialized camera modules offering opportunity to differentiate products.

Threats:
- Trade war between US and China affects supply chain and export of key camera module components.
- Short product life cycles necessitate frequent technology upgrades squeezing profits of manufacturers.

Key Takeaways

The global Camera Module Market Trends is expected to witness high growth, exhibiting CAGR of 15% over the forecast period, due to increasing demand for high resolution cameras in smartphones, tablets, and other consumer electronics.

Regional analysis: Asia Pacific dominates the global camera module market with China being the largest producer & supplier. Other major countries including South Korea, Taiwan and Japan also have sizable production capacity. The APAC camera module market is estimated to grow at a CAGR of 13% during the forecast period to reach value of US$ 34,980 Mn by 2030 due to large consumer electronics manufacturing bases in the region.

Key players: Key players operating in the camera module market are Sunny Optical Technology Group Co. Ltd., Foxconn Technology Co. Ltd., STMicroelectronics N.V., OmniVision Technologies Inc., Chicony Electronics Co. Ltd., Sharp Corporation, LG Innotek Company Ltd, Partron Co. Ltd., Lite-On Technology Corp., LuxVisions Innovation, and Samsung Electro-Mechanics Co. Ltd. These companies are focusing on developing new and advanced camera sensing technologies through innovation and strategic partnerships.