Camera Module Market Is Estimated to Witness High Growth Owing to Increasing Demand for Camera-Enabled Smart Devices
A camera module is an integrated unit containing an image sensor and electronic circuits which is used for capturing images. Camera modules are usually installed in mobile devices like smartphones, tablets, digital cameras, laptops and notebooks etc. Camera modules enable digital imaging capabilities in various electronic devices. The global mobile penetration is growing significantly owing to increasing availability of low cost smartphones across the globe. As camera is one of the core features of smartphones, demand for high resolution and multi-camera modules is growing exponentially.
The global camera module market is estimated to be valued at US$ 34.5 billion in 2023 and is expected to exhibit a CAGR of 8% over the forecast period 2023-2027, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing demand for camera-enabled smart devices is one of the major drivers of camera module market. With development of dual camera, triple camera and other multi-camera setups, OEMs are focusing more on camera capabilities of devices. As consumers are shifting focus towards photography and videography, smartphone manufacturers are integrating high megapixel and multi-camera modules to cater to emerging demand. According to International Data Corporation, worldwide shipments of camera modules for use in smartphones reached 1.3 billion units in 2021. Another major driver is growing adoption of camera modules in various consumer electronics like laptops, tablets, IoT devices etc. Camera modules enable facial recognition and augmented reality applications in consumer devices driving their demand over the forecast period.
SWOT Analysis
Strength: Camera modules offer better picture quality compared to traditional cameras. Their compact size allows for integration into various devices. Manufacturers continually enhance camera capabilities through technological improvements.
Weakness: Dependence on a few key manufacturers increases supply risks. Short replacement cycles increase pressure to frequently upgrade module specifications. Significant investments are required to develop new features.
Opportunity: Rising demand for high-resolution cameras in smartphones and automotive applications offers scope for growth. Integrating innovative technologies such as AI and AR opens new avenues. Increasing use of modular design by OEMs boosts market potential.
Threats: Intense price competition from low-cost suppliers affects margins. Alternative technologies for image capturing can replace modules in the long-run. Trade barriers and geopolitical tensions impact international component supply.
Key Takeaways
Global Camera Module Market Size is expected to witness high growth. Technological advances are enabling the development of sophisticated camera modules with multiple high-MP lenses and sensors. Modules with 3D sensing, time-of-flight functionality and gimbal stabilization will see increased adoption. The global camera module market is estimated to be valued at US$ 34.5 billion in 2023 and is expected to exhibit a CAGR of 8% over the forecast period 2023-2027.
Regional analysis: The Asia Pacific region currently dominates the market owing to the large-scale manufacturing base in China, Taiwan and South Korea. China has emerged as a major camera module supplier and exporter. North America and Europe are other major markets driven by demand from consumer electronics and automotive sectors.
Key players: Key players operating in the camera module market are Samsung Electro-Mechanics, LG Innotek, SEMCO, Sharp, Sunny Optical Technology, Partron, LITEON, Cowell and FOXCONN. Samsung and LG Innotek have strong manufacturing capabilities and scale. Asian companies dominate the global camera module supply chain network.
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