CHICAGO, Sept. 19, 2023 /PRNewswire/ -- The global camera modules market is expected to be valued at USD 43.3 billion in 2023 and is projected to reach USD 68.5 billion by 2028; it is expected to grow at a CAGR of 9.6% from 2023 to 2028 according to a new report by MarketsandMarkets™. The increasing demand for consumer electronics applications due to heavy adoption and advancements in smartphones, tablets, and wearables, as well as growing automotive applications due to ADAS and vehicle automation, is driving the growth of the camera modules market.
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Camera Modules Market Report Scope:
Report Coverage | Details |
Market Revenue in 2023 | $ 43.3 billion |
Estimated Value by 2028 | $ 68.5 billion |
Growth Rate | Poised to grow at a CAGR of 9.6% |
Market Size Available for | 2019–2028 |
Forecast Period | 2023–2028 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Component, Interface, Pixel, Focus, Process and Region |
Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
Key Market Challenge | Complex manufacturing and supply chain process |
Key Market Opportunities | Expansion of e-commerce and logistics industry |
Key Market Drivers | Increasing demand for consumer electronics application |
Fixed Focus segment is expected to hold a significant share during the forecast period.
Fixed focus modules are less expensive than autofocus, requiring electronics, moving parts, and electricity. As fixed-focus lenses require no user input, they are appropriate for use in cameras meant to be inexpensive or to function without electrical power, such as disposable cameras, low-end 35 mm film point-and-shoot cameras, or cameras with simple operation. They are widely used in CCTV cameras, webcams, surveillance, smartphones, vehicles, electronic toys, IP cameras, and HD analog systems. These features positively impact the demand for fixed-focus cameras in the camera modules industry.
The automotive segment is projected to grow at the highest CAGR during the forecast period.
The key factor contributing to the growth of this segment is the increasing safety concerns among automobile manufacturers. The adoption of camera modules in advanced driver assistance systems (ADAS) with the growing trend for autonomous vehicles provides opportunities for market growth. The adoption of advanced camera modules to assist the driver in preventing collisions and provide an enhanced driving experience is set to push market growth.
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Asia Pacific will hold the largest share of the camera modules market throughout the forecast period.
Asia Pacific, particularly countries like China, Japan, South Korea, and Taiwan, has established itself as a global manufacturing hub for automotive and electronics. These countries have robust manufacturing infrastructures, advanced technology capabilities, and a vast network of suppliers and manufacturers. The camera modules market in the Asia Pacific region is poised for rapid growth driven by several key factors. Firstly, the region boasts the world's largest and continuously expanding smartphone market, spurring demand for high-resolution camera modules to meet consumers' photography and videography expectations. Additionally, the thriving automotive industry in Asia Pacific is propelling the need for camera modules used in various applications like driver assistance systems, parking aids, and collision avoidance systems. Furthermore, rising concerns about security have led to a growing demand for security cameras, with camera modules being essential components in CCTV, IP, and body-worn cameras.
Key Players
The camera modules companies includes significant Tier I and II players such as LG Innotek, OFILM Group Co., Ltd., Sunny Optical Technology (Group), Hon Hai Precision Inc. Co., Ltd. (Foxconn), Chicony Electronics, Sony, Intel and Samsung Electro-Mechanics and so on are some of the key players in the camera modules market.
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