Action Camera & Accessories Market Worth $6.58 billion by 2027

Action Camera and Accessories Market by Product Offering (Action Camera, Accessories), Technology (Full HD, Ultra HD), Frame Rate (31-60, 61-120 fps), Distribution Channel (Online, Offline), End User (Personal, Professional), and Application (Sports, Travel & Tourism) – Global Forecast to 2027

The Action Camera & Accessories Market is expected to grow at a CAGR of 13.5% from 2020 to 2027 to reach $6.58 billion by 2027 from $2.7 billion in 2020. In terms of volume, the action cameras market is estimated to grow at a CAGR of 12.1% from 2020 to 2027 to reach 29.9 million units by 2027 from 13.4 million units in 2020. Increasing tourism activities and the trend of travel blogging among individuals worldwide are driving the action camera & accessories market. The tourism industry's development has promoted the adoption of action cameras among individual and group travelers for a hassle-free shooting experience.

According to Organisation for Economic Co-operation and Development (OECD), the global tourism sector contributes around 4.4% to the global GDP and is increasing at a rate of 3.8% year-on-year from 2018, further creating growth opportunities for the action cameras industry. Additionally, action cameras have gained rapid demand in recent years owing to their utilization in sports, adventures, and racing activities. Consumers in the sports industry are using action cameras majorly to record live sports that aids them in performing from different angles. However, in recent years, the availability of smartphones with high resolution and wide-view angle cameras has posed a threat to the demand for action cameras.