In order to stop the spread of the COVID-19 virus, many countries around the world have chosen to impose lockdowns. People are advised not to leave the house, work and study must also be done from home. Moreover, travelling is clearly not allowed.
As a result, the market performance of action cameras and their accessories were affected from two sides: on the one hand, due to the lockdown, the manufacturing and distribution processes of the product were disrupted, on the other hand, due to limited public activity, demand for products were choked up.
Fortunately in the US, the lockdown was not implemented for too long because it could disrupt economic performance. Even so, people are still required to wash their hands, keep their distance, and wear a mask. To travel long distances using mass transportation such as buses, airplanes and ships, there are additional requirements needed: people must take a test to confirm a negative COVID-19 result and be willing to self-quarantine for 5-7 days after their return.
The community, especially the middle-upper class, has no problem with the imposition of these conditions. Hence, since the last quarter of 2020, outdoor sports are back on the rise, adventure to the mountains has returned to life, and some have gone on holiday to get rid of boredom.
Since then the market demand for action cameras and their accessories, to support vlog production, has increased again. Based on the tally by market researchers Meticulous Research released on Tuesday (1/2/21), in terms of volume, the action camera market is expected to grow 12.1% from 13.4 million units in 2020 to 29.9 million units in 2027.
In terms of value, the market value of action cameras is expected to increase by 13.5% from US$2.7 billion in 2020 to US$6.58 billion in 2027. Meticulous Research states that action cameras were chosen because of their small, lightweight, waterproof and shocks, and is capable of recording high quality images.
Imagine using a DSLR camera that is large and heavy, or maybe a smartphone that doesn’t suit its function, to go on an adventure to the mountains, explore the hills, or have a chat to the beach, it’s really awkward to use, right?
Moreover, recently action cameras that carry Full HD and Ultra HD resolutions with Frame Rate of 31-60 and 61-120 fps have been equipped with artificial intelligence technology and biometric sensors to add to their sophistication.