by The camera module plays a vital role in enabling the camera functionality in smartphones and other consumer electronics. Camera modules allow devices to take high-quality still images as well as videos. Some key advantages of camera modules are portability, affordability and capabilities such as autofocus, optical zoom and flash. With rising sales of smartphones globally, camera modules have become one of the most important components for original equipment manufacturers (OEMs).
The global camera module market is estimated to be valued at US$ 89269.4 Mn in 2024 and is expected to exhibit a CAGR of 6.58% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Multi-camera setups are becoming a popular trend in high-end smartphones. Leading players like Apple, Samsung, Huawei etc. have incorporated dual, triple or even quad-camera setups on their flagship phones to provide improved photography experience to consumers. The multi-camera format allows devices to capture photos with different focal lengths and perspectives. It also enables features like portrait mode, improved low light performance and optical/hybrid zoom. As consumers demand better smartphone cameras, OEMs are expected to further drive innovations around multi-camera modules during the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the Global Camera Module Market Size is moderate due to high capital requirements for research and development. However, small players can enter the markets by leveraging advanced technologies.
Bargaining power of buyers: The bargaining power of buyers in the camera module market is high due to the presence of numerous camera module manufacturers and availability of a wide range of products. Buyers can negotiate on price with various manufacturers.
Bargaining power of suppliers: The bargaining power of suppliers in the camera module market is moderate as there are a few large suppliers that control a major share of the market. However, small companies can leverage niche technologies to gain competitive advantage.
Threat of new substitutes: The threat of substitutes in the camera module market is low as there are limited substitutes available for camera modules used in smartphones and other devices.
Competitive rivalry: The competitive rivalry in the camera module market is high due to the presence of numerous international and domestic players competing on the basis of product quality, technology, and pricing.
Key Takeaways
The global camera module market is expected to witness high growth over the forecast period. The global camera module market is estimated to be valued at US$ 89269.4 Mn in 2024 and is expected to exhibit a CAGR of 6.58% over the forecast period 2023 to 2030.
Regional analysis –
Asia Pacific region currently dominates the global camera module market and is expected to continue its dominance over the forecast period. China, South Korea, and Japan are the biggest markets for camera modules in the Asia Pacific region attributed to strong presence of smartphone and electronics manufacturers.
Key players – Key players operating in the camera module market are Samsung Electro-Mechanics, LG Innotek, OFILM, Sharp/Foxconn, Cowell and Sunny Optical.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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