In this report, Technavio covers the market outlook and growth prospects of the global underwater camera market for 2017-2021. By end-users, this market is divided into residential and commercial segments.
The residential segment accounted for more than 80% of the global market in 2016. The segment includes general consumers who purchase underwater cameras to take photos and record videos of underwater sports and leisure activities for personal use. The commercial segment, on the other hand includes consumers that use underwater cameras for professional purposes. Underwater cameras are increasingly being adopted into industries such as TV broadcasting and security. The commercial user segment of the underwater camera market is expected to account for more than 33% of the market by 2021.
Technavio’s research study segments the global underwater camera market into the following regions:
Americas: largest underwater camera market
“The underwater cameras market in the Americas can be broadly classified into North America and South America. The North American market markets itself as an adventure tourism destination, and draws a high number of consumers who flock to the region to enjoy the adventure games and activities. Additionally, the high per capita disposable income of the population in the region translates to a high number of people who can afford these cameras,” says Ujjwal Doshi, one of the lead analysts at Technavio for consumer electronics research.
South America is another market that will display a very healthy growth in the forecast period. One of the major factors influencing the growth is the increased demand for affordable underwater cameras which has resulted in a number of vendors capitalizing on this demand.
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EMEA: market driven by increased number of technologically aware customers
Western Europe is a market that will continue to grow slowly in the forecast period. This region was one of the first adopters of underwater cameras and has reached a level of maturity. This region sees the maximum commercial use of underwater cameras when compared to other regions. Analysts at Technavio expect the market to venture into new fields such as in the military, replacing normal digital cameras, fit with waterproof casing.
While Western Europe will display some of the slowest growths, its Eastern counterpart will post quick growth rates for underwater cameras. One of the major reasons for this is the increase in number of technologically aware individuals in the region. With countries like Scandinavia in the region, which is the most visited tourist spot for underwater diving, the demand will only increase.
APAC: fastest-growing underwater camera segment
“Globally, APAC is the fastest-growing market in the underwater camera market. It is expected to post a CAGR of almost 38% by 2021, clearly higher than all other regional segments. This growth is driven by the increase in demand for underwater cameras in emerging countries such as Indonesia, China, and the Philippines. The market is experiencing growth due to the presence of a large customer base whose per capita disposable income is increasing with time,” says Ujjwal.
However, the market in APAC is facing a threat from waterproof smartphones, which have the highest penetration among all smart gadgets within the region. An increasing number of people are finding waterproof smartphones more affordable and extremely useful as they can be used for underwater photography, along with their various other applications as well.
The top vendors in the global underwater camera market highlighted in the report are:
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