Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Camera modules are electronic devices, which convert an optical signal into a digital electronic signal through a lens with the help of an image sensor and display captured images on the display device. In other words, it is a component that provides video recording function, gesture recognition, and still image function to a digital image. The camera modules are typically used in packaging.
The global camera module market is estimated to be valued at US$ 58,390.9 million in 2021 and is expected to exhibit a CAGR of 15.2 % over the forecast period (2021-2028).
In September 2021, Apple Inc., a US based consumer electronics device manufacturing company launched iPhone 13 with new advanced camera module system.
In November 2021, Google Pixel 6a will be launched with Pixel 6-Inspired Camera Module.
In August 2021, Vivo Communication Technology Co. Ltd., a China based smartphone manufacturing company received patent for detachable in-display camera module.
Figure 1. Global Camera Module Market Value (US$ Mn), by Region, 2020
Asia Pacific held dominant position in the global camera module market in 2020, accounting for 59.3% share in terms of volume, followed by Europe and North America, respectively.
Market Dynamics- Drivers
Robust growth of smartphone and tablet market is expected to drive growth of the global camera module market during the forecast period. Camera modules are mainly used in electronic devices such as smartphones, tablets, digital cameras, webcams, and surveillance systems. However, smartphone and tablet PCs have witnessed massive demand in the recent past. Since the inception of camera technology, camera modules ranging from 1 megapixel to about 13 megapixels have been developed. High-resolution cameras installed in smartphones play a key role in the sales of smartphones. Currently, the camera is one of the most important features required for selling smartphones and tablet PCs. Consumers inquire about several features before buying a mobile phone or tablet PC, and the camera resolution is one of them.
Constant enhancements in camera resolutions are expected to propel the global camera module market growth over the forecast period. Camera modules are typically used in a large number of imaging devices across various application segments including consumer electronics, industrial, tablet PC, medical sector, and smartphone. The market for camera modules was majorly dominated by 2-megapixel cameras until 2011. There was a sudden shift towards high-resolution cameras and camera modules with resolutions up to 5 megapixels for lower-end mobile phones and 8 megapixels for premium smartphones in 2012. The market is expected to see a further change, with most of the lower end camera phones having 5 megapixels and premium smartphones having 8 and higher megapixels in 2013.
Acquisition of new contracts with mobile manufacturers can present major business opportunities. The end users for the market are mobile phone manufacturers, tablet PC manufacturers, manufacturers of surveillance systems, medical device manufacturers, and automotive industries. Among several applications of camera modules, smartphones and tablet PCs holds the majority of the market share. There is intense competition among the players to acquire new contracts for the supply of camera modules, due to the highly fragmented nature of the market.
Growing application in automotive and defense sector can provide lucrative growth opportunities. Automotive sector is one of the rapidly growing markets for camera modules. The main factor contributing to this growth is the enforcement of government regulations in different regions. Driver safety has been a major concern for the government. Government authorities and car manufacturers have taken proactive initiatives to provide driver safety and reduce incidences of on-road accidents. Premium car manufacturers are launching their cars with rearview camera features. For instance, Audi range cars A6 and A8 that are equipped with rearview cameras for better vision.
Camera Module Market Report Coverage
||Market Size in 20121:
||US$ 58,390.9 Mn
|Historical Data for:
||2017 to 2020
||2021 to 2028
|Forecast Period 2021 to 2028 CAGR:
||2028 Value Projection:
||US$ 157,490.3 Mn
- North America: U.S., Canada
- Europe: Germany, U.K., France, Italy, Russia, and Rest of Europe
- Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, Rest of Asia Pacific
- Middle East and Africa: Brazil, Argentina, Mexico, GCC Countries, Israel, South Africa, Rest of the world
- By Product Type: CMOS Camera Module, CCD Camera Module
- By Application: Smartphone and tablet PC, Automotive, Medical, Defense & Space, Industrial & Security, Consumer electronics
Sunny Optical Technology Group Co. Ltd., Foxconn Technology Co. Ltd., STMicroelectronics N.V., OmniVision Technologies Inc., Chicony Electronics Co. Ltd., Sharp Corporation, LG Innotek Company Ltd, Partron Co. Ltd., Lite-On Technology Corp., LuxVisions Innovation, and Samsung Electro-Mechanics Co. Ltd.
- Robust growth of smartphone and tablet market
- Constant enhancements in camera resolutions
|Restraints & Challenges:
- Capacity limitations of camera modules
- High cost of multi-camera systems deployment in vehicles
Sharing images on social networking platforms has become a new trend wherein people share their activities on social networking websites. Social network sites such as Google Plus, Twitter, Facebook, Flickr, Instagram, and WhatsApp are popular among users wherein they share pictures and share through their mobile phones. As a result of this, consumers are demanding mobile cameras having good resolution and advanced features such as panorama mode, macro mode, effects, night vision mode, blur motion mode, and sports mode. Moreover, this, trend is expected to continue during the forecast period.
Until recently, smartphones and tablet PCs with a single camera were popular among the customers. The advent of new technologies for distant communication (such as online video calling) in smartphones has increased. This, in turn, has led to a rise in demand for the front cameras in smartphones. Online video chatting, video calling, video conferencing, and online learning through video lectures have gained popularity in the recent years. The use of portable devices such as smartphones and tablet PCs has also increased for these applications. The installation of front camera in most of the smartphones and tablet PCs in the near future offers potential opportunities to the camera module manufacturers.
Figure 2. Global Camera Module Market Share, By XX, 2020
Key Takeaways of the Graph:
- The CMOS held dominant position in the market and accounted for 1% share in the global camera module market in 2020. The segment is expected to reach US$ 151,367.5 million in 2028, owing to CMOS camera modules consume less battery as compared to devices equipped with CCD modules.
- In 2020, the Smartphone and tablet PC accounted for the largest share of 3% in the global camera module market and is expected to be valued at US$ 109,094.8 million by 2028. This is owing to increased demand of smartphone devices.
Market Dynamics- Restraints
Capacity limitations of camera modules are expected to restrain growth of the global camera module market during the forecast period. A major challenge in the market is to maintain the demand and supply of camera modules to mobile phone vendors. Key players in the market such as Samsung, Apple, and Nokia are producing millions of units of smartphones every year. Due to the fragmented nature of the market, there is absence of any dominant supplier. However, there is an absence of any dominant supplier, owing to the fragmented nature of the market. Furthermore, a camera module is manufactured by the addition of more than ten components such as lens, actuators, VCM, and image sensors. These components are sourced from third parties in most of the cases.
High cost of multi-camera systems deployment in vehicles is expected to hinder the global camera module market growth over the forecast period. Camera modules that are deployed in vehicles are of high-quality. These cameras are extremely expensive and hence only high-cost cars are equipped with such comers.
Key players operating in the global camera module market are Sunny Optical Technology Group Co. Ltd., Foxconn Technology Co. Ltd., STMicroelectronics N.V., OmniVision Technologies Inc., Chicony Electronics Co. Ltd., Sharp Corporation, LG Innotek Company Ltd, Partron Co. Ltd., Lite-On Technology Corp., LuxVisions Innovation, and Samsung Electro-Mechanics Co. Ltd.
- Major market players are involved in mergers and acquisitions, in order to enhance the market presence. For instance, in March 2018, Foxconn Technology Co. Ltd., a Taiwan-based electronics product manufacturer, acquired Belkin, a smartphone accessory manufacturer for US$ 866 million.
- Key companies in the market are involved in mergers and acquisitions, in order to gain a competitive edge in the market. For instance, in March 2018, LuxVisions Innovation, a Chinese company, acquired Lite-On Technology, a Taiwan-based electronics company for US$ 360 million.