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. By type of the image sensor technology used in the camera modules packaging, this market is segmented into two types - CMOS (Complementary Metal Oxide Semiconductor) camera module and CCD (Charge Coupled Device) camera module.

Market Statistics:

The global camera module market is expected to surpass US$ 157,490.3  Mn in terms of value by the end of 2028.

Market Driver

Technological developments in camera module components are expected to propel the global camera module market growth over the forecast period. Camera modules have witnessed significant technological advancements in the recent past. As a matter of fact, major market players are making a significant investment to produce novel innovations in technology. For instance, in 2012, Samsung Electro-Mechanics Co. Ltd. announced the addition of a new camera module with an anti-shaking feature for product differentiation. In 2012, Toshiba developed the first light field camera module that contains an 8 mega array CMOS light field sensor with 500,000 microlenses. Moreover, improvement in camera pixels or resolution is another factor driving growth of the market. Additional features such as image stabilization, night vision, and thermographic imaging have been also developed to serve specific areas of application.

Market Opportunity

Rising investment by major market players can provide major growth opportunities. Key companies in the market are focused on investment, in order to expand the market presence. For instance, in July 2011, Foxconn Technology Co. Ltd. invested US$ 26 million in Wcube Co. Ltd., a supplier of camera lens and module and a subsidiary of Hon Hai Precision Industry Co. Ltd. In February 2012, LG Innotek Company Ltd invested US$ 260 million in camera modules to expand its supply capacity. Moreover, in 2011, LG Innotek Company Ltd invested US$ 400 million to enhance its core business which included the production and sale of camera modules

Global Camera Module Market: Recent Developments

  1. In October 2021, LG Electronics, a South Korea based electronics device manufacturing company will offer driving assistance system (ADAS) front camera module to new Mercedes-Benz C-Class from Mercedes-Benz, a German luxury automotive manufacturer.
  2. Key companies in the market are focused on product launches, in order to enhance the product portfolio. For instance, in June 2020, OmniVision Technologies Inc. launched an automotive wafer-level camera module for better driving monitoring systems in vehicles.
  3. Major market companies are involved in product development, in order to gain a competitive advantage in the market. For instance, in June 2020, OmniVision Technologies Inc. introduced the first image sensor for automotive viewing camera with 140 dB HDR.

Market Restraint

Managing image from multiple cameras limiting processing power is expected to hamper the global camera module market growth over the forecast period. Although smartphone manufacturers are proving multiple cameras for enhanced image quality, managing these cameras in smartphones hinders the processing power. Since the entire processing power of the smartphone is hindered, the overall performance of the camera is impacted.

Global Camera Module Market - Impact of Coronavirus (Covid-19) Pandemic

The global camera module market witnessed sharp decline during the COVID-19 pandemic. With many countries deciding to close the international borders and travels temporarily, the sales of camera modules declined massively due to reduced tourism. Besides, manufacturing of camera module was hindered significantly, as stringent regulations on physical distancing and nationwide lockdown policies affected the manufacturing activities worldwide. China is one of the largest suppliers of raw materials required for camera module production. However, it was the epicenter of the outbreak, which significantly impacted the market growth. That being said, many countries have started relaxing the regulations with rollout of vaccines and mass vaccination programs, which could support the market growth.

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Key Takeaways:

  • The global camera module market was valued at US$ 50,164.0 Mn in 2020 and is forecast to reach a value of US$ 157,490.3 Mn by 2028 at a CAGR of 15.2% between 2021 and 2028. This is owing to increased demand of autonomous vehicles.

Market Trends

The demand for camera modules in smartphones and tablet PCs has increased significantly in the recent past. Similarly, it is supporting the demand for a camera module in the market. Almost all the mobile phones in the coming years are expected to have camera module installed in them. In the near future, all the mobile phones and tablet PCs are expected to have both front and rear cameras.

Increasing regulatory norms associated with automotive cameras in North America and Europe is expected to boost the regional market growth over the forecast period. Moreover, enhanced health infrastructure in developed countries combined with rising adoption in emerging economies is expected to witness high product demand during the forecast period.

Competitive Section

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.


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