Camera modules are considered one of the most vital components of smartphones and digital cameras. They allow users to capture high-quality images and videos conveniently. Advances in camera technologies have increased their resolutions and functionalities. Camera modules equipped with multiple sensors help produce images with improved details and depth perception.
The global Camera Module Market is estimated to be valued at US$ 34.5 billion in 2023 and is expected to exhibit a CAGR of 11.2% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The emergence of dual and triple camera modules has become a key trend catalyzing the growth of the camera module market. Major smartphone manufacturers are opting for multiple camera sensors to offer enhanced photography capabilities to users. Dual camera setup allows taking pictures with bokeh effect for portrait shots, while triple camera configuration provides 3x hybrid zoom and wide-angle shots. This has increased the adoption of dual and triple rear camera smartphones. Various smartphone models released in recent years feature dual or triple rear cameras featuring combinations of monochrome, wide-angle and telephoto lenses. This is expected to drive the demand for camera modules with multiple sensing capabilities going forward.
Strength: Camera modules feature image sensors and optics to enable high-quality pictures. They provide convenience to original equipment manufacturers.
Weakness: The manufacturing process of camera modules requires heavy capital investments and precise equipment. Frequent technological changes increase production costs.
Opportunity: Growing demand for smartphones and other consumer electronics is opening up opportunities. Advancements in optics, sensors and image processing are enabling new applications.
Threats: Intense competition among camera module suppliers limits pricing power. Disruptions in the supply chain can impact availability.
Global Camera Module Market Size is expected to witness high growth. The global Camera Module Market is estimated to be valued at US$ 35.40 billion in 2023 and is expected to exhibit a CAGR of 11.2% over the forecast period 2023-2031.
Asia Pacific dominates the market currently due to the presence of major electronics manufacturers. China is the biggest production and consumer market for camera modules.
Key players operating in camera module market include Samsung Electro-Mechanics, LG Innotek, Sharp, LITEON, Cowell and Sunny Optical. They supply camera modules used in smartphones, tablets, laptops, automotive applications and more. Owing to technological developments, camera modules are finding new uses in virtual reality headsets, drones and surveillance cameras. Suppliers are focusing on better resolution, improved autofocus functions and low-light image capturing to meet evolving demands.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it