Camera module typically refers to camera assembly in mobile phones that contains an image sensor, lens, and driver integrated circuit. Camera Module offer advanced functions such as autofocus, OIS, high resolution imaging, and low-light photography for enhanced photography experience. Rising preference for smartphones with high megapixel front and rear camera is propelling demand for advanced camera Module.
The global Camera Module Market is estimated to be valued at US$ 102838.35 Bn in 2023 and is expected to exhibit a CAGR of 16.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing adoption of cameras for selfies and virtual reality applications is one of the major trends witnessed in the camera module market. Selfie cameras with advanced features are becoming increasingly popular among millennials and generation Z populations. Leading smartphone manufacturers are competing to offer the highest megapixel front camera to capture good quality selfies. Similarly, virtual reality headsets heavily rely on camera Module for motion tracking and environment detection. Growth in VR gaming and entertainment sectors has boosted demand for specialized camera Module with wide field of view and high frame rates. The increasing focus on improved self photography and immersive VR experiences will continue propelling the market for advanced camera Module over the forecast period.
Strength: The camera module market has strong growth opportunities due to the rising demand for rear-facing camera Module in smartphones and increasing use of camera technology in industrial, consumer electronics, automotive and healthcare applications.
Weakness: High R&D costs and continuous technology upgrades required to keep pace with evolving industry standards acts as a weakness for players in this market.
Opportunity: Growing demand for advanced camera features such as higher megapixels, auto-focus capabilities etc from smartphone OEMs as well as integration of multiple camera Module in devices provides major opportunities for camera module manufacturers.
Threats: Stiff competition among existing players and entry of new players especially from Asia poses threat to margins and market shares of established camera module manufacturers. Also, trade war issues can impact supply chain of certain companies.
Global Camera Module Market Size is expected to witness high growth over the forecast period of 2024 to 2031 due to increasing penetration of smartphones and rising adoption of camera Module across various end-use industries.
The Asia Pacific region currently dominates the global camera module market and is expected to continue its dominance during the forecast years. Especially countries like China, Taiwan, South Korea and Japan are major manufacturing hubs for camera module suppliers owing to availability of raw materials and labor.
Key players operating in the Asia Pacific region are Sunny Optical Technology Group Co. Ltd., Foxconn Technology Co. Ltd., Partron Co. Ltd., Lite-On Technology Corp. and Samsung Electro-Mechanics Co. Ltd.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it