by Camera modules are crucial components used in consumer electronics such as smartphones, laptops, tablets, surveillance cameras, automotive cameras and more. Camera module comprises of an image sensor, a lens and other mechanical & electrical components assembled in a compact unit. The global camera module market has grown tremendously over the past few years owing to increased penetration of camera-enabled smart devices. Smartphone cameras have witnessed tremendous improvements with multiple cameras and higher resolution becoming a norm. With the adoption of Artificial Intelligence and augmented reality/virtual reality capabilities, smartphone cameras are expected to evolve further. The global camera module market is estimated to be valued at US$ 30 Billion in 2024 and is expected to exhibit a CAGR of 65% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increased Adoption of Smartphone Cameras: Higher pixel count, dual/multiple camera setups and added capabilities have made smartphone cameras into mainstream photography devices. Almost every high-end and mid-range smartphone today has multiple high resolution cameras. Improved image quality and new photography modes have resulted in smartphone cameras becoming a driver of the overall camera module market.
Technology Advancements: Continuous technology upgrades including higher megapixel counts, larger image sensors, optical image stabilization, faster auto-focus capabilities and new form factors are fueling innovation in camera modules. Manufacturers are focused on developing smarter and more compact camera modules to meet the evolving requirements of smartphones and various consumer electronics.
Segment Analysis
The Global Camera Module Market Scope is dominated by the image sensor sub segment. Image sensors hold the maximum share of over 60% in the overall camera module market. Image sensors are the core component of any camera module. Advancements in image sensor technology with features like improved image quality, larger pixel sizes, and higher megapixel counts have increased their demand. Front camera modules for smartphone selfie cameras predominantly use image sensors. Rear camera modules for advanced photography also rely heavily on high performing image sensors.
PEST Analysis
Political: Growing demand for surveillance and security cameras from government and law enforcement agencies positively impacts the camera module market. Various governments promoting Make in India, Make in China, and other local manufacturing initiatives boost domestic camera module production.
Economic: Increasing smartphone and electronics adoption coupled with rising disposable incomes fuels the camera module market growth. Higher spending on cameras for photography, videography, and industrial applications expands opportunities.
Social: Rising social media engagement and interest in photography/videography as hobbies increases camera module usage. Selfie culture and online photo/video sharing expands front camera module demand.
Technological: Advancements in complementary camera technologies like improved processors and storage, offer higher pixel counts and capabilities. Emerging applications in automotive, IoT, and AI/ML create new usage scenarios.
Key Takeaways
The global camera module market is expected to witness high growth over the forecast period of 2024 to 2031.
The Asia Pacific region is expected to dominate the global camera module market during the forecast period. Countries like China, Taiwan, South Korea and Japan are major manufacturing hubs for camera modules. Asia Pacific accounts for over 60% of global camera module production due to presence of leading image sensor manufacturers and smartphone OEMs in the region.
Key players operating in the camera module market are Sony Corporation, LG Innotek Co., Ltd., Samsung Electro-Mechanics Co., Ltd., Cowell E Holdings Inc., Chicony Electronics Co., Ltd, Sharp corporation, and Sunny Optical Technology (Group) Co. Ltd. and others. Sony Corporation is a leading player in both image sensors as well as lens modules. LG Innotek Co., Ltd. and Samsung Electro-Mechanics Co., Ltd. are strong players in the smartphone camera modules segment.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
