May 27, 2024
Camera Modules Market
Ict

Camera Module Market are Powered by Growth in Smartphones


Camera Module play a vital role in enhancing the functionality of electronic devices ranging from smartphones, tablets to automotive cameras. These advanced Module integrate various camera components like image sensors, lenses and motors to capture high quality images and videos. Camera Module enable original equipment manufacturers to incorporate advanced camera capabilities without investing significantly in camera design and engineering. The miniaturized Module have resonated well with the demand for slim and compact devices across consumer electronics. Smartphone makers are continuously striving to equip their devices with cutting-edge camera systems to differentiate their offerings. This factor has been a major driver for the widespread adoption of camera Module.

The global Camera Module Market is estimated to be valued at US$ 102838.35 Bn in 2024 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:

One of the prominent trends in the camera module market has been the growing demand for multi-camera systems. Smartphone OEMs are equipping their flagship models with dual, triple or more camera sensors to offer enhanced photography experience. The additional cameras enable various photographic capabilities like optical zoom, bokeh effects, ultra-wide angle shots and 3D sensing. Advanced image signal processors are also being integrated to derive meaningful outputs from the combined data of multiple cameras. This has significantly expanded the scope of smartphone photography. Top mobile brands are differentiating themselves through multi-lens camera innovations which is poised to remain a major trend in the forthcoming years as well.

Porter’s Analysis
Threat of new entrants: New companies will find it difficult to enter this market as the market is already dominated by major players with strong existing partnerships with smartphone and camera manufacturers requiring huge investments.
Bargaining power of buyers: Buyers have significant bargaining power as there are many established players providing camera Module. Buyers can negotiate on price and demand customization of products.
Bargaining power of suppliers: A few key sensor manufacturers like Sony control the market, giving them strong bargaining power over camera module manufacturers in terms of costs and supply.
Threat of new substitutes: No major threats as camera Module are integral components of most smartphones and cameras without viable substitutes.
Competitive rivalry: Intense competition exists among module manufacturers to cater to the rising demand from smartphone and camera manufacturers requiring continuous innovation.

Key Takeaways
The Global Camera Module Market Size is expected to witness high growth.

Regional analysis:

Asia Pacific region dominates the market currently due to presence of major manufacturers in countries like China, Taiwan and South Korea. China accounts for the largest share owing to low-cost manufacturing and presence of top smartphone brands. North America and Europe are other major regionsdriven by high disposable income and increasing adoption of latestcamera features in smartphones.

Key players:

Key players operating in the camera module market include 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. These players are focusing on developing advanced camera Module with enhanced features to capitalize on emerging opportunities in photography and videography domains. 

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it