July 24, 2024
Camera Module Market

Rising Adoption Of Camera Integration To Boost The Growth Of Camera Module Market

The global Camera Module Market is estimated to be valued at US$ 89,269.40 Mn or in 2023 and is expected to exhibit a CAGR of 15.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview

A camera module refers to an integrated imaging sensor and lens assembly that can capture images and videos. Camera modules are finding widespread adoption in applications such as smartphones, laptops, automobiles, drones, and CCTV cameras. Modern smartphones feature dual, triple, and even quad camera setups to enable advanced photography capabilities. Camera modules help the original equipment manufacturers to overcome engineering challenges involved in manufacturing camera components and integrate advanced imaging capabilities. The miniaturization of camera components has enabled seamless integration of cameras without compromising on device design aesthetics.

Market key trends

One of the key trends in the camera module market is the increasing adoption of time-of-flight cameras. Time-of-flight cameras use infrared light pulses to detect the distance of objects. This technology enables applications such as 3D photography, autofocus, augmented reality, and facial recognition. Major smartphone manufacturers are expected to incorporate ToF cameras to support virtual try-on features and advanced photography capabilities. Furthermore, the integration of multiple cameras with different focal lengths and megapixels is gaining traction to replicate DSLR-like photography experience on smartphones. OEMs are expected to integrate ultra-wide angle, telephoto, and macro lenses along with the primary camera to unleash creative photography possibilities.

Porter’s Analysis

Threat of new entrants: Low economies of scale pose a barrier for new entrants in the camera module market. Bargaining power of buyers: buyers have high bargaining power due to the availability of substitutes in the market. Bargaining power of suppliers: Suppliers have low bargaining power due to the presence of a large number of suppliers in the market. Threat of new substitutes: Substitutes like drones pose a moderate threat to the camera module market. Competitive rivalry: Intense competition exists among existing players due to no differentiation in products.

Key Takeaways

The global Camera Module Market Trends is expected to witness high growth, exhibiting CAGR of 15% over the forecast period, due to increasing demand for smartphones. Regional Analysis The Asia Pacific region dominates the global camera module market and is expected to maintain its dominance over the forecast period. China is the key contributor to the growth of camera module market in APAC due to the presence of leading manufacturers. Key players operating in the 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.

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