Compact Camera Module Market - Forecasts from 2024 to 2029

Compact Camera Module Market - Forecasts from 2024 to 2029

The compact camera module market is evaluated at US$37.825 billion for the year 2022 growing at a CAGR of 13.56% reaching the market size of US$92.145 billion by the year 2029.

A compact camera module includes an image sensor, control electronics, lens, and an interface. It is useful in a variety of industries, including automotive, consumer electronics, and surveillance systems, because of the growing usage of smartphones, the global compact camera module market is expected to witness high demand during the forecast period.

Furthermore, the rapid advancements in sensor technology have increased the application of multiple compact camera modules. Manufacturers of smartphones and automobiles are integrating an increasing number of features. Rear-facing and front-facing cameras, as well as CIS, OIS, and lenses, are some examples. The company reported the pre-release of one of the smallest and lightest 100k pixel image sensors for usage in mobile or wearable handsets, such as virtual reality (VR) headsets.

MARKET DRIVERS:

Growing number of smartphone users is anticipated to upsurge the market.

The growing number of smartphone users worldwide is anticipated to strengthen the market growth since smartphone users are likely to propel the demand for compact camera module used in these devices. Growing access to technology empowers Indian youth. The nation is seeing a revolution in mobile and data usage. A total of 810 million people have broadband connections in 2022, up from 60 million in the previous eight years, and 750 million people use smartphones. The internet is expanding more quickly in rural than in urban regions.
Increased application in the automotive industry.

The market for compact camera modules is being driven by its increased application in automobiles for advanced driving assistance and automotive electronics. Automotive cameras have progressed from an optional feature to a must-have standard feature, and laws in the European Union and the United States are facilitating this movement. These advanced safety technologies include camera-based driver monitoring. Starting in 2022, all new type-approved automobiles with a certain level of autonomous driving capabilities will be subject to the new restrictions, which will be phased in over four years. By 2026, the regulation will apply to all new cars sold in the EU, regardless of their level of automation. Such regulations by governments around the world are expected to boost the global market for compact camera modules during the projected timeframe.

By application, the compact camera module market is segmented into consumer electronics, security and surveillance, communication devices, medical devices, and others.

Consumer electronics is anticipated to hold the largest market share of the compact camera module market due to the growing consumer specifications and the competitive nature of the market. Rising penetration of consumer electronic devices such as smartphones, digital cameras, computers, laptops, etc. are expected to drive the demand for compact camera modules. The growth of the market is attributed to the increasing adoption of high-resolution cameras in smartphones for both back and front-facing mobile cameras. Rising demand for advanced computers, mobile phones, and defense-related electronic devices is forcing manufacturers to develop new products with innovative technology that is expected to drive the demand for compact camera modules across the consumer electronics industry. Moreover, the continuous development in the sensor’s technology and the growing trend towards the depth effect of the mobile camera have increased the application of multiple compact camera modules for smartphones. The rapid increase in smartphone penetration and rising disposable income are driving the population the quickly switch to the latest technologies in consumer electronics. For instance, Xiaomi Mobile, a Chinese smartphone giant launched the Xiaomi 12 Ultra which will feature a large rear camera module that spreads almost across the width of the smartphone.

North America is anticipated to be the major regional market.

The compact camera modules market in North America is heavily impacted by the region's ongoing smartphone proliferation. Compact camera modules are becoming more and more in demand as smartphones become more commonplace. These modules are essential for improving the photography capabilities of devices. The market is growing because consumers are giving more value to advanced camera features such as multiple lenses, high-resolution pictures, and smart functionality. Further driving market development is the continued trend of incorporating tiny camera modules into various electronic products, such as tablets, laptops, and smart home appliances. Demand is anticipated to be fueled by the unrelenting pursuit of innovation in imaging technologies, which includes the creation of small modules with improved low-light performance, image stabilization, and artificial intelligence-based capabilities.

Key Developments:

In January 2024, the leading provider of MEMS technology worldwide, Sheba Microsystems Inc., announced the release of its newest offering, the Sheba MEMS Autofocus Compact Camera for AR/VR/XR Headsets.
In January 2024, Ricoh Imaging Americas Corporation announced that the PENTAX WG-90 digital camera would be on sale in the first part of February 2024. The WG series all-weather adventure cameras, which are renowned for their durable construction as well as their shock- and dust-resistant characteristics, are available under the PENTAX brand, which is well-known in the business for creating weather-, dust-, and waterproof goods.

Segmentation:

By Application
Consumer Electronics
Security And Surveillance
Communication Devices
Medical Devices
Others
By Components
Lens
Actuators
Sensors
Adhesives
Others
By Geography
North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
Germany
France
United Kingdom
Spain
Others
Middle East and Africa
Saudi Arabia
Israel
Others
Asia Pacific
China
India
Japan
South Korea
Others