by 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
Camera modules are compact units that integrate lens, image sensor, and other components like driver ICs and control electronics to capture images. They are widely used in smartphones, laptops, tablets, automotive cameras, surveillance cameras, and other applications. Leading smartphone manufacturers utilize advanced camera modules equipped with multiple lenses, large pixel sizes, and higher megapixels to provide superior camera experience to users. Camera modules facilitate manufacturers to integrate advanced camera capabilities without investing significantly in optics and sensor component development.
Market Dynamics
The growth of the global camera module market is attributed to the rising demand for hi-tech cameras in smartphones and increasing adoption of computer vision applications across various industries. Key drivers include:
– Growing popularity of smartphones with multiple rear cameras: Major smartphone brands are focusing on advancing the camera capabilities of devices to offer better photography experience to users. Dual, triple, and quad rear camera setups with powerful lenses, sensors, and imaging software are driving the integration of advanced camera modules.
– Rising adoption of camera-based autonomous vehicles: Autonomous vehicles rely on computer vision for navigation and require high-definition cameras for surround view. Leading automotive OEMs are equipping vehicles with cameras modules containing advanced image sensors, processing chips, and powered lenses for autonomous driving applications.
Segment Analysis
The camera module market is dominated by the image sensor segment which holds around 60% of the overall market share. The image sensor sub-segment dominates as it is the core component of any camera module. Image sensors constitute around 40-50% of the total camera module cost and their specifications and capabilities directly impact the performance of camera modules.
PEST Analysis
Political: Development of smartphone manufacturing clusters globally by governments is promoting local assembly of camera modules.
Economic: Growing demand for camera-enabled consumer electronics like smartphones and rising disposal incomes are fueling camera module market growth.
Social: Increasing social media engagement and selfie culture is augmenting consumption of camera-enabled devices boosting module demand.
Technological: Miniaturization of camera modules, adoption of multi camera setups, and development of advanced sensors with high pixel counts are key technological trends.
Key Takeaways
The global Camera Module Market Trends is expected to witness high growth, exhibiting a CAGR of 15% over the forecast period, due to increasing demand for high-resolution camera modules in consumer electronics. The Asia Pacific region dominated the market with over 50% share in 2023 due to strong manufacturing clusters in China, Taiwan and South Korea. Regional players are ramping up capacities to locally supply OEMs. 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. Sunny Optical and Foxconn captured over 30% of the overall market share due to their extensive partnership with leading smartphone OEMs. OmniVision and Chicony also hold significant shares due to strong presence in image sensor and camera module assembly respectively.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
