Camera Modules Global Market Report 2024

The camera modules market size has grown strongly in recent years. It will grow from $49.07 billion in 2023 to $53.6 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. Historical growth can be attributed to the expansion of consumer electronics, integration within the automotive sector, advancements in surveillance systems, the development of medical imaging devices, and the increased usage of social media platforms.

The camera modules market size is expected to see strong growth in the next few years. It will grow to $78.45 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%. Anticipated growth in the upcoming period is linked to the adoption of smart home devices, the expansion of telemedicine services, increased focus on environmental monitoring, transitioning towards multiple camera setups, and the growing popularity of action cameras and drones. Major trends expected in this forecast period encompass advancements in image sensor technology, the evolution of computational photography techniques, the adoption of 3D cameras, the integration of augmented reality (AR) and virtual reality (VR) technologies, and the expansion of remote work and virtual collaboration tools.

The surge in the adoption of automated and semi-automated cars stands as a significant catalyst fueling the expansion of the camera module market. These technologically advanced vehicles, equipped with Autonomous Driving Systems (ADS), leverage artificial intelligence, integrated cameras, and sophisticated software to execute driving tasks autonomously or offer assistance such as active steering, braking, and acceleration based on environmental cues. Camera modules play a pivotal role within automotive camera systems, serving as integral components of the ADS to capture high-definition imaging crucial for processing data and enabling autonomous driving capabilities. According to Zipdo, a Germany-based meeting management and productivity software, projections indicate the sale of approximately 8 million units of semi-autonomous or fully autonomous vehicles worldwide by 2026. This uptick in the adoption of automated and semi-automated cars is poised to drive robust growth in the camera module market in the forthcoming years, given their indispensable role in enabling advanced driving functionalities and ensuring enhanced safety features.

The burgeoning penetration of smartphones stands as a driving force behind the anticipated growth of the camera module market. Smartphones, multifaceted mobile devices amalgamating cellular functionalities with internet browsing, computing capabilities, and diverse applications, have become ubiquitous. The camera modules integrated into smartphones empower users to capture photos and videos, facilitating visual communication and enabling the creation of multimedia content. As indicated by Uswitch Limited, a UK-based financial conduct authority, mobile connections in the UK surged to 71.8 million in 2022, marking a 3.8% increase (approximately 2.6 million connections) compared to 2021. Projections foresee the UK population reaching 68.3 million by 2025, with an estimated 95% ownership of smartphones among individuals, roughly totaling around 65 million smartphone users. This pervasive adoption and reliance on smartphones are driving factors behind the increasing demand for camera modules, emphasizing their pivotal role in supporting visual communication, content creation, and multimedia experiences within the smartphone landscape.

Companies within the camera module market are increasingly pursuing strategic partnerships and collaborations as a prevailing trend. This trend emerges from the presence of numerous camera module manufacturers seeking expansion into new market segments. An illustrative example of this trend is the strategic partnership forged between OnePlus, a China-based smartphone manufacturer, and Hasselblad, a renowned camera manufacturer based in Sweden, in March 2021. This three-year collaboration aims to bolster OnePlus's mobile camera quality by co-developing next-generation camera systems destined for the new OnePlus 9 series devices. Additionally, the partnership entails enhancements in software, color tuning, sensor calibration, and the refinement of a user-friendly camera interface. Such alliances signify a concerted effort by companies to leverage each other's strengths and expertise, ultimately aiming to enhance the quality and capabilities of camera modules integrated into their respective devices.

In March 2021, LG Innotek and Microsoft established a strategic partnership to support ecosystem partners in creating innovative designs and broadening the scope of application for 3D sensing modules, extending beyond the realm of smartphones. The collaboration focuses on the production of 3D sensing modules utilizing Microsoft's Time-of-Flight (ToF) technology, aimed at commercializing cloud-connected 3D cameras. Additionally, the partnership aims to simplify the development of 3D vision applications across diverse industries, spanning fitness, healthcare, logistics, and retail. This joint effort represents a concerted push to leverage Microsoft's ToF technology expertise and LG Innotek's manufacturing capabilities to enable the widespread adoption of 3D sensing modules in various sectors beyond the traditional scope of smartphones.

In June 2022, BaseballCloud, a US-based company specializing in data analytics and visualization within the sports industry, completed the acquisition of Aqueti Inc for an undisclosed sum. This strategic move was intended to capitalize on Aqueti's expertise in gigapixel camera technology. By integrating Aqueti's advanced camera technology, the acquisition aimed to augment data quality, improve visualization techniques, and enhance media delivery systems within the sports sector. Aqueti Inc., renowned for its development and construction of super cameras and modules, represents a valuable addition that aligns with BaseballCloud's goal of revolutionizing data analytics and visualization in sports, promising heightened capabilities in the industry.

Major companies operating in the camera modules market report are Hon Hai Precision Industry Co. Ltd., Intel Corporation, Pixelplus Co. Ltd., BYD Electronic (International) Company Limited, Panasonic Corporation, SK Hynix Inc., Toshiba Electronic Devices & Storage Corporation, Fujifilm Corporation, Sharp Corporation, STMicroelectronics N.V., LG Innotek Co. Ltd., Hikvision Digital Technology Co. Ltd., On Semiconductor Corporation, Sony Corporation, Samsung Electro-Mechanics Co. Ltd., LITE-ON Technology Corporation, Sunny Optical Technology (Group) Company Limited, Chicony Electronics Co. Ltd., FICOSA International S.A., Primax Electronics Ltd., OFILM Group Co. Ltd., OmniVision Technologies Inc., Himax Technologies Inc., Cowell Electronics Holdings Inc., Partron Co. Ltd., MCNEX Co. Ltd., Aptina Imaging Corporation, Pixelworks Inc., AMS Technologies AG, TruTag Technologies Inc., Largan Precision Co. Ltd., Canatu Oy.

Asia-Pacific was the largest region in the camera module market in 2023 and is also expected to be the fastest-growing region in the forecast period. The regions covered in the camera modules market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the camera modules market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary camera modules are categorized as CMOS and CCD camera modules. CMOS modules are integral in generating images for digital cameras, digital video cameras, and digital CCTV systems. These modules comprise components such as image sensors, lens modules, and voice coil motors, emphasizing interface, pixel, and process attributes. They find applications across various sectors including medical, smartphone and tablet manufacturing, automotive, defense and space industries, industrial and security sectors, as well as in consumer electronics.

The camera modules research report is one of a series of new reports that provides camera module statistics, including camera module industry global market size, regional shares, competitors with camera module shares, detailed camera module segments, market trends and opportunities, and any further data you may need to thrive in the camera module industry. This camera module research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The camera module market consists of sales of actuators, lens, PCB, and module PKG . Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.