Camera modules are an integral part of modern electronic devices like smartphones, tablets, drones, and automobiles. Camera modules help users capture high-quality images and videos. The increasing use of cameras in a wide variety of applications like augmented reality, artificial intelligence, security and surveillance is driving the need for high performing camera modules.
The global Camera Module Market is estimated to be valued at US$ 89269.4 Mn in 2024 and is expected to exhibit a CAGR of 6.58% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing adoption of camera modules in mobile devices is among the major factors propelling the demand for Global Camera Module Market Size. Nowadays, almost all smartphones are equipped with dual, triple or even quad rear cameras to support various photography needs of users like portrait shots, optimal zoom, wide-angle photos etc. This growing integration of multiple camera lenses in mobile phones has increased the demand for compact, high-resolution and low-power camera modules. As per research, the shipments of smartphones with triple rear cameras is expected to grow from 153 million units in 2018 to 433 million units by 2022. Moreover, the growing demand for bezel-less and full-screen smartphones is also driving smartphone manufacturers to embed front cameras in innovative locations like pop-up camera modules and punch-hole displays. This growing integration of camera modules in mobile devices is anticipated to boost the camera module market during the forecast period.
SWOT Analysis
Strength: Camera modules offer high resolution and clarity in photographs. They enable functionality like auto-focus which enhances user experience.
Weakness: Frequent upgrades in camera technology leads to fast obsolescence. Higher resolution cameras require more power reducing battery life.
Opportunity: Growth of smartphone and tablet market drives demand for integrated high-quality camera modules. Emerging applications in automotive, surveillance and other industries present new opportunities.
Threats: Intense competition among module manufacturers. Reliance on a few smartphone brands for majority of sales exposes to supply chain risks.
Key Takeaways
The global camera module market is expected to witness high growth. The market size is projected to reach US$ 89269.4 Mn by 2024 growing at an estimated CAGR of 658% during the forecast period of 2023 to 2030.
Regional analysis: Asia Pacific dominates the global camera module market currently accounting for over 50% share. China dominates camera module production led by manufacturers such as LG Innotek, Partron and Sunny Optical. Other major Asian markets include South Korea, Taiwan and Japan that are hub for OEMs as well as module suppliers. The region is expected to continue its dominance driven by growth in local smartphone brands as well as exports.
Key players: Key players operating in the camera module market are LG Innotek, Samsung Electro-Mechanics, Sunny Optical Technology, Partron, Lite-On Technology Corporation, Cowell E Holdings and Q-tech. LG Innotek has emerged as the largest supplier of camera modules to brands such as Apple and Samsung respectively having shipped over 650 million modules in 2020. Other notable players include Cowell E Holdings which has gained expertise in folding phones camera modules.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it