Transparency Market Research have published a new market research report about the global compact camera module market and its overall dynamics. According to the research report, the compact camera module market is expected to touch a valuation worth US$92.8 bn by the fall 2026. This growth of the market is expected to be achieved with the help of a massive CAGR of 12.1% over the course of the given forecast period of 2017 to 2026.
According to the research report the growth of the global compact camera module market is primarily influenced by the increasing integration of cameras and evolving image capturing technologies. This integration is a part of the core functioning of electronic gadgets such as tablets and smartphones. Leading companies in the global compact camera module market are now concentrating on developing modules that can give higher resolutions by leveraging the growing demand for advanced technologies and miniaturization in the sector of consumer electronics.
Some of the leading names in the global compact camera module market include names such as Cowell, Q-tech, Menex, Liteon, Henkel, Sunny Optical, O-Film, Sharp, Foxconn, Semco, Innotek, and LG among others. The companies in the market are constantly trying to push the reliability and durability of their camera modules and also enhance their functionalities to leverage the constantly evolving interests of the customers.
Mobile End-use Sector to Dominate the Compact Camera Module Market with CAGR of 13.1% during the Given Forecast Period
The global compact camera modules have automotive and consumer electronics as the two main end use industries. However, the adoption of these modules keeps on varying as per the assembly type, technology used for camera module, and the materials used for lens boding. For instance, in 2017, over US$25 Bn work of compact camera modules were utilized in the production of mobile equipment. According to the research report, the mobile end-use segment of the compact camera modules is expected to show an impressive CAGR of 13.1% over the course of the given forecast period of 2017 to 2026. On the other hand, the automotive end-use sector of the global market is expected to gain a stable momentum and generate revenue worth more than US$5.5 bn by fall 2026.
APEJ Market is On the Forefront of Global Compact Camera Module Market Due to Presence Several Leading Companies in the Region
From a geographical viewpoint, the global compact camera module is segmented into key regions such as North America, Europe, and Asia Pacific excluding Japan. Of these, the global market is expected to be dominated by the Asia Pacific excluding Japan (APEJ) region. The report predicts that the APEJ region will generate revenues worth over US$40 bn. One of the primary reasons for the growth of the APEJ market is the highly concentrated presence of global leaders in the compact camera model manufacturers in Taiwan. Additionally, the growth of the region is further augmented by the increasing development of the automotive end-use sector in the region. Following by the growth APEJ region, next in line are the regions of Europe and North America.
There are several key factors that influencing the positive growth of the global compact camera module market. One of the major driving factors for the development of the global market is the significant growth in the integration of rear camera modules with their electronic mainframe. Several manufacturers are jumping on this new trend and are trying to develop newer models with the auto-focus capacity.