The growing demand for slimmer smartphones with advanced cameras are the factors that are responsible for the growth of the compact camera module market.
PUNE, MAHARASHTRA, INDIA, December 1, 2020 /EINPresswire.com/ — Factors such as an increase in smartphone penetration, growth in the consumer electronics industry, and rise in need for slimmer smartphones with advanced cameras drive the growth of the compact camera module market. However, high cost & heavy maintenance of camera restrain the growth of the market. Conversely, rise in the development of advanced driver assistance system (ADAS) ensures emerging growth opportunities for the market.
Allied Market Research published a report, titled, “Compact Camera Module Market by Component (Lens, Image Sensor, Voice Coil Motor, and Assembly Component) and Application (Consumer Electronics, Automotive, Security & Surveillance, and Others) – Global Opportunity Analysis and Industry Forecast, 2018-2024.” The report offers an in-depth analysis of the compact camera module market by closely monitoring the industry trends, drivers & opportunities, top investment pockets, key growth strategies, and competitive landscape. In-depth analysis is conducted by devising market estimations for the key market segments for the period of 20182024. According to the report, the market garnered $26.66 billion in 2017 and is likely to garner $57.81 billion by 2024, registering a CAGR of 11.4% during the forecast period, 2018 – 2024.
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By components, the report divides the market into the lens, image sensor, voice coil motor, and assembly component. The image sensor segment held the largest market share in 2017.
Among applications, the consumer electronics segment dominated the market in 2017, owing to an increase in the adoption of smartphones. The report also analyzes applications such as automotive, security & surveillance, and others.
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Asia-Pacific dominated the global compact camera module market in 2017, owing to the presence of a huge number of manufacturers. Further, China generated a large percentage of regional revenue. The other regions covered for the research study include North America, Europe, and LAMEA (Latin America, Middle East, and Africa).
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The prominent players operating in the global compact camera module market include Semco, LG Innotek, O-Film, Foxconn Sharp, Henkel, Sunny Optical, Menex, Liteon, Cowell, and Q-tech. They have adopted strategies such as innovation, new product development, and market expansion to boost the growth of the market.
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Source: EIN Presswire