Wearable cameras have been substantially used in head mounted display, body mounted equipment, camera glasses and others. The global wearable camera market is expected to witness growing demand during the forecast period
The global wearable camera market is being driven by the expansion of the tourism industry. Countries earn large amounts of money from tourism and with the rise in disposable income, tourism is expected to see a steady growth rate during the forecast period. With the rapid expansion of global tourism activities, demand for adventurous racing, bicycling, skiing, water sports, and trekking is expected to rise. With the rise in popularity of these games, demand for wearable cameras is also expected to increase as wearable cameras offer low distortion of the frame. Wearable cameras have been substantially used in military applications owing to their efficiency and high performance. Enhancement of safety measures and rise in outdoor activities is likely to drive the demand for wearable cameras during the forecast period.
Wearable camera are very small in size. The lenses of this wearable camera are quite expensive and this factor limits the market prospect of global wearable camera market over the forecast period.
The global wearable camera market is segmented on the basis of product type into head mounted, body mounted, camera glasses, and ear mounted. Head mounted wearable camera held the dominant position and this segment is expected to retain its market dominance during the forecast period. Head mounted wearable camera has been extensively used in outdoor sports. This type of camera is used in cricket and formula 1 cars where view and lower level of distortion are the predominant features. There is increasing penetration of head mounted camera in professional games and this is expected to drive the demand for wearable cameras over the forecast period.
On the basis of end user industry, the global wearable camera market is segmented into residential and commercial. Residential segment held the largest market share in 2016. Wearable cameras have been majorly used in body parts camera and this type of camera is used for different adventurous sports. Increasing internet penetration coupled with rising disposable income and rising number of adventure seekers is propelling the growth of the global wearable camera market.
Based on distribution channels, the global wearable camera market is divided into two segments, online distribution channel and offline distribution channel. The offline distribution channel held the leading market share. The online distribution channel is expected to rise at the highest CAGR (compound annual growth rate) during the forecast period. Large number of wearable cameras have been supplied through offline distributional channels, and thus the global wearable camera market is expected to witness substantial growth over the forecast period.
According to geographic locations, the global wearable camera market is segmented into five regions - North America, Europe, Asia Pacific, Middle East & Africa (MEA), and Latin America. North America held the leading share and this segment is expected to retain its market dominance during the forecast period. North America is comprised of large number of tourist destinations and this region also has increasing number of adventure seekers. With the rise in disposable income, the global wearable camera market is expected to experience a steady growth rate during the forecast period. Asia Pacific is the fastest growing region in he global wearable camera market owing to the concentration of large number of emerging economies such as India, China, and South Korea which would lead to higher demand for wearable cameras during the forecast period.
Some of the key market players in the wearable camera market include Garmin, iON, Rollei, Drift, Sony, and others.
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