Camera Module Market Size

Camera Module Market Analysis

The Camera Module Market size is estimated at USD 39.82 billion in 2024, and is expected to reach USD 49.24 billion by 2029, growing at a CAGR of 4.34% during the forecast period (2024-2029).

• A camera module is a product that takes photos and videos from devices like smartphones, automobiles, smart home appliances, etc. It is widely used in video conferencing, security systems, and real-time monitoring as a video input device. It comprises image sensors, an IR-cut filter, an actuator (AF/OIS), a lens set, a lens mount, etc. Module assembly brings all these components together into a module.
• The ADAS market's increasing adoption of self-driving or autonomous vehicles is a primary growth factor. For instance, according to Intel, global car sales are expected to reach over 101.4 million units in 2030, and autonomous vehicles are expected to account for about 12% of car registrations by 2030.
• The increasing construction activities globally provide lucrative opportunities for incorporating security systems wherein cameras are widely used. According to Statistics Norway, Housing Starts in Norway increased to 2,777 units in May from 1,929 units in April of 2022. Furthermore, in January 2022, the Norwegian municipality of Stavanger gave Swedish construction company Skanska a USD 85.5 million (NOK 750 million) contract to develop a new municipal town center. The Storhaug neighborhood of Stavanger is expected to receive the LervikQuarter development project. The 26,000 m2 structure would have parking places, a primary school, a kindergarten, offices, a grocery shop, a multipurpose hall, and other amenities.
• The rising number of terrorist attacks and organized crimes globally, expanding adoption of IP cameras, and rising adoption of IoT-based security systems are primarily driving the demand for security cameras in residential and commercial establishments. For instance, according to the Office for National Statistics (UK), in 2021/22, with a crime rate of 129 per 1,000 people, Cleveland, in Northeast England, had the highest crime rate of all the police force areas in England and Wales.
• Compact camera modules are complex systems involving various disciplines, technologies, and processes. The supply chain of CCMs is witnessing complexities against the backdrop of overlaps between the activities of CCM's sub-component manufacturing companies. Challenges in realizing robust CCM technology further add to the complexity of the market's ecosystem, thereby creating challenges for the evolution of the technology.
• Furthermore, factors such as the higher cost of camera modules and overhead costs such as maintenance also challenge the studied market's growth, especially in developing or underdeveloped regions, wherein consumer price sensitivity is higher.