Camera Modules Market worth $68.5 billion by 2028 at a CAGR of 9.6%

(IT-NEWSWIRE.COM, September 25, 2023 ) The global camera modules market value was valued at USD 43.3 billion in 2023 and is estimated to reach USD 68.5 billion by 2028, registering a CAGR of 9.6% during the forecast period. The increasing demand for smartphones and other consumer electronics products with built-in cameras, growing popularity of augmented reality (AR) and virtual reality (VR) applications, increasing use of cameras in automotive applications as well as development of new camera technologies, such as 3D cameras and thermal cameras, which are opening new applications for camera modules. are the major driving factors for the growth of the camera modules market value.

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Key Market Players:

Major players operating in the camera modules market value include LG Innotek, OFILM Group Co., Ltd., Sunny Optical Technology (Group), Hon Hai Precision Inc. Co., Ltd. (Foxconn), Chicony Electronics, Sony, Intel and Samsung Electro-Mechanics and so on. These companies have reliable manufacturing facilities and strong distribution networks across key regions, such as North America, Europe, and Asia Pacific. These companies have built a strong reputation for their products and services, with a well-established portfolio reflecting their industry expertise. Their market presence is robust, backed by strong business strategies that have enabled them to maintain a significant market share.

Chicony Electronics is mainly engaged in the development, manufacturing, and trading of computer peripheral and electronic products. The company offers its line of offerings throughs two categories including electrical components and consumer electrical products and other electronic devices. The company’s major product lines include input devices, portable keyboard modules, visual and image products, and camera lens modules. Its products include desktop keyboards, portable computer boards, mouse, and other computer input devices. It also offers camera products such as digital cameras, built-in camera modules for notebook computers, camera modules for mobile phones, and other digital imaging products. The company’s camera module offerings mainly include H.264 wide-angle module, Windows Hello camera module, and global shutter IR camera. The company also has its operations in the US and Japan.

Based on interface, the serial interface segment is expected to grow at the fastest CAGR in the camera modules market value from 2023 to 2028. Serial interfaces can transfer data much faster than parallel interfaces. This is important for applications that require high-speed data transfer, such as augmented reality (AR) and virtual reality (VR)Camera modules are becoming increasingly complex, with multiple sensors and processors. Serial interfaces can handle the complex data transfer requirements of these camera modules. All these factors are driving demand for serial interfaces in camera modules market value.

Based on application, the consumer electronics segment held the largest share of the camera modules market value, and this trend is projected to continue during the forecast period. Consumer electronics application observes rapid technological advancements due to continuous change in consumer demands. Also, increasing competition in the consumer electronics sector is driving the advancements in different electronic components such as camera modules. In addition, consumer electronics products such as smartphones, tablet PCs, and wearables undergo rapid technological advancements. The use of 3D image sensors in indoor navigation and advancements in image storing have increased the growth of the market. The companies are using 3D imaging technology and innovating new products for the camera modules market value.

Based on region, Asia Pacific held the largest share of the camera modules market value, and a similar trend is likely to be observed during the forecast period. Asia Pacific has been the major regions for automotive, and electronics production. As the production increases for these industries the demand for camera modules market value increases. Furthermore, the increasing investments in smart cities in developing countries creates an opportunity for the camera modules market value. The Asia Pacific region is also seeing increased adoption of technologies, such as industrial automation and artificial intelligence. This is driving demand for advanced camera modules that can handle a variety of applications.

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Camera Modules Market worth $68.5 billion by 2028 at a CAGR of 9.6%