Analyst Viewpoint
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Increase in applications of compact camera module (CCM) in ADAS technology is driving the compact camera module market growth. Furthermore, decline in average selling price of CCM and rising innovation are estimated to offer significant lucrative business growth opportunities for manufacturers operating in the compact camera module industry. Additionally, rise in demand for connected and autonomous vehicles is estimated to propel future developments in the field of compact camera module optics.
Leading manufacturers operating in the market need to focus on the latest trends in compact camera module design and technology to cater to the demand for higher-resolution cameras and superior quality of still images, videos, and selfies in smartphones. Growth of the consumer electronics industry and increase in integration of CCMs in diverse electrical and electronic devices are also expected to propel the compact camera module market revenue in the next few years.
A compact camera module (CCM) is a miniature imaging system integrated primarily in mobile devices such as smartphones, tablets, and laptops. Currently, resolution of the camera in a smartphone is among the critical features that influences the buying decision of customers. The camera&#;s pixel size greatly decides if that smartphone or any other electronic device integrated with camera would experience good sales. Rise in adoption of smartphones and advancements in technology have led to the development of smaller, lighter, and more efficient camera modules.
Compact camera modules can be customized as per specifications desired by the respective sector. For instance, resolution of compact camera modules integrated in tablets, smartphones, robots, PCs, medical devices, and electronic devices may vary from 5 Megapixels to 24 Megapixels.
Increasing applications of CCMs in automotive cameras, security systems, medical devices, and drones is creating significant market opportunities for key players. Furthermore, integration of CCMs in augmented reality (AR) and virtual reality (VR) is also expected to boost market progress.
The need to maintain CCMs, coupled with their high cost, is likely to considerably restrain the compact camera market outlook in the near future, especially in price-sensitive economies. Moreover, development of 3D sensing user interface with biometric capability in smartphones is expected to further drive the cost of compact camera modules.
As per GSMA Intelligence, more than 65% of the global population owns a smartphone, with tablet and laptop users to add. Integrating compact camera modules with these devices has prompted the manufacturers of cameras to comprehend the compact camera module&#;s holistic applications in place of single-purpose modules. These days, smartphones come with micro camera system, which could be effectively used by detectives as spy cameras.
A smartphone could be converted into a portable optics module, also known as a mobile spectrometer, which helps in measuring the number of photons emitted to estimate the intensity of light in transmission, emission, or reflection. Multiple uses of smartphones and other display devices embedded with compact camera module are expected to drive the compact camera module market trends during the forecast period.
Rise in demand for enhanced safety features and autonomous driving technology in vehicles is boosting the demand and integration of CCMs for advanced driver assist systems, such as parking assistance, blind spot identification, surround vision cameras, and rearview mirror replacement.
As per the European Automobile Manufacturers&#; Association, the year witnessed the production of 85.4 million motor vehicles worldwide. This was an increase by 5.7% in comparison with , and the trend is expected to continue during the forecast period. This factor is expected to drive the adoption of compact camera modules in the automotive sector.
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Advancements in low-light performance in compact camera modules, such as raised ISO setting that helps boost the sensitivity of the sensor to light, are expected to drive adoption. Increasing demand for reduced size imaging devices is expected to significantly drive the compact camera module market revenue in the next few years.
Rise in adoption of smartphones and tablets in India and China is contributing to the prominent compact camera module market share held by Asia Pacific. Moreover, increasing demand for thinner and faster laptops and notebooks among the millennial population is prompting manufacturers of compact camera modules to devise miniature camera assemblies.
Rise in adoption of smart cities in Asia Pacific is boosting the integration of advanced video cameras for surveillance. This is likely to drive the compact camera module industry size in Asia Pacific in the next few years. Presence of prominent manufacturers of compact cameras in South Korea and Thailand makes them key contributors to the compact camera module market growth in Asia Pacific. In July , LG Innotek announced investing US$ 1.07 Bn for expanding production of camera modules along with the other electronic parts in Gumi manufacturing campus by the end of the year . In May , Chicony Electronics Co. Ltd. began production of keyboard and compact camera modules (CCM) at its new plant based in Thailand.
The global compact camera module industry is highly competitive and fragmented. Among the key growth strategies adopted by leading players is the rising expenditure on R&D activities to launch innovative modules with enhanced features in order to cater to market demand. As per the latest compact camera module market analysis, key players are engaging in expansion of their product portfolio through partnerships and collaborations to strengthen their presence across the globe.
LG Innotek, Semco, Foxconn Sharp, O-Film, Sunny Optical, Henkel, Liteon, Menex, Q-tech, and Cowell are a few prominent players operating in the global market.
Key players in the compact camera module market report have been profiled based on various parameters such as company overview, business strategies, financial overview, product portfolio, and business segments.
It was valued at US$ 40.3 Bn in
It is projected to advance at a CAGR of 11.7% from to
Increase in penetration of smartphones and tablets and rise in demand from automotives
In terms of end-use, the mobiles segment held largest share in
Asia Pacific is estimated to dominate in the next few years
LG Innotek, Semco, Foxconn Sharp, O-Film, Sunny Optical, Henkel, Liteon, Menex, Q-tech, and Cowell
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