Knowledge Sourcing Intelligence announces the publication of a new analysis report on the market of "Global Compact Camera Module Market - which is forecasted from 2022 to 2027.
The growing demand in the automotive industry and the growing smartphone industry has resulted in stimulating the expansion of the Global Compact Camera Module Market.
As per the report, the Global Compact Camera Module Market is expected to grow at a CAGR of 12.35% to reach US$64.021 billion by 2027, from US$28.326 billion in 2020.
The Global Compact Camera Module Market is driven by the rising demand for smartphones, cameras, and handheld devices. The advancements in consumer electronics, along with the growing disposable income among people have increased the demand for the compact camera module market. Moreover, the increasing demand for compact camera modules from the automotive industry for the development of safety and parking assistance technology has also opened up opportunities for the Global Compact Camera Module market.
Factors such as the high manufacturing costs and equipment costs, as well as a high amount of accuracy required to produce compact camera modules, serve as primary challenges for the Global Compact Camera Module industry. However, the COVID-19 pandemic had a positive impact on the market for compact camera modules, due to the increase in demand for video conferencing and smart devices.
Based on Application, the Global Compact Camera Module Market is categorized into Consumer Electronics, Security and Surveillance, Communication Devices, Medical Devices, and Others. The consumer electronics segment holds a significant share in the market, mostly due to the growing demand for smartphones and handheld devices. The advancements and accessibility of smart devices and technology in the market have also reported a significant increase in the demand for the compact camera module market. Hence, this segment is anticipated to see significant demand in the Global Compact Camera Module Market.
Based on Components, the Global Compact Camera Module Market is divided into Lens, Actuators, Sensors, Adhesives, and Others. The lens segment holds the largest market share among other applications. This is largely due to the growing interest of people in smartphones and associated technologies. The prevalence of consumer electronics in the market has resulted in an increased demand for the compact camera module market.
Based on Geography North America, South America, Europe, the Middle East, Africa, and the Asia Pacific are the regions that make up the Global Compact Camera Module Market. The Asia Pacific region holds the largest market share in this segment, owing to the increasing prevalence and developments of smartphones and smart devices in the region. Moreover, new technological developments in ultra-high definition and image stabilization technology have led to the growth of the market in this region.
As part of the report, the major players operating in the Global Compact Camera Module Market that have been covered are: Truly Opto- Electronics Ltd., Ams AG, LG Innotek Co. Ltd, Sunny Optical Technology (Group) Company Limited, LITE-ON Technology Corporation, Olloclip, Chicony Electronics Co. Ltd, Holitech Technology, Cowell E Holdings Inc, Henkel.
View a sample report or purchase the complete study at https://www.knowledge-sourcing.com/report/compact-camera-module-market
This analytic report segments the Global Compact Camera Module Market on the following basis