The global camera module market is expected to see a compound annual growth rate of nearly 20% over the next six years, increasing the market from what was $12 billion in 2012 to over $43 billion in 2019, as forecasted by Research and Markets and Transparency Market Research in recently released reports.
This growth is driven by numerous segments. The smart phone and tablet PC segment is the largest, expected to grow at the rate of 21.9% from 2013 to 2019, followed by consumer electronics (excluding smartphones and tablets). Other key factors behind the market’s growth will be increasing use in the automotive sector and rapidly improving technology: as smartphone camera modules are increasingly 5MP, 8MP, and 13 MP or more, and offer higher pixel front-facing cameras, market demand is expected to increase globally.
The shipments of camera modules in smartphones were about 80% of the global market in 2012. While the automotive camera market is indeed growing, it will remain dwarfed by the mobile device camera market. TechNavio’s analysts forecast the Global Automotive Camera Module market to reach $1,554.72 million by 2016. In other words, when the automotive camera module market will be at about $1.5 billion, the smartphone/tablet market will likely be at $24.8 billion.
Although TechNavio’s Industry forecast predicted a significantly smaller growth rate (CAGR) of 13.2% per year for overall camera module sales from 2013-2018, its conclusion regarding driving factors and overall growth forecast concurred with the other reports.