In recent years, driven by brand marketing efforts such as Insta360 and GoPro, the market size of consumer-grade handheld smart imaging devices has continued to grow. At the same time, the continuous growth of individual sports enthusiasts and the gradual diversification of downstream enterprises' applications will bring new incremental demand to the handheld smart imaging device market, continuously improving the overall market health.In this regard, based on research into the market, Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan') has released the '2022 Global Smart Handheld Imaging Device Market Development White Paper'.
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Definition of handheld intelligent imaging devices and classification of mainstream products
A handheld intelligent imaging device refers to an imaging device that has computing processing capabilities and can be used handheld. It evolved from traditional imaging devices and is a product of the integration of traditional imaging devices with computer technology, data processing technology, sensor technology, network communication technology, power electronics technology, etc.Mainly includes shooting equipment such as panoramic cameras and action cameras.
Source: Frost & Sullivan report
Consumer-grade handheld intelligent imaging device,It mainly refers to handheld intelligent imaging devices for individual customers, with main products including consumer-grade panoramic cameras and action cameras. Unlike consumer-grade devices,Professional handheld intelligent imaging deviceMainly targeted at enterprise customers, it is applied in various production activities. This type of product has stronger functionality and pertinence.
sports cameraA motion camera refers to a type of camera that can be used to record the process of movement. Its convenient features, such as being able to be fixed on selfie sticks or certain parts of the body, helmets, skateboards, bicycle handles, etc., can be utilized to achieve the purpose of capturing first-person perspectives of moving scenes. Compared to traditional cameras, motion cameras have a wider shooting angle and higher requirements for performance such as shock resistance, waterproofing, dust resistance, heat resistance, and drop resistance.
includingEntry-level sports cameraTo meet the needs of ordinary people for outdoor photography, the protective requirements for harsh shooting environments have been reduced, and products are increasingly focusing on cost-effectiveness and diversity. Currently, the retail price of mainstream entry-level products in the market is within 1,000 yuan, accounting for a relatively high proportion of overall shipments.
andFlagship sports cameraIt usually refers to high-end consumer products that adopt high-performance DSP chips and are suitable for extreme sports, field photography, and other shooting scenarios with high protection requirements. Compared to entry-level sports camera products, professional-grade equipment captures images more accurately, has higher resolution, and also enhances other basic performance aspects. The retail price of professional-grade sports camera equipment is typically 4-5 times that of entry-level equipment, serving a player group with stronger purchasing power.
Consumer-grade panoramic cameraThe implementation of the 360° imaging function relies on two high-precision fisheye lenses interacting with each other for simultaneous shooting, and a built-in processor is used to automatically stitch them together to generate panoramic images. In addition to special panoramic shooting functions, consumer-grade panoramic cameras also have advantages such as convenient portability and simple operation, and are commonly used for people's daily travel photography, extreme sports shooting, creative perspective photography, and other fields.In terms of product types, consumer-grade panoramic cameras include three categories: stereoscopic standalone panoramic cameras, modular cameras, and monocular standalone cameras.
Source: Frost & Sullivan report
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Analysis of the Market Industrial Chain for Handheld Intelligent Imaging Devices
From the perspective of the industrial chain, the upstream of the handheld intelligent imaging device industry chain includes chips, lens modules, structural components, connectors, packaging materials, and batteries; the midstream consists of major intelligent imaging device brand manufacturers; and the downstream includes individual customers and enterprise customers.
Source: Frost & Sullivan report
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Upstream of the industrial chain
The upstream material suppliers in the industry are concentrated overseas, with the supply of core components such as chips and lens modules mainly coming from globally leading technology companies.The core components of handheld intelligent imaging devices are the CMOS image sensor, DSP processing chip, and optical lens. Among them, only the optical lens has achieved complete localization substitution, while the rest of the supply sources are concentrated in countries such as Europe, America, Japan, and South Korea.
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Midstream of the industrial chain
Midstream players in the industry are mostly domestic emerging technology brands, with the baton passed from European and American companies to domestic ones.Benefiting from China's recent catch-up in consumer electronics technology, the market for handheld intelligent imaging devices has seen the emergence of well-known brands such as Insta360, AKASO, and DJI, ending the initial technological monopoly held by traditional European, American, and Japanese camera companies. Especially in the field of panoramic photography, domestic enterprises have now accumulated certain technical advantages, and their market share is increasing year by year.
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Downstream of the industrial chain
The downstream customers of the industry are mainly divided into two types: individual consumers and corporate clients.Different from SLR camera enthusiasts who pursue ultimate image quality, consumer-grade smart imaging device users are mainly young sports enthusiasts seeking motion capture performance. According to research, the core consumer group is concentrated between 25 and 35 years old, mostly digital enthusiasts with a strong interest in the technological updates and iterations of digital products. In addition to the above demographic, entry-level products also include a portion of teenagers who are more price-sensitive, indicating an overall trend towards younger users and increasing numbers year by year.
Professional-grade equipmentThe application scope is extensive, and with the increasing use of professional-grade intelligent imaging devices, professional products are also beginning to show a diversified trend. Currently, common enterprise customers come from the following industries:
1) Smart Buildings: Thanks to the motion of intelligent imaging devices and panoramic shooting capabilities, enterprise clients often use these products for VR home viewing;
2) Film and television media: including daily corporate event promotion and filming, news broadcasting, live event streaming, film and television content production, game content production, etc.;
3) Intelligent security: including monitoring systems, smart city surveillance, and other activities;
4) ARVR: ARVR and other diverse application scenarios, etc.
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Industrial Drivers of the Handheld Intelligent Imaging Device Market
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The growth in residents' income and the enhancement of purchasing power have driven demand growth
With the stable development of China's macroeconomy, per capita disposable income has been continuously increasing. In 2020, the annual per capita disposable income of residents nationwide was 32,189 yuan, a year-on-year increase of 4.7%. In the first half of 2021, the per capita disposable income of residents nationwide was 17,642 yuan, a nominal year-on-year increase of 12.6%. The improvement in purchasing power and consumption levels among Chinese residents has brought about changes in consumer concepts, with structural upgrading trends emerging in consumer behavior. As consumption upgrades deepen, traditional digital cameras struggle to meet the imaging needs of users in the new consumer era. Users are increasingly focusing on capturing and sharing life experiences, such as recording real-time footage during outdoor activities or family events for quick editing and sharing.
The hosting of the 2022 Winter Olympics in China will drive the development of the domestic skiing industry, thereby boosting the market demand for sports cameras and prompting a surge in the scale of the sports camera market in the Asia-Pacific region. Currently, young people in China have increased their frequency and methods of exercise, with more and more choosing outdoor activities such as skiing, skateboarding, surfing, cycling, etc., further driving demand. Therefore, driven by both the improvement in residents' income and the upgrading of consumption concepts, the demand for emerging imaging products such as panoramic cameras will further increase, further promoting the development of the intelligent imaging device industry.
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Technological innovation drives industry development
The industry's product updates and replacements are accelerating continuously, especially in areas such as product operating systems, post-production editing, and simultaneous image processing. Major players in the industry have successively increased their R&D investment. Unlike traditional imaging equipment's relentless pursuit of high image quality, smart imaging equipment places more emphasis on technical indicators such as the user experience of product operation and image stability. It aims to bring value to customers through more intelligent shooting methods.
For panoramic cameras, the high editing difficulty of post-production images and the fact that mainstream domestic social platforms (such as WeChat, QQ, Weibo, etc.) do not support panoramic image formats remain the main barriers hindering most potential users from trying. If these challenges can be resolved through improvements in enterprise software technology and optimization of interactive capabilities in the future, the further promotion of intelligent imaging devices is foreseeable.
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National industrial policies support the development of intelligent imaging equipment
The strong support from national policies has provided a powerful driving force for the healthy development of the industry. According to the development goals set out in the '13th Five-Year Plan' for the Development of Strategic Emerging Industries issued by the State Council, by 2020, the added value of strategic emerging industries should account for 15% of GDP, forming five new pillars with output values reaching tens of trillions: new-generation information technology, high-end manufacturing, biotechnology, green and low-carbon technologies, and digital creativity.
In addition, the Ministry of Industry and Information Technology and the National Development and Reform Commission have clearly stated in the 'Three-Year Action Plan for Expanding and Upgrading Information Consumption (2018-2020)' that they aim to enhance the innovation level of consumer electronics supply, promote the intelligent upgrading of electronic products, improve the quality of the mid- to high-end supply system, advance the research and development and industrialization of products such as smart wearable devices, virtual/augmented reality, ultra-high-definition terminal devices, and consumer drones, and accelerate the popularization of ultra-high-definition video applications in various industries of society.
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The popularization of short video shooting and daily sharing
Video shooting and sharing are becoming increasingly popular, driving market demand. In recent years, the popularity of short video shooting and sharing has been on the rise, with users' enthusiasm for content creation continuously increasing. Panoramic cameras, as innovative video shooting tools, can capture panoramic videos and enable intelligent editing, as well as easy sharing on social platforms, which have become increasingly favored by more and more short video enthusiasts.
As of June 2021, the number of short video users in China has reached 888 million, with a user penetration rate of 87.8%. However, due to the ongoing development stage of supporting facilities for the domestic downstream social media sharing industry, panoramic photos cannot be shared on social apps such as WeChat and Weibo. In contrast, panoramic photos can be shared on foreign social media platforms, which has undoubtedly limited the purchase volume of panoramic cameras domestically. But as domestic social media move closer to foreign platforms, the sharing of panoramic photos will also attract attention from downstream social platforms in the future.
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Introduction to Major Manufacturers
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FilmStone Insta360
Currently, Insta360 is the largest player in the global panoramic camera market, holding a 41% market share. The main product categories of Insta360 include consumer-grade smart imaging devices, professional-grade smart imaging devices, accessories, and other products. Insta360 has also successively established strategic partnerships with brands such as German Leica Camera Company, American Google, Facebook, Twitter, and multimedia editing software service provider Adobe. In March 2018, Insta360 officially entered Apple's direct stores globally. To date, seven products including ONE X2, ONE R, and GO have been launched, making it the only panoramic imaging brand introduced into Apple stores.
Insta360 offers a variety of products such as modular, standalone, and cinematic panoramic cameras, maintaining strong competitiveness in the entire field of panoramic cameras. Currently, the latest model of Insta360 is the Insta360 ONE X2, which has 10-meter waterproof performance and excellent anti-shake capabilities. The image quality of the Insta360 ONE X2 is on par with that of the GoPro HERO10 Black, and it also boasts outstanding battery life. One of the features of Insta360 products is that the camera body can be used in multiple ways and the app has rich functions, making it very popular among young people. It can hide selfie sticks and other features, making it suitable for extreme sports like skiing, skateboarding, and surfing, liberating users' hands as much as possible while capturing Hollywood-style action blockbusters.
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GoPro
GoPro was founded in 2004 and went public on NASDAQ in the United States in 2014 (GPRO). It is headquartered in San Mateo, California and is a leading manufacturer of action cameras, as well as a developer of mobile applications and video editing software. Since 2015, GoPro has enhanced its product capabilities for 360° panoramic shooting and post-production video editing by acquiring two image processing software companies, Kolor and ReelSteady.
In terms of performance, the GoPro has the best. Take the latest model in the GoPro series, the GoPro HERO10 Black, for example. In addition to its powerful anti-shake performance, the GoPro HERO10 Black also boasts excellent waterproof capabilities, allowing it to be used for direct photography underwater at a depth of 10 meters.
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AKASO
AKASO is affiliated with Shenzhen Saina Electronic Technology Co., Ltd. It was established in 2011 in Seattle, Washington, USA, and the brand AKASO was founded in 2013. AKASO manufactures high-quality and affordable sports cameras. In less than seven years, AKASO has become one of the leading sports camera brands globally, with annual sales exceeding 500,000 units. AKASO has also expanded its business into new areas, including IP cameras, baby monitors, dash cams, fitness trackers, projectors, video doorbells, and even drones.
The AKASO action camera product uses Annapoa's processing chip, supporting high-resolution and complex motion trajectory shooting for high-performance sports imaging. Currently, after the Amazon account ban of action camera manufacturer Action Cam, AKASO quickly filled the market gap in mid-range prices, achieving a certain amount of market growth and further strengthening its brand advantage.
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Ricoh
Ricoh is a renowned Japanese manufacturer of office equipment and optical machinery, ranked among the Fortune Global 500 companies. Its product portfolio includes office image processing devices (such as MFPs and printers) that provide services and solutions such as document output management and IT solutions, production digital printing presses, supply products, digital cameras, and industrial products such as thermal media, semiconductors, and factory automation cameras.
Currently, the exterior material of Ricoh's latest product, the Theta X camera, is made of magnesium alloy. It features a 6,000-megapixel sensor, supports 5.7K 30p video recording, allows for the use of the editing application THETA+, WiFi and Bluetooth capabilities, and has an overall weight of only 170g. Ricoh in Japan has chosen the same Qualcomm chip as that used in smartphones for its panoramic camera. Qualcomm chips have excellent data transmission capabilities and high stability but are lacking in anti-shake operations. As an established Japanese optical manufacturing company, Ricoh has its own lens factory, which is a unique advantage over other sports camera and panoramic camera manufacturers.
