According to the research report the "Camera Modules Market by Component (Image Sensors, Lens Modules, Voice Coil Motors), Focus Type (Fixed, Auto), Interface, Pixel, Process, Application (Consumer Electronics, Automotive, Security & Surveillance), and Region - Global Forecast to 2025", The global camera modules market size is projected to grow from USD 31.5 billion in 2020 to USD 44.6 billion by 2025; it is expected to record a compound annual growth rate (CAGR) of 7.2%. Increasing trends of multiple camera-based smartphones, rising public safety and security concerns led to the adoption of surveillance, technological advancements in components of camera modules for its integration in devices, and rising demand for ToF cameras in smartphones are driving factors of the market. Government initiatives to increase vehicle safety is leading to the adoption of ADAS, the emergence of autonomous vehicles, and growing applications of AR and VR devices are the factors providing an opportunity for market growth.

Image sensors to lead camera modules market during forecast period (2020–2025)

The image sensor is expected to hold the largest share of the camera modules market. This is mainly because of the increased usage of image sensors in smartphones and vehicles due to the rise in demand for good image quality in smartphones and the requirement of safety features in vehicles. Apart from consumer electronics and automotive applications, other applications such as security & surveillance, healthcare, and industrial create an opportunity for the image sensor market.

Consumer electronics application to account largest size of camera modules market by 2025

Wide use of cameras for imaging applications in consumer electronics such as smartphones, tablet PC, cameras, and wearables resulted in significant growth of camera modules in consumer electronics applications. Smartphone is the major product among consumer electronics products to contribute significantly towards the growth of camera modules. Demand for better image quality from smartphones by consumers has led to the adoption of multiple cameras and higher resolution cameras by smartphone OEMs, which in turn assisted consumer electronics application to gain a larger share in the camera modules market. Consumer electronics application is expected to hold the largest market share throughout the forecast period.

Asia Pacific to exhibit largest market share for camera modules through forecast period

Factors such as the; presence of leading smartphone OEMs such as Samsung, Oppo, Vivo, and Xiaomi in APAC; rising trends of advanced cameras in consumer devices; increasing adoption of cameras in automotive applications; and rising needs for security & surveillance cameras are major driving factors for the growth of the camera modules market in APAC.

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LG Innotek (South Korea), Sunny Optical Technology (Group) Company Ltd. (China), Sharp Corporation (Japan), Samsung Electro-Mechanics (South Korea), OFILM Tech Co., Ltd. (China), ams (Austria), Chicony Electronics Co., Ltd. (Taiwan), MCNEX Co. Ltd. (South Korea), Primax Electronics Ltd. (Taiwan), Q Technology (Group) Company Ltd. (China), CAMMSYS Corp. (South Korea), Cowell (China), e-con Systems (US), Haesung Optics (South Korea), Jenoptik (Germany), Kyocera Corporation (Japan), Leopard Imaging Inc. (US), Luxvisions Innovation Limited (Taiwan), Partron Co., Ltd. (South Korea), Shenzhen CM Technology Company Ltd. (China), and Truly Opto-Electronics Ltd. (China) are among a few of the key players in the camera modules market.

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