In terms of revenue, the global electronic camera stabilizer market was valued at US$ 917.3 million in 2019 and is expected to grow at a CAGR of 7.6% during 2020-2027, to reach US$ 1,627.7 million by 2027. A camera stabilizer is an accessory that reduces motion blur to capture sharp photographs and videos. Professional photographers initially used camera stabilizers in the media and broadcast industry; however, they have now gained popularity among small moviemakers and online content creators. Moreover, people are spending heavily on capturing wedding ceremonies with high-quality video recordings. Therefore, market players in the event management industry have started investing in high-quality camera equipment to meet these demands. These factors are driving the growth of the global electronic camera stabilizer market.
The electronic camera stabilizermarket is broadly segmented into five major regions-North America, Europe, APAC, MEA, and SAM. North America led the market with the most significant share in 2019, followed by Europe and APAC. The growing adoption of consumer electronics such as camcorders, digital cameras, and smartphones; and increased spending capability of customers drive the demand for camera stabilizers in the region.Further, the robust presence of camera stabilizer manufacturers such as Glide Gear, Neewer, EVO Gimbals, Benro, GVM, and Kessler Crane is also driving the electronic camera stabilizer market growth in the region.
Edelkrone, Glidecam Industries, Inc., Gudsen Technology Co., Ltd., Ikan Corporation, Letus Corporation, NINGBO EIMAGE STUDIO EQUIPMENT CO., LTD, Rhino Camera Gear, SZ DJI Technology Co., Ltd., Tilta Technology Co., Ltd, and Zhiyun are the key vendors operating in electronic camera stabilizer market.
Impact of COVID-19 Pandemic on Electronic Camera Stabilizer Market
The COVID-19 outbreak has created multiple challenges for the electronics and semiconductor industry players. The lockdown called by many countries has imposed restrictions on the film and entertainment industries as they had to stall shootings to maintain social distancing norms. Moreover, disrupted tourism industry has also imposed limitations on the travelling for bloggers and content creators for content generation. The limited production activities and declined demand from end-user industries is expected to affect the overall market revenue for the electronic camera stabilizer market during 2020.
Overall size of the global electronic camera stabilizer market has been derived in accordance with primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the electronic camera stabilizer market. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants involved in this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the electronic camera stabilizer.