360 Degree Camera Market Trends

Growth Drivers

• Growing Sales of Automatic Vehicles with Rising Transport Needs - Globally, automatic car sales increased to 65 million units in 2021, an increase of 61 million units in 2020
• The popularity of 360-degree cameras in the automotive industry is rapidly growing. In addition to helping drivers better understand their environment, 360-degree cameras could aid in assistance while driving, detecting obstructions, and enhancing automotive security. Images captured by the 360-degree cameras are displayed on the LCD display of the car from all angles. The rising preference for 360-degree cameras in automobiles, coupled with the rise in sales of such vehicles, is expected to drive market growth over the forecast period.
• Growing Sales of VR Headsets for Better Quality Audio During Gaming and Streaming - For instance, it is expected that nearly 14 million units of VR headsets will be shipped to customers globally in the year 2022. 
• Significant Revenue Generation in VR Gaming Industry with Rising Gamers – It was observed that the VR gaming industry generated revenue of USD 1 billion in 2020.
• Increasing Exports of Videos Camera Recorders Owing to Growing Photographers - According to the statistics by the International Trade Center (Trademap), the value of exports of video camera recorders in China in the year 2021 was recorded to USD 13,220,456 thousand, which increased from USD 10,788,881 thousand in the previous year.
• Growing Personal Disposable Income of People Across the World - Based on the Bureau of Economic Analysis' July 2022 report, personal income grew by USD 47.0 billion (0.2%), and disposable personal income (DPI) grew by USD 37.6 billion (0.2%).

Challenges

• Lack of Public Awareness of 360-Degree Cameras
• Incompatibility with Other Devices
• Higher Price Associated with the Product- The need for high-resolution bandwidth will increase the maintenance price of the device, rising demand for high resolution and faster frame rates in media and entertainment sectors, and more preference for superior quality videos which increase the file size and need more storage space are some of the major factors hampering the growth of the market.