The global camera module market will reach $45.7 billion by 2024

The camera module industry has reached a new stage, with Yole forecasting that the global camera module market will reach $27.1 billion in 2018, maintain a compound annual growth rate (CAGR) of 9.1% over the next five years, and is expected to reach $45.7 billion in 2024. The camera module industry covers image sensors, lenses, voice coil motors, illuminators and other camera components. The main driver of this industry is the increasing number of cameras in products such as smartphones and automobiles, so the CMOS camera module market remains very attractive.

Changes in the average number of cameras per phone and per car from 2012 to 2024

Changes in the scale of CMOS camera module industry from 2012 to 2024

Among them, 3D cameras have become "activists" in the development of the camera module industry, expanding applications in various mobile devices, computing devices and automobiles, and driving the rapid growth of the near-infrared illuminator market. At the same time, 3D cameras are also facilitating the development of new technologies such as wafer-level Optics (WLO). The lighting device market for 3D sensing applications reached $720 million in 2018 and will expand nine-fold over the next five years, reaching approximately $6.1 billion in 2024. This will help make up for the slowdown in shipments of smartphones, computers, tablets, digital cameras and other products. Although the complexity and cost of each camera is still increasing, we are seeing more application possibilities.

The CMOS camera module industry provides market opportunities for many manufacturers. The top 12 global companies in the industry each have annual revenue of more than $1 billion, and the next 20 companies each have annual revenue of more than $100 million. We have been watching the industry for the past four years and have identified some key trends. First, two heavyweights – Sony and Largan – dominate the image sensor and lens segments, respectively, meeting 50% of the market demand. But now their dominance is being challenged! Second, the number of companies with more than $1 billion in annual revenue is growing, while the number of companies with more than $100 million in annual revenue is shrinking. This suggests that ecosystems are becoming more centralized. Third, the barriers to entry in the industry have become higher, and only breakthrough technologies such as 3D sensing can allow new players to participate. Finally, the pace of mergers and acquisitions (M&A) reached a crescendo in 2017 and is now reduced due to a lack of target companies.

Manufacturers of large camera modules are looking for opportunities to increase profit margins. As new technologies mature, we expect M&A activity to increase again in the coming years, driving the CMOS camera module industry to achieve a 9.1% CAGR in a virtuous cycle.

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