Investment Rating - The report indicates a positive outlook for the intelligent video device industry, particularly for panoramic and action cameras, highlighting significant growth potential in the market [3][32][54]. Core Insights - The intelligent video device market, especially panoramic and action cameras, is experiencing continuous expansion, with a projected retail scale exceeding 40 billion yuan in 2024 and expected to reach nearly 60 billion yuan by 2027 [13][54]. - The report emphasizes the leading market share of Insta360 in the panoramic camera segment, with a 67.2% share, while the action camera segment is poised for growth [70][54]. - Domestic brands like GoPro and Insta360 are noted for their strong operational performance and potential for global market expansion [32][81]. Market Trends - The outdoor sports sector is driving the demand for action cameras, with the GDP contribution from outdoor activities in the U.S. showing a consistent upward trend, reaching 2.3% [33][34]. - The report highlights the increasing popularity of short video content, with over 1.04 billion short video users in China by 2024, fostering a consumer base for panoramic and action cameras [40][42]. - The accessibility of user-friendly video editing tools is lowering the barriers for content creation, enhancing user engagement with intelligent video devices [48][49]. Regional Analysis - North America and Europe dominate the action camera market, with respective market sizes of 13.42 billion yuan and 10.2 billion yuan in 2023, while the Chinese market is rapidly growing with a compound annual growth rate (CAGR) of 41% from 2017 to 2023 [65][66]. - The report projects that the Chinese market for action cameras will maintain a CAGR of over 26% from 2023 to 2027, indicating substantial growth potential [65][66]. Company Performance - GoPro is focusing on subscription services to enhance revenue, with a notable increase in subscribers for its premium services [74][78]. - Insta360's product lines, particularly the Ace series, are expected to capture significant market share, with a gross margin of 52.2% in 2024 [81][82]. - The report notes that Insta360's revenue from consumer-grade cameras is projected to reach 47.89 billion yuan in 2024, accounting for 86% of its total revenue [83].
智能影像设备行业深度：全景、运动相机，顺应科技的影像工具、社交玩具