中金点睛·2025-07-15 23:49Core Viewpoint - The handheld smart imaging device market is rapidly growing, driven by differentiated innovations from brands like GoPro, Insta360, and DJI, as well as the increasing consumer demand for "recording life" experiences [1][3]. Market Overview - The global handheld smart imaging device market is approaching a scale of 60 billion yuan, with GoPro, Insta360, and DJI dominating the market. The market is characterized by portability, diverse shooting methods, and low usage barriers, primarily divided into action cameras and panoramic cameras [3][7]. - In 2023, the global smart action camera market is valued at 31.4 billion yuan, while the mobile panoramic camera market is at 5 billion yuan. By 2027, these figures are expected to reach 51.4 billion yuan and 7.9 billion yuan, respectively [3][13][19]. Industry Dynamics - The emergence of the "recording life" demand and the expansion of application scenarios are key to manufacturers' differentiation. Handheld smart imaging devices are expected to become essential accessories for smartphones, similar to smartwatches and TWS earbuds [3][31]. - The market is projected to see a shipment volume exceeding 100 million units in the long term, driven by both outdoor sports enthusiasts and vlog users [34][35]. Competitive Landscape - The action camera market is led by GoPro and DJI in the mid-to-high-end segment, while the entry-level market is dominated by white-label manufacturers. Insta360 holds a significant share in the panoramic camera market [3][16][21]. - GoPro's decline is attributed to internal factors such as a shift in focus and slowed innovation, as well as external competition from brands like DJI and Insta360 [39][40][44]. Supply Chain Insights - The supply chain for handheld smart imaging devices primarily consists of SoC/DSP and optical modules, with software developed in-house by manufacturers. The cost structure indicates that SoC/DSP accounts for approximately 33% and optical modules for 27% of the total material costs [4][55]. - The optical module market is expected to maintain higher profit margins compared to the smartphone sector, with key suppliers including domestic companies [59]. Future Outlook - The market for handheld smart imaging devices is anticipated to grow significantly, with a potential shipment volume of 140 million units in the long term. This growth is supported by the increasing number of outdoor sports enthusiasts and the rising popularity of short video content creation [34][35][36]. - The industry is characterized as a "shallow sea market," where differentiation can help maintain high profit margins despite increasing competition [49].