中金：品类革新系列之纤毫毕现——全景相机

Core Viewpoint - The handheld smart imaging device market, represented by panoramic and action cameras, is experiencing rapid growth driven by social media and outdoor sports trends. The industry is expected to continue its growth momentum, with the Asian market, particularly China, becoming the main driver of demand. Domestic brands are likely to lead industry development through innovation, while leading manufacturers are expected to explore cross-industry opportunities to unlock incremental demand [2][3]. Market Overview - The global handheld smart imaging device market size grew from 16.4 billion in 2017 to 36.5 billion in 2023, with a CAGR of 14%. It is projected to reach 59.2 billion by 2027, with an estimated CAGR of 13% from 2023 to 2027. The panoramic and action camera markets are expected to reach 7.85 billion and 51.35 billion, respectively, by 2027 [3][10][28]. Product Characteristics - Handheld smart imaging devices include panoramic cameras, which use multiple fisheye lenses to capture and stitch images into 360° views, and action cameras, designed for dynamic recording in outdoor and extreme sports settings. Action cameras are characterized by their portability and durability, with high requirements for shockproof and waterproof capabilities [8][11]. Application Areas - Panoramic cameras are widely used in various fields, including daily photography, VR real estate viewing, professional film production, and smart security. The rise of short video platforms in China, with approximately 1.07 billion users in 2023, is expected to further drive the expansion of the panoramic camera market [10][11][21]. Competitive Landscape - The panoramic camera market is dominated by domestic brand Yingshi Innovation, which holds a market share of 67.2% globally and 86.5% in China. The competitive landscape is shifting towards consolidation, with leading companies leveraging technology and marketing advantages to capture market share [12][13]. Future Growth Potential - The outdoor sports market, with approximately 1.22 billion enthusiasts globally in 2023, is expected to benefit the action camera market. The global outdoor products market is projected to grow from 70.22 billion in 2023 to 129.1 billion by 2032, indicating a favorable environment for action camera sales [11][29]. Domestic Market Projections - The domestic market for handheld smart imaging devices is projected to reach approximately 23 billion by 2027, with an estimated sales volume of 771 million units. This growth is supported by the increasing number of content creators on platforms like Douyin, which is expected to reach 290 million creators by 2027 [34][36].