Core Viewpoint - The outdoor sports and short video content trends, along with the maturity of VR/AR technology, are driving the transition of action cameras and panoramic cameras from niche equipment for extreme sports enthusiasts to mainstream creative production tools, leading to a high growth period for the industry [1][3]. Market Overview - The global action camera market reached a size of 31.44 billion yuan in 2023, projected to grow to 51.35 billion yuan by 2027, with a compound annual growth rate (CAGR) of 13.0%. The panoramic camera market is expected to grow from 5.03 billion yuan to 7.85 billion yuan during the same period, with a CAGR of 11.8% [3]. - Despite the current low market penetration, attributes such as "experience-oriented," "community-focused," and "user-generated content (UGC) tools" continue to attract consumers seeking personalized expression, highlighting the industry's "blue ocean" characteristics [3]. Competitive Landscape - Major players in the market include Yingshi Innovation, GoPro, and DJI, with the future competition likely focusing on AI-enabled features and software ecosystem innovation rather than just hardware iterations [1][4]. - The trend of technology integration between action cameras and panoramic cameras is evident, with the boundaries of their functionalities becoming increasingly blurred, potentially leading to the development of "all-in-one" personal imaging devices [3][4]. Future Growth Potential - The industry is currently at a critical "breaking out" phase, benefiting from the explosive demand for outdoor sports and short video content, indicating significant future growth potential [4]. - While concerns about low hardware barriers exist, the competition is expected to extend into AI, software ecosystems, and differentiated innovation, leading to a reconfiguration of industry barriers [4]. - With technological integration and evolving user demands, the action camera and panoramic camera industry may enter a new innovation cycle, with Chinese manufacturers likely to gain a more proactive position in global competition due to their technological accumulation and market insights [4].