摘要 运动相机全景相机：行业深度解读 20250610 影石创新（Insta360）作为智能影像设备领域的重要标的，质地优质且 增速显著，尤其在全景相机市场占据主导地位，全球市场份额达 67.2%，中国市场份额高达 86.5%。 运动相机市场竞争激烈，GoPro、Insta360、大疆为前三大品牌。 GoPro 市场份额下滑，2023 年全球份额约为 24%，面临大疆和影石创 新的挑战，后者份额包含 ACE 系列和独有的 GO 系列产品。 全球潜在运动用户约 2.5 亿，Vlog 用户约 4.5 亿，但目前运动相机和全 景相机渗透率仅 2%-3%，未来渗透率提升至 10%-20%将带来千亿级 市场规模。 行业发展趋势从硬件竞争转向软件功能创新和营销策略优化，AI 自动剪 辑、云端存储订阅服务等降低创作门槛，全景相机利用激光雷达或 TOF 传感器生成 3D 场景。 GoPro 面临销量下滑，2024 年出货量降至 243 万台，营收降至 8 亿美 元，净利润亏损 4 亿美元，毛利率仅 30%，转型订阅服务效果有限，高 成本结构和线下销售模式是利润不佳的原因。 Q&A 影石创新在智能影像设备领域的表现如何？ 影石 ...

Summary of the Conference Call on the Action Camera Industry Industry Overview - The global action camera market is projected to sell approximately 20 million units in 2024, with panoramic cameras accounting for about 2 million units. Xi'an Catering holds a dominant position in the panoramic camera market, with sales reaching 1.44-1.5 million units [1][2] - The wide-angle camera market is primarily led by GoPro, DJI, and Yingshi, with total sales between 6-7 million units [1][2] - The main user groups for action cameras are sports enthusiasts (over 80% market share) and Vlog creators, with the latter's penetration rate currently below 10% [1][8] Key Insights and Arguments - Future growth drivers for the action camera market include increasing demand from sports enthusiasts (cycling, skiing, etc.) and Vlog creators, particularly as Vlog user penetration has significant growth potential [1][5] - The competitive landscape is fragmented, with intense competition among GoPro, DJI, and Yingshi, while the panoramic camera segment has a higher technical barrier and fewer brands [1][15] - Key components in action cameras include SoC chips (30% cost), sensors (10%-15%), and lens modules (10%-15%). GoPro, DJI, and Yingshi have different chip selections, with Sony and OmniVision dominating the sensor market [3][16][17] Market Dynamics - The action camera market is expected to see a shift towards Vlog users, who represent a significant growth opportunity despite their current low penetration [9][10] - The performance of action cameras in stabilization technology is crucial for both sports and Vlog users, with current models achieving high resolutions (up to 8K) [7][11] - The market is characterized by a mix of high-end brands and low-end white-label products, with the latter catering to budget-conscious consumers [25] Challenges and Opportunities - Major challenges for Vlog users include the distortion caused by wide-angle lenses and the need for improved audio quality and image stabilization [13][12] - The action camera market is currently fragmented, but there is potential for consolidation as brands begin to overlap in product offerings [15] - The future of the action camera market may involve price competition, but significant technological advancements are still needed in areas like low-light performance and audio quality [32] Competitive Landscape - GoPro's competitive edge has diminished, with its technology being surpassed by competitors like Yingshi and DJI. GoPro's pricing strategy has also affected its market position [27] - Yingshi is expected to maintain a leading position in the panoramic camera market, while DJI and Yingshi are projected to split the wide-angle market evenly [28] - The entry of new competitors into the action camera space is limited due to the high technical requirements and existing brand loyalty [29] Future Directions - The action camera industry is likely to see further technological iterations, particularly in image quality, stabilization, and audio enhancements [32] - Companies like DJI and Yingshi may explore opportunities in the AI glasses market, leveraging their existing technology and supply chain advantages [33][34] - The Vlog camera segment is anticipated to grow significantly, with companies like DJI already achieving notable sales with products like the Pocket 3 [36]

文 | 任雪芸 以下文章来源于Tech星球 ，作者任雪芸 Tech星球 . Tech星球，聚焦互联网前沿科技和新商业。 来源｜Tech星球（微信ID：tech618） 01 "手机拍不好"之后，运动相机开启 "吸金风暴" "以前用手机拍滑雪视频，画面抖得根本没法看，直到朋友推荐了运动相机。"北京的滑雪爱好者小飞在社交平台分享了他滑雪的视频。 这条视频因流畅的防抖效果和沉浸式视角，获得了不少点赞。而评论区里，"求同款相机"的呼声，成了平台流量之外的附加价值。 事实上，像小飞这样因体验到运动相机优势而 "路转粉" 的消费者不在少数。 在深圳工作的产品经理李然发现，过去两年间，身边同事的工位上陆续出现了各种形态的运动相机：有人用它拍摄通勤骑行的城市街景，有 人绑在宠物项圈上记录"狗视角"。这个曾经专属于极限运动玩家的运动相机，以"全民记录神器"的姿态闯入普通人的生活。 随着影石创新科创板IPO获批，运动相机市场热度再获印证。 据招股书披露，在2021年至2024年6月的报告期，影石创新的收入分别达到约13.28亿元、20.41亿元、36.36亿元和24.28亿元。其在报告期内 的净利润分别约为2.66亿元、4.07 ...