Portland, OR -- (SBWIRE) -- 07/06/2018 -- According to a new report by Allied Market Research, titled, Global Compact Camera Module Market by Component and Application: Global Opportunities Analysis and Industry Forecast, 2018-2024, the global compact camera module market was valued at $26.66 billion in 2017, and is projected to reach at $57.81 billion by 2024, registering a CAGR of 11.4% from 2018 to 2024.

The growth in ADAS and automated driving is highly opportunistic for the market growth. ADAS utilizes image sensors to provide safety features such as lane-departure warning, parking assistance, and collision avoidance systems. The automated driving and ADAS systems largely benefit from the digital still camera manufacturers and the expertise developed from the mobile camera modules.

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At present, consumer electronics and automotive applications prominently drive the compact camera module market. The consumer requirement for slimmer smartphones transforms the technological advancements in the global market.

Increase in demand for high-end consumer electronics propels the growth of the market. Further, continued product innovation and increase in disposable income impacts the growth of the market.

The key market players profiled in the report include Semco, LG Innotek, O-Film, Foxconn Sharp, Henkel, Sunny Optical, Menex, Liteon, Cowell, and Q-tech. These players have adopted various strategies, such as new product launch, business expansion, and strategic alliances to sustain their market position in the global compact camera module market.

The report features a competitive scenario of the global compact camera module market and provides a comprehensive analysis of the key growth strategies adopted by major players. The key players operating in the global compact camera module market include Semco, LG Innotek, O-Film, Foxconn Sharp, Henkel, Sunny Optical, Menex, Liteon, Cowell, and Q-tech. These players have adopted competitive strategies, such as innovation, new product development, and market expansion to boost the growth of the market.

The growth in ADAS and automated driving makes way for lucrative opportunity for the market growth. ADAS utilizes image sensors to provide safety features such as lane-departure warning, parking assistance, and collision avoidance systems. The automated driving and ADAS systems largely benefit from the digital still camera manufacturers and the expertise developed from the mobile camera modules.

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Key Findings of the Compact Camera Module Market:

- The image sensor sub-segment accounted for the highest share in 2017.

- The consumer electronics sector dominated the market in 2017 owing to increased adoption in smartphones.

- Asia-Pacific dominated the global compact camera module market in 2017, owing to the presence of huge number of manufacturers. Further, China accounts for a major percentage of the regional revenue.