PUBLISHER: Allied Market Research | PRODUCT CODE: 1266415
PUBLISHER: Allied Market Research | PRODUCT CODE: 1266415
The global mobile gimbal market size was valued at $ 490.1 million in 2021 and is projected to reach $951.6 million by 2031, registering a CAGR of 6.9% from 2022 to 2031. A gimbal is a pivoting support that allows an object to rotate around an axis. It can be mechanical or motorized, and it is utilized in stabilization systems to give camera operators the freedom to capture without shaking the camera.
The sudden rise in the number of vloggers is expected to boost the growth of the mobile gimbal market since gimbals help vloggers to record more steady and clear videos to post on their channels so they can present a good video and attract more viewers. There is a surge in the number of daily vloggers as many people opted for vlogging as a profession during COVID-19 as they have lost their jobs and have nothing to do. According to an article by vlogging pro over 44% of internet users watch vlogs every single month. The large audience is luring people to shift towards vlogging which is expected to boost the demand for the mobile gimbal.
The global entertainment and media industry has grown significantly during the last few decades. The rise in the production of different kinds of video material for social media, television, and the big screen can be blamed for the increase. Mobile phones are used in the entertainment industry due to features like quality, several modes, filters, and other capabilities given by mobile phone makers. For instance, the media and entertainment industry is expanding. In 2020, the U.S. media and entertainment (M&E) industry will be the largest in the world, with a market value of $660 billion (of the $2 trillion total), predicts the International Trade Administration. Such a huge size of the media and entertainment industry coupled with the rising usage of mobile phones in the industry is expected to fuel the mobile gimbal market growth.
Since many smartphones already come with built-in motion stabilization features, the integrated camera stabilization used by smartphone makers may hinder the growth of the mobile gimbal industry. Smartphone cameras typically feature optical image stabilization (OIS), which reduces blurriness in images and videos caused by irregular motion. (EIS) Electronic picture stabilization is another technique for reducing hand tremors that result in unsettling video shaking during playback. There are many smartphone programs available that can deal with fuzzy photos. The availability of numerous less-priced gimbal alternatives may impede the growth of the gimbal market.
A market expansion opportunity is anticipated as a result of increased global population spending on mobile phone accessories. The National Library of Medicine reports that sales of mobile phone accessories in the United States have exceeded 74 billion US dollars and are projected to reach 93 billion US dollars in 2023. This increase in the need for mobile phone accessories is anticipated to open up opportunities for the mobile gimbal market to expand rapidly. The demand for mobile accessories is being fueled by the expansion of social media platforms. For instance, according to an article by The Economic Times in 2019, the Popularity of the Chinese social media app, TikTok which lets people record short videos and post them online, has boosted sales of mobile phone tripods and accessories up to 10 times in a year.
The mobile gimbal market is segmented into stabilization type, price point, type, distribution channel, and region. By stabilization type, the market is bifurcated into 3-Axis Stabilization and 2-Axis Stabilization. By price point, the market is classified into premium, mid-range, and low/economic. By distribution channel, the market is bifurcated into offline channels and online channels. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The prominent market players are include: Glidecam Industries, Inc., Gudsen Technology Co., Ltd., Flyfilms, Shape, Letus Corporation, Ikan Corporation, Tilta Inc., Ningbo Eimage Studio Equipment Co., Ltd., SZ DJI Technology Co., Ltd., and Rhino.