Compact camera module market to reach $67.6 billion by 2031 driven by smartphone and medical device demand

The compact camera module market was valued at $40.3 billion in 2022 and is projected to grow to $67.6 billion by 2031, with a compound annual growth rate of 11.7%. This growth is driven by the demand for smaller, high-quality cameras in smartphones and medical devices. The automotive sector is increasingly incorporating compact camera modules for safety features like advanced driver assistance systems. Additionally, the rise of augmented and virtual reality applications is boosting the need for advanced imaging solutions. Asia Pacific is expected to lead market demand, fueled by smartphone sales in countries like India and China. The region is a major hub for the production of consumer electronics, contributing to the growth of compact camera modules in various applications.