The main culprit? Chinese competition. GoPro's biggest rivals, DJI and Insta360, entered the action camera market in 2019 and 2021, respectively. Today, they account for more than 90% of global smart handheld camera sales.Alexander Hannemann, who regularly uses action cameras to film his motorcycle rides, says he switched from GoPro to Insta360 around two years ago.
"The quality is much better than a GoPro, even when I'm speeding up and going into corners at like 80 kilometers per hour," he told DW. GoPro's case is not an exception. Since around 2010, many Chinese brands have not only caught up but surpassed once-dominant Western rivals across the consumer technology industry, from smart TVs to robot vacuums.