The global camera lens market size was valued at USD 4,520.0 million in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 8.0% from 2022 to 2030. Due to growing demand for high-performance camera lenses, the industry is expected to witness healthy growth during the forecast period. The demand for these products is likely to be driven by increasing demand for advanced features in consumer devices, the increase in the number of digital cameras, and the rising need for better image stabilization.
Global Camera Lens Market: Regional Insights
The global camera lens market is geographically divided into North America, Latin America, Asia Pacific, Europe, Middle East, and Africa.
North America among regions, is expected to gain major share in the global camera lens market over the forecast period. The use of smartphones and other consumer electronics is growing in the region, which is connecting the population to the world of digital information. For instance, as per the study by Consumer Technology Association (CTA) of the U.S. Consumer Technology Sales and Forecast, in 2017 and 2018, the smartphone revenue in the country was US$ 69 billion and US$ 78 billion respectively. As per the same source, the sales is likely to increase to 2.1 million units crossing the revenue of US$ 1 billion in 2019. Thus, these factors are propelling growth of the market in North America region.
Furthermore, Asia Pacific is also projected to witness significant growth in the global camera lens market during the forecast period. This growth can be attributed to rise in adoption of consumer electronic devices in the countries across this region. The demand for smartphones along with other consumer electronic devices is significantly high in countries such as Singapore, India, the Republic of Korea, and China, and this demand encourages several vendors to set up manufacturing facilities in the region. Thus, the region is likely to witness strong growth in the coming future.
Figure 1. Global Camera Lens Market Share (%), by Region, 2021
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Global Camera Lens Market Drivers:
Rise in sales of smartphones to boost the market growth
The use of smartphone has significantly increased in past few years and the penetration of smartphone around the world is likely to reach nearly 40% of the global population by the end of 2020. Due to the wide use of camera lenses in smartphones, the DSLR segment has been negatively affected, with slowdown in growth throughout the recent years. The cause of this is the economies of scales enabling companies to provide high-resolution cameras at affordable prices with additional smartphone features. Thus, the growing sales of smartphones will drive growth of the market, in the forecast future.
Growing use of camera lens in the automotive industry to augment the market pace
The growing sales of automobiles is driving growth of the market. The number of vehicles sold is increasing across the globe. For instance, as per the Coherent Market Insights, it was estimated that in 2018, nearly 86 million cars were sold in the top 50 markets around the world with higher sales of SUVs. Moreover, the sales of electric cars increased by 75%. Due to such rise, the camera lens industry is encouraged, as the automakers are increasingly using camera lenses in cars. This proliferating use of cameras in vehicles is mainly to follow policy regulations of the governments, all over the world.
Global Camera Lens Market Opportunities:
Increasing demand for technology driven camera lenses is anticipated to create growth opportunities in the global camera lens market over the forecast period. The demand for optical lenses that are light weight, have smaller footprint, and are guided by AI is increasing. Such lenses are expected to change the landscape of automotive, smartphone, industrial, medical, and surveillance sectors. Thus, demand for such technology driven camera lenses is increasing in several industries, which will create growth opportunities in the market.
Increasing medical expenses in high population regions to create lucrative environment for growth opportunities in the global camera lens market during the forecast period. Medical spending in high population regions such as Japan having greater rate of old age population has increased in recent years. Due to the presence of large number of old age population, governments in these regions are promoting early detection of diseases and minimally invasive procedures. Thus, the scope of camera lenses in medical application is increasing, which in turn is creating growth opportunities in the market.
Camera Lens Market Report Coverage
|Market Size in 2021:
|US$ 4,520.0 Mn
|Historical Data for:
|2017 to 2020
|2022 to 2030
|Forecast Period 2022 to 2030 CAGR:
|2030 Value Projection:
|US$ 8,389.0 Mn
Haesung Optics Co. Ltd., Largan Precision Co. Ltd., Tamron Co. Ltd., Sunny Optical Technology (Group) Company Limited, Sunex Inc., Kantatsu Co. Ltd., Ability opto-Electronics Technology Co. Ltd., Genius Electronic Optical Co. Ltd., AAC Technologies Holdings Inc., SEKONIX Co. Ltd., and IM Co. Ltd.
|Restraints & Challenges:
Global Camera Lens Market Trends:
Integration of multiple camera lenses in smartphone is a major trend
Increasing number of manufacturers are focused on offering smartphones with multiple camera lenses. For instance Nokia introduced PureView 9 with 5 camera lenses. However, the use of these lenses could also be for automatically detecting the external conditions as well as changing the setting to be optimized in order to provide high picture quality. Such applications of camera lenses could be more relevant in smartphones. Thus, this trend is anticipated to grow in the global camera lens market during the forecast period.
Use of 3D sensing technologies is a recent trend in the market
Wafer-level optics was one of the most invested technology in the past, which is supported by 3D sensing capability. The automotive and surveillance sectors have strong requirement this technology. Companies like AAC that successfully achieved WLO technologies will have an edge as such trends for 3D sensing capability are on the rise. As the camera lens market is highly concentrated, applications like 3D sensing are opening several doors for market growth. Thus, this trend is projected to support growth of the market in the near future.
Global Camera Lens Market Restraints:
Reduced profit margins of the industry to impede growth of the market
The photography sector is highly competitive, due to which companies involved in the market have to stay on edge of novel materials and technology. Furthermore, companies also have to keep high budget for R&D, to cater the constantly evolving consumer needs and to offer best quality. Moreover, the industry needs precision machinery and highly skilled professionals, which further adds into the costs. Due to this, the DSLR industry has witnessed a decline, and as a result the expenses were required to transfer to the users, which makes the cameras uncompetitive in front of smartphones. However, due to the high expenditure of preexisting methods, micro-optical components were evolved for camera modules that are fueled by the mobile phone industry. This in turn will drive the market growth.
Challenges associated with mass manufacturing are limiting market growth
Mass manufacturing challenges are anticipated to obstruct growth of the global camera lens market during the forecast period. Mass manufacturing can be hindered by lack of raw material, declined demand and production, as well as lack of resources. Moreover, due to lack of capacities of mass manufacturing, the market is witnessing challenges that are likely to impede growth of the global camera lens market over the forecast period.
Figure 2. Global Camera Lens Market Share (%), by Segment Type, 2021
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Global Camera Lens Market Segmentation:
The global camera lens market report is segmented into Application and Regions.
Based on Application, the market is segmented into Consumer Electronics (Mobile, AR/VR/MR, Other Consumer Electronics), Automotive, Medical, and Other Applications (Security and Industrial). Out of which, Mobile in Consumer Electronics is expected to dominate the global market over the forecast period and this is attributed to the growing consumer demand, and increasing investments in novel developments and innovations by mobile lens ODMs/OEMs. Market players are focused on improvement of the offered feature to attract customers, and gain as well as improve market share in the mobile device markets. Thus, this in turn is supporting growth of the segment.
AR/VR/MR Consumer Electronics segment is also expected to witness significant growth in the near future and this is owing to the increasing demand for precise measurement, driving the changes in hardware. In order to offer high-resolution and accurate measurements, organizations involved in the market are experimenting with tools tapping into the possibilities of augmented reality (AR). This will further drive growth of this segment.
Global Camera Lens Market: Key Developments
In January 2019, Sunny Optical Technology (Group) Co. Ltd. established a new subsidiary in India named Sunny Opotech India Private Limited, to cater the consumer demand in Indian Market.
In May 2019, Tamron Co. Ltd. introduced a 4K/8 mega-pixel resolution 1/1.7” 3.8-17 mm F/1.4 Standard Vari-Focal Lens offering high-fidelity images over the whole visual and near-IR bandwidth spectrum.
In May 2019, AAC Technologies Holdings Inc. and longcheer announced the investment of RBM 6 billion for expanding its Nanning electronic information industry project. The company invested RMB 5 billion Nanning for the expansion of the optical module industry projects.
In June 2019, Tamron launched a 1/3” 5-50mm F/1.6 lens (Model: M13VG550IR) for a wide range of applications that also include traffic/vehicle and city/street surveillance.
Global Camera Lens Market: Key Companies Insights
The global camera lens market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R &D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis.
Some of the key players in the global camera lens market are Haesung Optics Co. Ltd., Largan Precision Co. Ltd., Tamron Co. Ltd., Sunny Optical Technology (Group) Company Limited, Sunex Inc., Kantatsu Co. Ltd., Ability opto-Electronics Technology Co. Ltd., Genius Electronic Optical Co. Ltd., AAC Technologies Holdings Inc., SEKONIX Co. Ltd., and IM Co. Ltd.
Camera Lens is a key component of camera systems. It is used for capturing images in various applications, including automotive and consumer electronics. It enables photographers to get closer to a subject while maintaining a good depth of field.
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