Global portable lenses market is projected to surpass US$ 10.7 Thousand by the end of 2030, in terms of revenue, exhibiting CAGR of 6.43% during the forecast period (2023 to 2030).
Global Portable Lenses Market- Drivers
Soaring demand for portable lenses by the smartphone consumers
Portable lenses are used to capture videos and pictures of long distance objects including landscapes, buildings, and nature. Thus, there is demand for portable lenses among smartphone users. Moreover, these lenses are easy to use and are adjustable in smartphones with the flexible handles. Increasing disposable income, consumer preference towards luxurious lifestyle, and rising buying power of consumers are the major factors to boost the demand for smartphones with advanced photography technology. Thus, growing usage of smartphones is expected to boost the global portable lenses market during the forecast period.
Figure 1. Global portable lenses market, Revenue Share (%), By Region, 2022
Regional Analysis
Among region, Asia Pacific accounted for the largest share of global portable lenses market in 2022. Presence of strong global portable lenses market players such as Nikon, Canon Inc., Panasonic Corporation, and Sony Corporation in this region is expected to boost the market growth. Moreover, rising use of social media platforms to share pictures and live videos is likely to create lucrative opportunities in the global portable lenses market players. Furthermore, rising use smartphones to capture photos and videos with high quality image is likely to boost the demand for portable lenses across the region.
Global Portable Lenses Market- Restraints
Reduced profit margins of the global portable lenses market
Portable lenses are widely used in the photography sector. However, as this sector is highly competitive, market players of portable lenses have to cater the consumer’s needs. Moreover, need of highly skilled professionals and precision machinery to develop the quality of portable lenses further increases the total product cost. These are the major factors to hamper the global portable lenses market growth. Nevertheless, the growing use of portable lenses for social media platforms is driving the product demand.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2022 | Market Size in 2022: | US$ 6.5 Thousand |
| Historical Data for: | 2017 to 2021 | Forecast Period: | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR: | 6.43% | 2030 Value Projection: | US$ 10.7 Thousand |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
FUJIFILM Corporation., Nikon, Logitech, Canon Inc., Sony Corporation, Eastman Kodak Company, Olympus, Panasonic, SHARP, and Minolta |
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| Growth Drivers: |
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| Restraints & Challenges: |
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Global Portable Lenses Market- Trends
Growing use of social media platforms across the globe
Rising demand for portable lenses with wider aperture in social media platforms, such as Snapchat, Instagram, and others, to develop the quality photography is expected to propel the market growth during the forecast period. Rising trend for multiple cameras or dual-cameras is projected to drive demand for portable lenses.
Figure 2. Global portable lenses market, Revenue Share (%), By Application, 2022
By Application
On the basis of application, the global portable lenses is segmented into movie, broadcast, smartphone, and others. Out of which, broadcast segment accounted for the largest market share in 2022. Portable lenses are used in broadcast applications including audio podcasts, video content, television stations, live events, short films, documentaries, and others. The portable lenses are lightweight and compact in size, and thus, are easy to carry on the person’s shoulder for on-site news reporting. Moreover, growing tourism activities across the globe is expected to drive demand for camera with portable lenses for better picture quality.
By Type
On the basis of type, global portable lenses market is categorized into 4k, 8k, and Others. Out of which, 4k segment is expected to witness highest CAGR during the forecast period. 4k portable lenses offers high contrast, high resolution and dimension of performance, high dynamic range, and reduced chromatic aberration. Moreover, it has wide angle of view for capturing entire live concert venue and stadium. These properties of 4K portable lenses is expected to proliferate the market growth.
Global Portable Lenses Market- Impact of Coronavirus (Covid-19) Pandemic
COVID-19 negatively impacted the global portable lenses market, owing to stringent regulations. Portable lenses are widely used by camera and smartphone users. Thus, decline in demand for camera and smartphones during the pandemics hindered the global portable lenses market. Moreover, manufacturers of portable lenses faced the hardships at their working stations due to strict social distancing. Furthermore, factors such as disruption in supply chain of raw materials also limited the production of portable lenses.
Competitive Section
Major players operating in global portable lenses market include FUJIFILM Corporation., Nikon, Logitech, Canon Inc., Sony Corporation, Eastman Kodak Company, Olympus, Panasonic, SHARP, and Minolta.
Definition- Portable lenses are designed to overcome the concentrated breathing effects along with different focal lengths. Moreover, the front most surface of portable lenses are coated with optical glass that offer antifouling performance. Furthermore, portable lenses have anti scratch performance that protect it from scratches and dust.
Portable lenses are referred to lenses with compact size, and thus, are easy to carry from one place to another. Moreover, it offers convenient diversified shooting experience to the consumers of portable lenses. Portable lenses have bodies that are specifically created to offer optical mechanics with stable framing. These lenses offers several features such as versatility and high portability. Moreover, portable lenses are used in different applications including smartphones, broadcasting live events, and others.
Market Dynamics
Driver
Rising demand for portable lenses for broadcasting live events
Portable lenses offers various angles of magnifications and views that can be used for the broadcasting concerts, sport events, and others. Moreover, the interior part of the portable lenses consist of different shapes and types of lens elements that offers excellent image quality. These lenses offers HD (High-Definition) images without color blurring and geometrical distortion. Owing to these factors, there is an increase in demand for portable lenses for broadcasting live events.
Opportunity
Increasing demand for portable lenses in mobile journalism
Global demand is anticipated to shift significantly as more digital items, including smartphones, cameras, and others, are used. However, digital publishing and journalism are in the developing stage. Thus, increasing use of mobile with portable lenses is expected to create demand for portable lenses. Moreover, mobile journalism is one of the factors that can create ample opportunities in the global portable lenses market during the forecast period.
Restraint
Development of smartphone’s camera
Manufacturers of smartphones are focusing on the image quality produced by the in-built cameras. Smartphones with advanced featured camera systems is projected to hinder the global portable lenses market during the forecast period. For instance, in September 2022, Apple Inc., launched iPhone 14 and iPhone 14 + that has excellent camera system including True Depth cameras on the back and front. Moreover, these innovative products offer ultra wide range camera with unique angles. In addition, Apple Inc. is one of leading multinational companies which is headquartered in Cupertino, U.S. which manufacture mobile phones.
Key features of the study:
Detailed Segmentation:
*” marked represents similar segmentation in other categories in the respective section.
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