PORTABLE LENSES MARKET ANALYSIS

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

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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.

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

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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.