The global Camera Lens Market is estimated to account for US$ 4,520.0 Mn in terms of value by the end of 2021. A camera lens is an essential part of the photographic process. There are four basic types of lenses. These are telephoto, wide, macro and tilt-shift. Each has its own unique capabilities. Telephoto, for example, can be used for capturing distant subjects like wildlife or sports events. Wider and ultra-wide lenses are more versatile and offer an impressive effect on the photographs. Macro lenses are specially designed to get crisp close up shots of smaller subjects. Tilt-shift lenses are similar to wide-angle lenses, however, they have a slightly different set of advantages. They can produce an interesting 'wobble' on the camera. Moreover, they can be modified with spacers.
Global Camera Lens Market: Drivers
Rising technological development in digital cameras is expected to propel growth of the global camera lens market over the forecast period. Moreover, the growing popularity of mirrorless cameras is also supporting the market growth. As compared to DSLRs, the mirrorless cameras are capable of delivering up to 4K video in a lightweight and small form factor that can enhance image control significantly. Thus, several key market players are introducing various technologically developed camera lenses having advanced features for achieving higher product differentiation in the market. Thus, this factor is likely to fuel growth of the global camera lens market.
Global Camera Lens Market: Opportunities
Increasing popularity of autonomous cars is creating immense growth opportunities in the global camera lens market. Over the past few years, the popularity of driverless cars has increased significantly as major automobile company are focused on launch of fully autonomous cars. These cars are already tested and are in use on many of the sates in the U.S, including California, Arizona, Michigan, Texas, and Washington DC. With rise in development in the automobile sector, the demand for specialty and wide angle lenses is increasing in night-vision cameras. This in turn is creating lucrative environment for growth opportunities.
Global Camera Lens Market: Restraints
Unfavorable conditions arising due to the Covid-19 pandemic are likely to hinder growth of the global camera lens market during the forecast period. The pandemic impacted manufacturing activities in several industries, which in turn impacted the demand for camera lens market. Due to disrupted automobile and consumer electronics industry, the market for camera lens was negatively impacted.
Global Camera Lens Market - Impact of Coronavirus (Covid-19) Pandemic:
The coronavirus outbreak in Wuhan, China, in December 2019, spread across numerous countries around the world. The virus outbreak negatively impacted growth of various industries. Many countries imposed lockdown regulations to control the virus spread due to which major market activities were impacted. Manufacturing plants were closed down temporarily, and transportation activities were banned in several regions. Thus, there was lack of raw materials and manpower, which hindered production in several markets including the one in discussion. Thus, the pandemic adversely impacted the global camera lens market.
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Key Takeaways:
The global camera lens market was valued at US$ 4,520.0 Mn in 2021 and is forecast to reach a value of US$ 8,389.0 Mn by 2030 at a CAGR of 8.0% between 2022 and 2030.
Consumer Electronics segment held dominant position in the global camera lens market in 2021, accounting for 65.0% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Camera Lens Market Trends:
Key players in the market are focused on development of best lens for cinematic video that includes cinematic lenses for mobile as well as other products. This trend is expected to boost growth of the global camera lens market during the forecast period. For instance, in April 2022, Zeiss announced the launch of Supreme Prime 15 mm T1.8, a novel cinematic lens in the market. This product is versatile and lightweight designed to cater the rising demand of the film industry. Thus, similar activities are trending in the market, which will support the market growth in the near future.
Moreover, increasing adoption of mirroless camera is also trending in the global camera lens market, which in turn is likely to augment the market growth. For instance, in November 2022, Fujifilm India launched two new lenses, FUJINON XF30mmF2.8 R LM WR Macro and XF56mm F1.2 R WR”, for its mirrorless cameras. Both of these lenses are addition to the interchangeable XF lenses made for the X series of mirrorless digital cameras.
Global Camera Lens Market: Competitive Landscape
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.
Global Camera Lens Market: Recent Developments
In January 2019, Sunny Optical Technology (Group) Co. Ltd. entered into an agreement of equity transfer with equity investors of Wuxi Wissen Intelligent Sensing Technology Co. Ltd. for the acquisition of additional 13.96% equity interests of Wissen at a cash consideration of CNY 17,071,000.