CAMERA LENS MARKET ANALYSIS

Market Challenges And Opportunities

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 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.

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.