CAMERA LENS MARKET ANALYSIS

Camera Lens MarketSize and Trends

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.

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.