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Camera Lens Market size worth over $15bn by 2027
- Published Date: March 22, 2021
Camera Lens Market size is set to surpass USD 15 billion by 2027, according to a new research report by Global Market Insights Inc.
Rising peoples’ disposable income and increasing demand for advanced DSLRs are supporting the market growth. According to Nikkei, Inc., a media organization, around eight million interchangeable lens cameras were shipped globally in 2019. The cameras allow consumers to use different optics by easily attaching and detaching lenses from the camera body. The increasing adoption of mirrorless camera technology is encouraging manufacturers to offer smaller and high-quality camera lenses.
The increasing trend of travel blogging & vlogging is driving the demand for high-performance cameras compatible with a wide range of lenses. The travel bloggers are increasingly investing in camera lenses that deliver a versatile zoom range and fast variable aperture for shooting in low light conditions. This is encouraging market players to offer affordable and wide angle zoom lenses with attractive features. Canon Inc. is offering portrait & travel kit including 50mm f/1.8 focal length and 10-18 mm lenses. The ultra-wide zoom lens enables vloggers and photographers to achieve higher quality images with blurred background.
The ongoing coronavirus (COVID-19) pandemic has negatively impacted the camera lens market expansion due to the imposition of travel bans and lockdown measures in several countries globally. The temporary closure of manufacturing facilities to prevent the transmission of virus hampered the market progression in 2020. The shortage of raw materials and components resulted in declined production and sales of camera lens in the market. However, with the gradual reopening of factories and improvement in supply chain operations, the market will gain traction over the coming years.
Growing demand for advanced camera lens in smartphones to improve image quality will fuel the market revenue
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The consumer electronics application in the camera lens market is expected to witness significant growth during the forecast time period. The AI-powered smartphone cameras with multiple lenses are gaining significant popularity among consumers to capture pictures at different focal lengths and depths. The availability of affordable wide-angle and macro camera lenses compatible with a wide range of mobile devices has positively influenced the market value. Also, the smartphone manufacturers are focusing on improving the quality of their cameras to achieve higher product differentiation.
Browse key industry insights spread across 300 pages with 505 market data tables and 28 figures & charts from the report, “Camera Lens Market Size By Application (Consumer Electronics [Mobile, AR/VR/MR, Digital Camera], Automotive, Healthcare), By Distribution Channel (Online, Offline), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trend Analysis, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Surge in online retailing over the past years is supporting camera lens online sales
The camera lens market sales though online distribution channel is projected to showcase significant growth till 2027 led by the strong emergence of online retailers, such as Amazon.com, Flipkart, and eBay, offering a range of high-performance camera lenses from several leading brands. These retailers employ effective marketing strategies, such as reduced delivery time and seasonal discounts, to attract customers. They also enable the return of defective items within a specified time period to ensure customer satisfaction and product replacement on select items. Using online retailing, consumers can get a glance of a wide range of camera lenses on a single portal, thereby allowing them to select the best-suited product.
The high purchasing capability of consumers as well as acceptance of advanced technology in North America will spur the market demand
North America camera lens market is predicted to register around 10% growth rate through 2027. The high disposable income of consumers and presence of technically sound population have resulted in increased spending on advanced electronic products. According to the U.S. Census Bureau estimates, there were around 73 millennials in the U.S. in 2019. Millennials are tech-savvy and most of them own smartphones of leading brands such as Samsung and Sony. This has encouraged manufacturers to offer diversified products integrated with innovative technologies to attain a considerable market share.
Technological innovations and product launches remain key growth strategies among the market participants
Key companies operating in the camera lens market include Hoya Corporation, Tamron Co. Ltd., Olympus Corporation, Samsung Electronics Co. Ltd., Sony Corporation, Panasonic Corporation, Fujifilm Holdings Corporation, Genius Electronic Optical Co. Ltd., Marshall Electronics Inc., Ricoh Company, Ltd., Eastman Kodak Company, Sigma Corporation, Nikon Corporation, and Huawei Technologies Co., Ltd. The market is highly competitive owing to the presence of several large and small players. The high rivalry among existing competitors is encouraging players to introduce compact camera lenses that cover a wide range of focal length.