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

Camera Lens Market Size

Camera Lens Market size exceeded USD 8 billion in 2020 and is poised to grow at 9% CAGR between 2021 and 2027. The global industry shipments are anticipated to reach 250 million units by 2027. Increasing demand for high–performance camera lenses in automotive and consumer electronics sectors is likely to fuel the industry growth.
 

A camera lens or photographic lens is an optical body that features a single lens or assembly of lenses mounted to a camera body. These lenses are differentiated by various descriptors such as speed, angle width, aperture width, focal length, and magnification. The manufacturers offer different types of lens for usage in a wide range of circumstances. These include standard lens, macro lens, telephoto lens, wide angle lens, and specialty lens.
 

Increasing development of multi–camera smartphones that allow consumers to capture professional–quality videos and images are driving the camera lens industry growth. For instance, in December 2020, Huawei Technologies Co., Ltd. launched Nova 8 and Nova 8 Pro series smartphones integrated with a quad rear camera setup and an ultra–wide–angle lens. The integration of wide–angle lens into cameras increases the phone’s zooming capabilities and enables consumers to capture more detailed images in a single frame.
 

Technological advancements in digital cameras coupled with the growing popularity of mirrorless cameras among videographers are propelling the camera lens market growth. Compared to DSLRs, the mirrorless cameras can deliver up to 4K video in a small and lightweight form factor that significantly improves image control. Prominent players are introducing mirrorless cameras with advanced features to achieve higher product differentiation in the market.
 

The coronavirus (COVID–19) pandemic severely impacted the camera lens industry in the first and second quarters of 2020. The stringent lockdowns imposed in several countries caused temporary closure of manufacturing plants of OEMs and component suppliers.
 

Several leading market players shut down their manufacturing plants and closed retail stores to prevent the spread of virus. This has significantly impacted the sales and production of camera lenses in the market. The declined consumer spending on non–essential products also declined the sales of camera lenses in the first and second quarters of 2020. However, with the resumption of manufacturing activities and lifting of travel ban, the camera lens market is expected to witness gradual recovery by the end of 2021.
 

Camera Lens Market Analysis

In the U.S. market, the shipments for camera lens in automotive application is estimated to grow at around 12% CAGR through 2027. The increasing trend of autonomous cars and development of Advanced Driver Assistance System (ADAS) is fueling the demand for high resolution camera lenses in the automotive sector.
 

The popularity of driverless cars has grown rapidly over the past several years with several leading automobile companies planning to launch fully autonomous cars by 2021. Autonomous cars have already been tested and used in several states across the U.S. including Arizona, California, Texas, Michigan, and Washington DC. With increasing advancements in the automobile sector, the demand for wide angle and specialty lenses in night–vision cameras are set to see significant growth.
 

The increased demand for vehicle safety is encouraging automotive manufacturers to implement advanced cameras to improve visibility and enable drivers to spot different obstacles. Several luxury car brands, such as BMW and Mercedes–Benz among others, have already implemented 180–degree wide rear–view camera system to provide greater visibility. This has driven the demand for comprehensive wide–angle lenses designed for rear–view monitoring technology. Moreover, stringent norms to install camera–based side–mirror systems in all vehicle segments is poised to propel the market growth.
 

The Europe camera lens market sales though offline distribution channel will expand at over 8% CAGR from 2021 to 2027. Although there is a sharp rise in online retailing over the recent years, professionals photographers still prefer to buy high–end gadgets from offline stores to ensure product quality and reliability. Specialty stores focusing solely on camera lenses help consumers to buy products that perfectly suit their individual requirements. They offer personalized services through sales staff appointed in the store that enables consumers to assess a wide range of camera lenses available. Products sold at proprietary stores also eliminate the risk of fraudulent or duplicate products sold through online retailers, ensuring product durability and reliability.
 

Asia Pacific camera lens market revenue accounted for more than 35% revenue share in 2020 and will witness steady growth on account of the expanding consumer electronics sector across the region. China has a strong supplier and supply chain infrastructure owing to its large–scale production of consumer electronics devices including tablets, smartphones, and laptops. Domestic market players including Xiaomi, Vivo, Huawei, and Oppo are increasingly investing in research and development for developing different lens technologies. For instance, in November 2020, Xiaomi Communications Co., Ltd. launched a camera lens with a super–large aperture that captures 300% more light and captures 20% sharper images.
 

The presence of established industry players including Sekonix, Samsung, Sony, Nikon, and Canon in South Korea and Japan is providing significant opportunities to the market. These companies are constantly advancing their product portfolio with a wide range of lenses and cameras to remain competitive.
 

Camera Lens Market Share

Key players in the camera lens market include:

• Canon Inc
• Eastman Kodak Company
• Fujifilm Holdings Corporation 
• Genius Electronic Optical Co. Ltd
• Haesung Optics Co. Ltd
• Hoya Corporation
• Huawei Technologies Co., Ltd
• Largan Precision Company Limited
• Marshall Electronics Inc
• Nikon Corporation
• Olympus Corporation
• Panasonic Corporation
• Ricoh Company, Ltd
• Samsung Electronics Co. Ltd
• Sekonix Co. Ltd
• Sigma Corporation
• Sony Corporation
• Tamron Co. Ltd
• Kenko Co., Ltd
• Volk Optical Inc
• Carl Zeiss AG.
   

The players are focusing on strengthening their market reach to cater to the growing demand for affordable solutions across the globe. For instance, in November 2020, Sony Corporation launched Alpha 7C full–frame camera integrated with FE 28mm – 60mm F4–5.6 zoom lens in the India market. The standard zoom lens offers a minimum focus distance of 0.3m (wide angle) to 0.45m (telephoto) and weighs around 165 grams. The advanced autofocus and high–resolution 4K video capabilities allow users to record slow and quick motion HD videos at 120 fps.
 

This market research report on camera lens includes in–depth coverage of the industry with estimates & forecast in terms of revenue in USD and shipments in units from 2017 to 2027 for the following segments:

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Market, By Application

• Consumer Electronics

  • Mobile
  • AR/VR/MR
  • Digital Camera
  • Others
• Automotive
• Healthcare
• Others

Market, By Distribution Channel

• Online

• Offline

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
  • Poland
  • Benelux
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Taiwan
  • Singapore
  • Australia
• Latin America
  • Brazil
  • Mexico
  • Argentina
• MEA
  • UAE
  • Saudi Arabia
  • South Africa