Camera Lens Market Analysis

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.