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Based on type segment, the camera lens market is segmented into built-in lens and interchangeable lens. The interchangeable lens segment holds the maximum share in the market and dominates the market with a revenue of 3.7 billion in 2023 and is anticipated to grow with a CAGR of 6.8% during the forecast period. The interchangeable lens segment dominates the global market, holding the maximum share due to its versatility and adaptability, which appeal to both professional photographers and enthusiasts.
This segment's growth is driven by the demand for high-quality, customizable shooting options available with DSLRs and mirrorless cameras. Interchangeable lenses allow users to choose from a variety of focal lengths, apertures, and lens types to achieve specific effects, making them ideal for diverse photography and videography applications.
Based on the distribution channel of the camera lens market, it is bifurcated into online and offline. The offline segment accounts for the major share of the market with 79.5% of the total market share and is expected to grow at a CAGR of 6.7% over the forecasted years. The offline segment commands a significant share of the global market, primarily due to consumers' preference for in-store purchasing.
This preference allows them to physically examine lens quality, weight, and compatibility with their equipment. Brick-and-mortar stores, including specialty camera shops and authorized retailers, offer hands-on experiences and expert guidance, which are invaluable for buyers making high-investment purchases such as lenses. This segment is particularly dominant for premium and professional-grade lenses, where in-person assessments and consultations are crucial in the purchase decision-making process.
The U.S. dominated the camera lens market with a share of 75% of the total market share in North America in 2023 and is expected to grow at a CAGR of 6.7% during the forecast period. The U.S. dominates the North American market, driven by substantial demand for advanced imaging technology across diverse applications, including consumer electronics, professional photography, automotive, and healthcare. The country's well-established technology industry and high disposable income levels significantly contribute to the widespread adoption of both consumer and professional-grade camera lenses.
North America: In terms of country, the U.S. dominated the market with a share of around 75% of the total market share in North America in 2023 and is expected to grow at a CAGR of 6.7% during the forecast period. The U.S. hosts major camera and lens manufacturers, which strengthens the supply chain and fosters continuous innovation in lens technology. Furthermore, the presence of a considerable number of professional photographers, content creators, and media companies ensures a consistent demand for high-quality, versatile lenses
Europe: The European camera lens market is expected to grow at a CAGR of 6.8% over the forecast period. Germany's robust industrial base and esteemed reputation for precision engineering have positioned it as a frontrunner in the European market, particularly in the production of high-quality lenses. Esteemed lens manufacturers such as Zeiss and Leica are headquartered in Germany, underscoring the nation's rich legacy of optical innovation and craftsmanship.
Additionally, Germany's vibrant photography and media sectors, coupled with a strong consumer interest in advanced imaging equipment, drive substantial demand for both consumer and professional-grade lenses. This synergy of manufacturing excellence and market demand firmly establishes Germany's leadership in the European market.
Asia Pacific: China dominated the camera lens market in the Asia Pacific region with a market share of around USD 30.4% in 2023 and is anticipated to grow at a CAGR of 7.4% during the forecast period. China commands the market in the Asia Pacific region, propelled by its extensive consumer base, flourishing electronics manufacturing industry, and rapid technological advancements. As a global hub for smartphone and camera production, China benefits from a robust supply chain and substantial investments in research and development. These factors enable high-volume, cost-effective lens production.