Camera Lens Market Size

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.