February 21, 2024

Rising Demand For Next-Generation Camera Lens To Drive Growth Of The Camera Lens Market

Market Overview:

Camera lens refers to an optical device that direct light beams and help capture photographs.  Advancements in technologies have led to the development of innovative lens designs that offer superior optical quality, compact size, and low weight. Growing popularity of smartphones with multiple camera lenses is creating significant demand for camera lenses across the world.

Market key trends:

The camera lens market is witnessing trend of development of next-generation lenses. Key players are focusing on developing innovative lenses such as 360-degree lenses, VR/AR compatible lenses, and lenses with extended zoom capabilities. For instance, in July 2022, Tamron launched its latest high-speed ultra-wide-angle zoom lens – Tamron 11-20mm F/2.8 Di III-A RXD for E-mount and E-mount full-frame mirrorless digital cameras. The lens provides high resolution and delivers superior imaging performance. Such development and launch of innovative lenses is expected to drive the growth of the market over the forecast period.

Porter’s Analysis
Threat of new entrants: The threat of new entrants in the camera lens market is moderate to high due to significant initial capital investment required to manufacture camera lens and established brand loyalty of existing players.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of various options from key players operating in the market. Buyers can switch between lens brands based on quality and pricing.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw materials required for camera lens manufacturing such as glass and metal alloy are commoditized.

Threat of new substitutes: The threat of substitutes is low as camera lens has limited substitutes and are integral part of cameras. However, threat may increase with advancement in lens-less camera technologies.
Competitive rivalry: intense due to presence of global and regional players offering wide range and types of camera lens.

The global Camera Lens Market Demand is estimated to be valued at US$ 5272.13 Mn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Key Takeaways
The global camera lens market is expected to witness high growth, exhibiting CAGR of 8.0% over the forecast period, due to increasing usage of camera modules in smartphones and rising adoption of digital single-lens reflex cameras.

Regionally, Asia Pacific dominated the camera lens market in 2023, accounting for around 40% of the global market share. China, Japan and South Korea are major camera lens producers with established manufacturing facilities. The region is expected to continue its dominance owing to low-cost manufacturing and availability of raw materials.

Key players operating in the camera lens market are Haesung Optics Co. Ltd., Largan Precision Co. Ltd., Tamron Co. Ltd., Sunny Optical Technology (Group) Company Limited, Sunex Inc., Kantatsu Co. Ltd., Ability opto-Electronics Technology Co. Ltd., Genius Electronic Optical Co. Ltd., AAC Technologies Holdings Inc., SEKONIX Co. Ltd., and IM Co. Ltd. These players cater to diversified customer base with comprehensive lens portfolio and continuous focus on new product development.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it