Camera Lens Market - Growth, Trends, Covid-19 Impact, And Forecasts (2021 - 2026)

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The camera lens market was valued at USD 4.28 billion in 2020 and is expected to reach USD 6.19 billion by 2026, registering a CAGR of 6.5% during the forecast period (2021 - 2026). Lenses are continuously evolving to accommodate the needs of video capture, sensors are emerging in new sizes and designs, and Wi-Fi connectivity is being enabled in cameras.

- Smartphone manufacturers have started focusing on the quality of their cameras, in order to achieve higher product differentiation. There have been multiple efforts to improve image quality. There are currently three major trends in smartphone cameras, as recorded in 2019: multiple lenses, focus on new computational photography technologies, and the use of AI for scene detection and shooting assistance.
- Technological improvements, such as the image stabilization, faster processors for digital cameras, and a significant increase in storage devices capacity and speed, have provided the essential push for the market to evolve.
- The growing demand for social media users to keep par with the latest trends, like Instagram, Snapchat, with the facility of product ...
... photography or portrait photography, opt for a lens with a wider aperture. This also made a significant impact on the growth of the market.
- However, the demand for cameras in the interchangeable and changeable camera market is expected to experience slow growth, due to continued improvement in the smartphone camera market. Thus, it will impact the camera lens market, with the demand expected to hover around 10 million in interchangeable and 11 million in non-interchangeable camera lens in 2018.

Key Market Trends

Mobile Phone Cameras are Expected to Hold Significant Share

- Smartphones nowadays have become a device, common with a dual primary camera setup where some players have gone to the extent of integrating triple quad or more cameras within a single device. These developments have profoundly impacted the demand for camera lens in the smartphone market. Incremental innovations in developing security applications, such as facial-recognition within a smartphone, are also generating robust demand for high-performance camera lens in the smartphone sector.
- To gain and improve market shares in the mobile devices market, smartphone manufacturers have been focusing on improving on the offered features to attract the customers. Owing to evolving consumer demands, mobile lens OEMs/ODMs have also been continuously investing in innovations and new developments.
- The improved processing speed and RAM/ROM have further helped the camera vendors use software to provide enhanced image capturing and processing capabilities. Wide-angle cameras, monochromatic camera, and depth capturing camera are newly being adopted by the mobile manufacturers with the prices declining for these products.

Asia-Pacific Region Occupies the Largest Market Share

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- Growing adoption of consumer electronic devices in Asia-Pacific countries is contributing to the market's growth positively. According to Zenith estimates, five markets had smartphone penetration approximately above 90% in 2018, which includes Netherlands (94%), Taiwan (93%), Hong Kong (92%), Norway, and Ireland (each at 91%). China was expected to have the highest number of smartphone users (around 1.3 billion), followed by India, with approximately 530 million users. Such statistics indicate the potential of the region camera lens.
- Growing demand for consumer electronics in India has also contributed to the growth of the regional market. According to the Federation of Indian Chambers of Commerce and Industry (FICCI), electronics demand in India is estimated to register a CAGR of 25% during 2012-2020.
- Huawei, a China-based company, launched an Android smartphone that uses dual-camera technology to let owners refocus photos after they have been taken. The feature is being implemented by the collaboration between the Chinese tech firm and German camera-maker Leica.

Competitive Landscape

The camera lens market is highly competitive and appears to be mildly concentrated moving towards the fragmented stage owing to the presence of many large and small players in the market. Overall, the competitive rivalry among existing competitors is very high. Moving forward, the strategy of technical innovation to develop different types of lens, with new attractive features, is adopted by the major players. Some of the key players in the market are Largan Precision Co. Ltd, Sunny Optical Technology (Group) Co. Ltd, Genius Electronic Optical Co. Ltd among others.

- May 2019 - AAC technologies and longcheer invested RMB 6 billion for the expansion of Nanning electronic information industry project. AAC Technologies invested RMB 5 billion in Nanning to expand the optical module industry project, with businesses including but not limited to, the R&D and manufacturing of optical modules, the upstream and downstream devices, innovation and research zone for the production, the study and commercialization of optical technology.
- June 2019 - Tamron has released a 1/3 5-50mm F/1.6 lens (Model: M13VG550IR) for a wide variety of applications including city/street and traffic/vehicle surveillance. The current version of 5-50mm lens has a standard Telephoto Vari-Focal lens with excellent high-fidelity and high-sensitivity.

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