Camera Lens Market - Segmented by Applications, Product Type, and Region - Growth, Trends, and Forecast (2018 - 2023)
The camera lens market is likely to witness a CAGR of over 12.3% during the forecast period (2018 - 2023).
A camera lens, also known as photographic lens, is the most integral and essential part of a camera. A camera lens is sometimes a single optical lens or an assembly of a number of lenses together with a camera body. The scope of the report includes an overview of the camera lens market, including uses of a camera, production technologies, and market segments. The market has been segmented on the basis of product type, application, and region. Camera lenses are developed by a number of firms, like Canon, Sony, Nikon, Marshall Electronics, Thorlabs, SAMSUNG, Olympus, Sunex, and Fujifilm, among others. Asia is expected to stay at the helm during the forecast period, as most key players that are into photography and imaging are located in Asia-Pacific.
Increase in the Smartphones Sales Rate
The sales rate of smartphones has witnessed a strong growth in the recent years, with global smartphone shipments reaching over 1.5 billion units in 2017. With an intense competition in the smartphone market, companies are focusing heavily on distinguishing their products from their competitions. Smartphone cameras have become one of the primary features impacting the customer decision making, with many consumers prioritizing camera specs over other features. Companies are, thus, investing heavily on providing the best quality cameras to attract customers. Thus, the growth in smartphone demand is directly impacting the consumption of camera lens in the industry.
Asia-Pacific to lead the Market
In Asia-Pacific, increasing focus and investment toward technology, by major players, are the factors driving the market to become the largest for camera lens. The increasing number of players in the region has a led to a rise in collaborations in the market, which is boosting the focus toward technology. North America, followed by Europe, is the second-largest market. Most of the giants in the camera lens market, like Canon, Nikon, Fujifilm, and Sony, are based in Japan, Asia-Pacific.
Key Developments in the Market