Camera Lens Market Inclinations and Development Status Highlighted During Forecast Period 2022-2031
Market Overview
The camera lens market was valued at USD 4.13 billion in 2019 and is expected to reach USD 5.94 billion by 2025, registering a CAGR of 6.52% during the forecast period 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.
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Scope of the Report
A camera lens, also known as a 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 some lenses together with a camera body. Lenses are known by various descriptors, such as focal length, speed, aperture width, magnification, and angle width, among other factors. The manufacturer also categorizes lens based on the fast or slow lens.
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.
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