July 26, 2019 08:31 AM Eastern Daylight Time
DUBLIN–(BUSINESS WIRE)–The “Camera Lens Market – Growth, Trends, and Forecast (2019 – 2024)” report has been added to ResearchAndMarkets.com’s offering.
“Camera Lens Market – Growth, Trends, and Forecast (2019 – 2024)”
The camera lens market is likely to witness a CAGR of over 12.5% during the forecast period 2019-2024.
The new EOS R System and RF Mount (interchangeable lens mount) with the facility of six full frame lenses take the heritage of the existing EOS System to new heights.
- The camera lens market is directly dependent on the digital camera and smartphones sales, as they are the primary applications for the product. Smartphones have witnessed a rise in sales over the past two decades, thus driving the growth of the studied market.
- Technological improvement such as the image stabilization, faster processors for digital cameras, and a significant increase in storage devices capacity and speed has 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, snap chat with the facility of product photography or portrait photography, opt for a lens with a wider aperture. This has also 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 for the year 2018.
Key Market Trends
Mobile Phone Cameras 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.
- According to the Korea Herald, approximately 42% of all smartphones sold globally in July 2018, featured a dual or triple rear camera indicating the increased inclination towards multiple camera categories.
- The increasing demand for wide-angle and fisheye lenses are becoming increasingly popular in the smartphone industry because of its variety of inspection application. The low profile and small physical sizes of these lenses, combined with small sensor formats for which the lenses were designed, allow for very compact camera packaging.
- Smartphones and tablet vendors use Mpow Clip-On 180 Degree Supreme Fisheye Lens for their dual camera feature in mobile phones, which is a clip-on lens designed to fit virtually any camera lens. Thus the demand for dual camera feature in the smartphone is increasing and penetrating the camera market growth.
Asia-Pacific Region to Witness Larger Market Share
- In Asia-Pacific, increasing focus and investment toward technology, by major players, are the factors driving the market to become the largest for the camera lens. The increasing number of players in the region has led to a rise in collaborations in the market, which is boosting the focus toward technology.
- For instance, in August 2018, Japan-based Tamron launched a new ultra-wide-angle zoom lens, the 17-35mm F/2.8-4 Di OSD (Model A037), for 35mm full-frame DSLR cameras. The Moisture-Resistant Construction and Fluorine Coating, help to enhance the user’s photographic experience.
- Huawei, a China-based company has 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.
The camera lens market is highly fragmented. Overall, the competitive rivalry among existing competitors is high. Moving forward, the technical innovations strategy of different kinds of lense with new attractive features is driving the market. Some of the key players in the market are Canon Inc.and Sony Corporation.
Some of the key developments in the area are:
- April 2019 – Sony launched its new 135mm F1.8 full-frame, large-aperture telephoto prime lens SEL135F18GM’. The lens is also a new addition to the company’s G Master series of full-frame E-mount interchangeable lenses. The lens comes with Sony’s Nano AR coating for reducing any flare and ghosting that can occur during backlit portraits shoots.
- January 2019 – Nikon launched a new lens for the Indian market, which is meant for its Z-series of cameras. The lens is first FX-format lens to support direct filter attachment despite starting at a 14 mm focal length. This allows users to use different filters such as polarizing filters and neutral density filters, which cannot be used with conventional ultra-wide-angle lenses.