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Camera Lens Market Is Estimated To Witness High Growth Owing To Rising Smartphone Camera Trends12/7/2023 Market Overview:
Camera lens are optical components used in cameras and other imaging devices to focus lights rays reaching them onto image sensors or film. Different types of lenses such as zoom lenses, prime lenses, and macro lenses offers various benefits like optical zoom, wide angle views, close-up shots etc. Increasing photography activities and adoption of high-resolution cameras drives the demand for camera lenses. Market key trends: The rising adoption of smartphones with high-resolution cameras is a major trend boosting the camera lens market. Smartphone manufacturers are focusing on enhancing camera capabilities by integrating advanced lenses and image sensors. For instance, Apple's recent iPhone 13 lineup features wide, ultra-wide, and telephoto camera lenses. Similarly, Samsung's Galaxy S22 series offers 10MP telephoto, 12MP ultra-wide, and 50MP wide angle triple rear cameras. The propelling demand for high-quality smartphone photography is compelling manufacturers to substantially upgrade camera lenses, propelling the market growth. Furthermore, rising photography and videography as hobbies have fueled the sales of DSLR cameras and action cameras equipped with premium zoom and prime lenses. Improving living standards and spending on photography equipment has also driven the demand. Porter’s Analysis Threat of new entrants: The threat of new entrants is moderate due to the high costs involved in R&D, distribution channels and brand building. Bargaining power of buyers: The bargaining power of buyers is high due to the presence of various established players providing camera lenses. Buyers can easily switch between brands. Bargaining power of suppliers: Suppliers have moderate bargaining power due to the differentiated nature of raw materials and components required for camera lens manufacturing. Threat of new substitutes: The threat of substitutes is low as camera lenses have limited substitutes. Competitive rivalry: High due to the presence of global and regional players dominating the market. SWOT Analysis Strengths: Vast product portfolio, strong brand recognition, global distribution network. Weaknesses: High R&D costs, supply chain disruptions, pricing pressure. Opportunities: Growth in mirrorless cameras, increasing usage of lenses in smartphones, adoption in surveillance and automotive industry. Threats: Intense competition, technology innovations, trade war tensions. 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 adoption of mirrorless cameras and multi-camera smartphones. Asia Pacific dominates the global camera lens market and is projected to grow at the fastest rate due to the presence of established players in countries like China, Japan and Taiwan. Regional analysis - Asia Pacific represents the largest as well as the fastest growing market for camera lenses globally. The presence of major manufacturing countries like China, Japan, Taiwan along with strong domestic demand from India and South Korea is driving high adoption of camera lenses in the region. Asia Pacific is estimated to account for over 45% of the overall camera lens market share by 2030. Key players - 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 are focused on new product launches and mergers & acquisitions to strengthen their market position. For more insights, read- https://www.dailyprbulletin.com/camera-lens-market-size-market-share-analysis/
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