As per the research report titled ‘Camera Lens Market Size By Application (Consumer Electronics [Mobile, AR/VR/MR, Digital Camera], Automotive, Healthcare), By Distribution Channel (Online, Offline), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trend Analysis, Competitive Market Share & Forecast, 2021 - 2027’, available with MarketStudyReport, global camera lens market is anticipated to undergo considerable expansion between 2021 and 2027.
 

Factors such as the rising popularity of photo and video-sharing on social media platforms, proliferation of smartphones, and rising demand from various business verticals are stimulating global camera lens market growth.

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Besides, technological advancements will continue to push the market forward. For instance, a team of engineers at MIT, in February 2021, had developed a new meta-lens built up of transparent phase-changing material instead of solid glass, which has been utilized for making camera lenses for over a century.

Speaking of the industry pitfalls, emergence of computational photography and high cost of specialty lenses are likely to hinder the remuneration scope over the analysis period.

Considering the application spectrum, AR/VR/MR segment is anticipated to exhibit an upward growth curve in the forthcoming years. New product launches and subsequent rise in accessibility of AR and VR devices to customers are fueling the segmental growth. Moreover, tech giants are also entering this space, with Apple in March 2021 announcing that is developing AR glasses and a MR headset that would support both augmented reality and virtual reality content.

With respect to distribution channel, global camera lens industry size from online distribution segment is salted to expand at a strong rate through 2027. Rising customer preference towards online shopping platforms owing to availability of a wide product catalog and the convenience of price comparison are supporting the segment growth.

On the geographical front, Middle East and Africa market is set to witness an uptick during the analysis period, chiefly on the back of rapid progression of the consumer electronics sector in the region. Moreover, positive economic outlook and increasing purchasing power are adding to the regional market development.

Elaborating on the competitive arena, Samsung Electronics Co. Ltd., Ricoh Co. Ltd., Panasonic Corp., Olympus Corp., Nikon Corp., Largan Precision Co. Ltd., Huawei Technologies Co. Ltd., Hoya Corp., Fujifilm Holdings Corp., Canon Inc., and AAC Technologies Holdings Inc. are among the major players impacting global camera lens market dynamics.