Market Size of Asia Pacific Smartphone Camera Lens Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 6.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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APAC Smartphone Camera Lens Market Analysis
The Asia Pacific Smartphone Camera Lens Market is expected to reach a CAGR of 6.00% during the forecast period 2021-2026. Smartphone market maturation is creating a high competition environment in which cameras play a central role. With the increasing emphasis on photography and videography features, while making buying decisions, the demand for smartphone camera lenses is expected to grow in the coming years among android and other smartphones. Lenses are evolving technologically to accommodate the needs of video capture, sensors are emerging in new sizes and designs, and Wi-Fi connectivity is being enabled in cameras.
- According to GSMA, the smartphone adoption rate is expected to reach 81% during the forecast period, an increase of 26.5% as compared to 64% during 2019. The growth is moderate but the trend towards replacing the existing models with the ones equipped with the latest technological incorporation is expected to provide growth opportunities to the smartphone camera lens vendors.
- Looking at some of the last year's best smartphones including the Google Pixel 4, Huawei Mate 30 Pro, and the Apple iPhone 11, it is evident that the trend of mobile photography will continue and prove as a point of differentiation for the vendors in the region and therefore intensify the price competition.
- However, due to the recent shut down of businesses across China owing to the influence of Coronavirus is expected to influence the smartphone camera lens market negatively, as prices of hardware components may increase over time due to no production and exhaustion of stocks maintained by the manufacturers in few months. In the short run the market will suffer due to lower demand and supply chain disruptions but in the long run, the market is expected to witness growth owing to technological advancements in CMOS and others.
- For instance, in Q1 2020, AAG Technologies holdings Ltd. revenue and gross profit declined by 5.1% and 27.1% YoY, to RMB 3.56 billion and RMB 823 million, respectively, whereas gross margin narrowed by 7.0 percentage points YoY to 23.1%. this resulted in the net profit decreased by 87.8% YoY to RMB 53 million majorly due to seasonality factors and augmented by the outbreak impact of COVID-19, which significantly affected the operation and production utilization of the Group. Such trends are expected to be noticed more for other vendors for the current year.
