|Fastest Growing Market:||Asia-Pacific|
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The smartphone camera lens market is expected to register a CAGR of 8% during the period, 2021-2026. The market demand is surging with stable sales registered by several smartphone manufacturers. However, similar to the historically undulating demand curve with supply chain restrictions, the current market scenario indicates a demand-supply inequilibrium that delimits the overall growth potential of the market studied.
- Smartphone manufacturers have started focusing on the quality of their cameras to achieve higher product differentiation. The cameras in the latest smartphones are evolving at a breakneck pace owing to the demand of the consumers and a shift in trend from using standalone cameras to smartphone cameras.
- The growing demand for social media users to keep par with the latest trends, like Instagram and Snapchat, with 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.
- The current market for the global smartphone camera lens market is technology-driven, with 8 MEGA and 13 MEGA. Whereas with the rapid technological development, the future is expected to be 16 + MEGA.
- There is also an increasing trend of dual-camera. This is a new technology for smartphones, which is attained by adding a secondary camera without sacrificing much in the way of design is a good sign. In the future, the demand for dual-camera systems is bright. A dual-lens camera may also improve zoom capability by having a different focal length on each lens.
- Innovative features and a decline in prices are expected to further propel the smartphone camera lenses market in the future. Availability of systems at a low price and robust economic growth in some countries, such as China, Japan, and India, is likely to offer significant opportunities to the smartphone camera lenses market in Asia Pacific. Thus, the growth in smartphone demand is directly impacting the consumption of the smartphone camera lens industry.
- Due to the ongoing COVID-19 pandemic, the market witnessed considerable disruptions in the supply chain. The demand for smartphone camera lenses decreased with a steep nosedive in smartphone sales in few regions. For instance, in India, the sales of smartphones dropped considerably during the second COVID-19 wave in 2021.
Scope of the Report
A smartphone camera lens is an optical lens or assembly of lenses used in association with a camera body for the smartphone. It has the mechanism to make images of objects either on photographic film or on other media capable of storing an image chemically or electronically. The scope of the study includes Asia Pacific, the Americas, and Europe in geographies.
Key Market Trends
Introduction of Advanced Camera Technologies to Drive the Market
- With the constant increase in demand for a slimmer smartphone, the designers of the devices have made use of larger height and width of phones by building the increased number of cameras in the phone, creating a market for multiple camera lenses in the smartphone.
- The new feature has increased the demand for phones, but the smartphone camera lens market is directly dependent on smartphone sales, as they are the primary applications for the product.
- The sale of smartphones has increased rapidly due to evolving technology, such as image stabilization, faster processors for digital cameras, and a significant increase in storage devices capacity and improved speed.
- One of the key direction for smartphone innovations continue to be optics. The upgrade in tele-zoom, night mode, ultra-wide-angle, and high image resolution features have set more demanding standards for camera stability, height thickness, and optical resolution.
- The optical lens industry is better-placed relative to other component sub-sectors in light of the structural growth of the number of cameras in smartphones and significant entry barriers created by high technological capabilities and capital intensity.
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Asia Pacific to Witness Significant Growth
- The growing adoption of consumer electronic devices in Asia Pacific countries is contributing to the market’s growth positively.
- According to Zenith estimates, five markets had smartphone penetration approximately above 90% in 2018, which includes Netherlands (94%), Taiwan (93%), Hong Kong (92%), Norway, and Ireland (each at 91%). China was expected to have the highest number of smartphone users (around 1.3 billion), followed by India, with approximately 530 million users. Such statistics indicate the potential of the region camera lens.
- Growing demand for consumer electronics in India has also contributed to the growth of the regional market. According to the Federation of Indian Chambers of Commerce and Industry (FICCI), electronics demand in India is estimated to register a CAGR of 25% during 2012-2020.
- Huawei, a China-based company, 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 majority of smartphone manufacturers in the Asia Pacific region are also driving innovation in the market. For example, Huawei Technologies Co. Ltd, in 2019, launched its smartphone P Smart Pro with a pop-up selfie camera module. Another company, Vivo Communication Technology Co. Ltd, a Chinese technology company, in Q1 2020, launched its smartphone Vivo S1 Pro with a rear camera module in India.
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The smartphone camera lens market is moderately competitive. It appears to be mildly concentrated, moving toward the fragmented stage due to the presence of many large and small players in the market. The companies in the industry keep on innovating and entering into strategic partnerships to retain their market share.
- March 2020 - Xiaomi Global launched Xiaomi Mi Note 10, the first 108MP smartphone, in Indian Market. Quad-CFA, quad-Bayer, or 'pixel binning' camera sensors are the underlying technology that made it possible.
- April 2021 - With the launch of the P50 Pro, Huawei deployed a 40-megapixel monochrome-only sensor that reduces image noise and enhances detail when used in conjunction with the main 50-megapixel full-color sensor.
- March 2021 - Haesung Optics, a secondary supplier to Samsung, is expected to sell its camera module business. The company announced it may continue the lens module business. However, the operation may now look smaller. This is mainly attributed to decreased sales during the pandemic.
- August 2021 - Oppo demonstrated its next-generation under-screen camera (USC) technology for smartphones. The company improved its camera lens technology by shrinking the size of each pixel, using a transparent wiring material instead of the traditional screen, and 1-to-1 pixel circuit driving.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.2.1 Bargaining Power of Buyers
4.2.2 Bargaining Power of Suppliers
4.2.3 Threat of New Entrants
4.2.4 Threat of Substitutes
4.2.5 Intensity of Competitive Rivalry
4.3 Impact of COVID-19 on the Industry
4.4 Market Drivers
4.4.1 Evolution of Multiple Camera Approaches and Introduction of Advanced Camera Technologies
4.5 Market Challenges
4.5.1 Slow Down of Smartphone Sales and Increasing Pricing Competition
5. MARKET SEGMENTATION
5.1 By Geography
5.1.1 Asia Pacific
6. VENDOR RANKING ANALYSIS
7. COMPETITIVE LANDSCAPE
7.1 Company Profiles*
7.1.1 Ability Opto-Electronics Technology Co. Ltd
7.1.2 AAC Technologies
7.1.3 Cowell Optics
7.1.4 IM Co. Ltd
7.1.5 Kantatsu Co. Ltd
7.1.6 SEKONIX Co. Ltd
7.1.7 Genius Electronic Optical (GSEO)
7.1.8 Sunny Optical Technology Company Limited
7.1.9 Largan Precision Company Limited
7.1.10 Union Optech (Zhongshan) Co. Ltd
7.1.11 Kinko Optical Co. Ltd
7.1.12 Haesung Optics
8. INVESTMENT ANALYSIS AND OPPORTUNITIES
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Frequently Asked Questions
What is the study period of this market?
The Smartphone Camera Lens Market market is studied from 2018 - 2026.
What is the growth rate of Smartphone Camera Lens Market ?
The Smartphone Camera Lens Market is growing at a CAGR of 8% over the next 5 years.
Which region has highest growth rate in Smartphone Camera Lens Market ?
Asia-Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Smartphone Camera Lens Market ?
Asia-Pacific holds highest share in 2021.
Who are the key players in Smartphone Camera Lens Market ?
Ability Opto-Electronics Technology Co. Ltd, AAC Technologies, Cowell Optics, IM Co. Ltd, Kantatsu Co. Ltd are the major companies operating in Smartphone Camera Lens Market .