The online segment is projected to grow at the highest CAGR in the Lens market from 2022 to 2027.
The e-commerce sector has been significantly boosted in recent years by the wave of digitization, and over the projection period, significant expansion is anticipated. The introduction of technological innovation has resulted in an entirely different retail experience for both customers and providers. The ability of these lenses to create high resolution image with monofocal or variable-magnification macro lenses with sensors makes them suitable for security as well as photography. The entire demand has been greatly increased by users' growing passion for online shopping, unmatched Internet services, and the need for video surveillance penetration rate in the global lens market.
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Automotive Segment to Account for High Market Size By 2027
The growing passenger safety concerns are attributable to the lens market's growth. Additionally, surveillance cameras and rear-view cameras offer a greater level of performance that upholds quality requirements and is economical. It is anticipated that worldwide vehicle adoption will increase lens market growth for driver assistance, emergency braking, and autonomous parking. It is projected that further advancements in camera technology would accelerate market expansion. The clear visibility provided by optic lenses working with cameras to ensure pedestrian and driver safety is anticipated to drive market expansion during the anticipated time frame.
Asia Pacific region is expected to hold the large share in the market during the forecast period.
Asia Pacific is the hub of manufacturing, has highest vehicle PARC, and rising adoption for consumer electronics as well. This, in turn, is anticipated to create high demand for lens thereby fueling the market growth in the region. Additionally, increasing interest towards photography has fueled the demand for professional cameras such as DSLRs, in turn, driving the demand for lenses in the global market. Moreover, Asia Pacific is also home for some of largest multinational corporations in this domain, such as Canon Inc. (Japan), CBC Co.,Ltd. (Japan), and Fujifilm (Japan). China and Japan are the major contributor to the growth of the lens market in around the world and these nations are expected to dominate the market in the coming years.
Key players in the market
The key players operating in the Lens market are Canon Inc. (Japan), CBC Co.,Ltd. (Japan), Fujifilm (Japan), Kowa Company Limited (US), Leica Camera AG (Germany), Nikon (Japan), Olympus Corporation (Japan), Panasonic (Japan), Samyang (South Korea), and Sony (Japan) among others.
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