The Global Optical Lens Market size is expected to reach $30 billion by 2030, rising at a market growth of 8.2% CAGR during the forecast period. In the year 2022, the market attained a volume of 1,33,348.2 thousand Units experiencing a growth of 8.0% (2019-2022).
The pervasive use of digital devices in daily lives has led to an uptick in screen time. Whether it's smartphones, tablets, computers, or even e-readers, people are spending more hours staring at screens. Therefore, Smartphones segment would generate $5,292.9 million revenue in the market in 2022. As a result, the prevalence of eye-related conditions such as myopia (nearsightedness), hyperopia (farsightedness), astigmatism, and presbyopia has been steadily increasing, and several key factors are contributing to this rise.
The major strategies followed by the market participants are Product Launches as the key developmental strategy to keep pace with the changing demands of end users. For instance, In September, 2023, Tamron Co., Ltd. rolled out the 17-50mm F/4 Di III VXD (Model A068), a wide-angle zoom lens for Sony E-mount full-frame mirrorless cameras. The launched lens zooms from 17mm ultra wide-angle to 50mm standard, the first dynamic zoom range for a full-frame mirrorless camera. Moreover, In May, 2023, Canon India launched the EOS R100, a compact, lightweight, and affordable EOS R system camera, and the RF28mm f/2.8 STM lens, the fast prime lens in the RF lens series with the potential to offer exceptional image quality in a small and portable form. The launch aims to support diverse photography requirements while providing the best possible quality based on budget.
Based on the Analysis presented in the KBV Cardinal matrix; Sony Corporation (Sony Electronics, Inc.) is the forerunner in the Market. In August, 2023, Sony Electronics introduced the wide-angle zoom lens G-Master™ FE 16-35mm F2.8 GM II, a 35mm full-frame α™ E-mount lens that covers focal lengths 16mm to 35mm with a maximum aperture of F2.8 over the complete zoom range. The launched product fulfills the requirements of photographers and videographers looking for high-performance lenses with descriptive power and high-speed autofocus unique to G Master. Companies such as Carl Zeiss AG, Canon, Inc., and Nikon Corporation are some of the key innovators in the Market.
Technological advancements have enabled the development of specialized lenses tailored to specific needs. For instance, blue light-blocking coatings have gained popularity due to increased digital device usage, relieving digital eye strain. Multifocal and progressive lenses have become more refined, offering seamless transitions between different vision zones. Sports and outdoor enthusiasts can now access lenses designed to enhance performance and visual comfort in their respective activities. Therefore, these factors will boost the demand for optical lenses in the upcoming years.
The availability of greater disposable income empowers consumers to make choices based not only on practicality but also on personal preferences and style. This shift towards high-quality eyewear, characterized by designer frames and premium lenses, reflects an aspiration for clear vision and fashionable expression. Consequently, it contributes to the ongoing growth and diversification of the eyewear sector. All these factors will propel the growth of the market.
Eyeglasses and contact lenses have a typical replacement cycle. Eyeglass frames, for instance, can last for several years, and prescription changes may be infrequent for some individuals. This long replacement cycle further limits the frequency of new purchases in mature markets. With fewer untapped customers and slower replacement cycles, the market in these regions faces reduced growth potential compared to emerging markets or regions with lower eyewear penetration rates. These factors will have a restraining effect on the market.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Product Launches and Product Expansions.
On the basis of application, the market is segmented into AR/VR/headsets or mounted display, camera, automotive, smartphones, medical surgery, and others. The smartphones segment recorded the maximum revenue share in the market in 2022. Smartphone manufacturers have continuously improved camera technology, including adding multiple lenses (wide-angle, telephoto, macro, etc.), improving image stabilization, and increasing megapixel counts. These advancements drive the demand for high-quality optical lenses that can meet the requirements of increasingly sophisticated camera systems. Moreover, the use of smartphones for photography and videography has become ubiquitous. Manufacturers invest in better optical components, including lenses, as consumers seek better image quality and versatility in their smartphone cameras. Therefore, the smartphones segment's demand is expected to rise in the upcoming years.
By type, the market is bifurcated into converging and diverging. In 2022, the diverging segment procured a significant revenue share in the market. With the growing use of digital devices and prolonged screen time, more people are experiencing digital eye strain and myopia progression. This trend may boost the demand for specialized diverging lenses for computer and digital device use. Consumers are increasingly looking for personalized eyewear solutions. Diverging lenses can be customized to an individual's specific prescription and lifestyle requirements, making them a preferred choice for those seeking tailored optical solutions. The diverging segment is expected to increase in the coming years due to these factors.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 16.2 Billion |
| Market size forecast in 2030 | USD 30 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 8.2% from 2023 to 2030 |
| Number of Pages | 311 |
| Number of Table | 553 |
| Quantitative Data | Volume in Thousand Units, Revenue in USD Million, and CAGR from 2019 to 2030 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Market Share Analysis, Companies Strategic Developments, Company Profiling |
| Segments covered | Type, Application, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Based on region, the market is divided into North America, Europe, Asia Pacific, and LAMEA. In 2022, the Asia Pacific segment witnessed the highest revenue share in the market. The Asia-Pacific region has witnessed rapid economic growth over the past few decades, resulting in a growing middle-class population. This expanding middle class has higher disposable income, leading to increased consumer spending on products like cameras, smartphones, and eyewear, all of which rely on optical lenses. The demand for eyewear, including prescription glasses and contact lenses, has been rising in Asia-Pacific due to increased awareness about eye health and vision correction. This has led to higher sales of optical lenses for eyewear. Therefore, the segment will witness increased demand in the coming years.
Free Valuable Insights: Global Optical Lens Market size to reach USD 30 Billion by 2030
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Sony Corporation (Sony Electronics, Inc.), Carl Zeiss AG, Sunny Optical Technology (Group) Company Limited, Tamron Co., Ltd., Canon, Inc., Fujifilm Holdings Corporation, Largan Precision Co., Ltd., Nikon Corporation, Genius Electronic Optical Co., Ltd and Sigma Corporation.
By Type (Volume, thousand Units, USD Million, 2019-2030)
By Application (Volume, thousand Units, USD Million, 2019-2030)
By Geography (Volume, thousand Units, USD Million, 2019-2030)
This Market size is expected to reach $30 billion by 2030.
Growing technological advancements in improving lens quality are driving the Market in coming years, however, Increasing saturation in developed markets worldwide restraints the growth of the Market.
Sony Corporation (Sony Electronics, Inc.), Carl Zeiss AG, Sunny Optical Technology (Group) Company Limited, Tamron Co., Ltd., Canon, Inc., Fujifilm Holdings Corporation, Largan Precision Co., Ltd., Nikon Corporation, Genius Electronic Optical Co., Ltd and Sigma Corporation.
The expected CAGR of this Market is 5.5% from 2023 to 2030.
The Converging segment is generating the highest revenue in the Market, By Type in 2022; thereby, achieving a market value of $17.8 billion by 2030.
The Asia Pacific region dominated the Market, By Region in 2022; thereby, achieving a market value of $11.5 billion by 2030. The Europe market is anticipated to grow a CAGR of 7.7% during (2023 - 2030).
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