"Electrifying your pathway to success through in-depth market research"
The global optical lens market size was valued at USD 16.88 billion in 2022. The market is projected to grow from USD 18.09 billion in 2023 to USD 32.68 billion by 2030, exhibiting a CAGR of 8.8% during the forecast period.
An optical lens is a transparent optical component with one or more curved surfaces that pass or transmit light. It can be utilized either uncoated or with an anti-reflective coating for a wide range of applications such as correction of optical aberrations, magnification, image projection, and image focusing. These optical components are usually made of transparent glass and polymers, acrylics, and minerals.
The significant optical lens market growth is majorly attributed to the increased demand for various consumer electronics products, including smartphones and digital cameras, and the rising use of diagnostic medical imaging. Increasing disposable income in developing countries, rapid technological advancements and the rise in e-commerce platforms are key factors contributing to the rising demand for various consumer electronics products worldwide. According to the International Telecommunication Union (ITU), globally, 73% of the population aged 10 and over owned a mobile phone in 2022. Optical lens aids in capturing high-quality images and videos using a smartphone.
Many smartphone manufacturers collaborate with lens manufacturers to meet the rising demand for smartphones offering image quality similar to DSLR and stay ahead of the competition. For instance,
Supply Chain Disruptions Coupled with Low R&D Investment during Pandemic Hampered Market Growth
The COVID-19 outbreak severely impacted the optical lens industry. The pandemic caused various challenges for supply chains concerning all aspects, from manufacturing to distribution. As per the United Nations Conference on Trade and Development (UNCTAD) “Review of Maritime Transport 2021” report, international maritime trade declined by 3.8% in 2020. As over 80% of the volume of international trade in goods is carried by sea, the decline in maritime trade significantly hampered various industries.
During the initial period of the outbreak, many optical stores and clinics worldwide were temporarily closed or operated with limited capacity, owing to social distancing and lockdown measures. This reduced demand for prescription glasses and contact lenses, resulting in lower sales and revenue for this market.
Moreover, manufacturers invest a substantial amount in R&D activities for new product development or to enhance the optical performance of optical lenses. However, during the pandemic, R&D investment by organizations was reduced significantly. This, in turn, severely hampered business research and innovation.
However, as the global economy showed signs of a steady recovery in 2021, the optical lens industry started to recover. Post COVID-19, vehicle purchases have had a massive uptick, offering safety features such as Advanced Driver Assistance Systems (ADAS). These systems highly rely on high-quality lenses, leading to an increased demand for automotive lenses that support these features.
Request a Free sample to learn more about this report.
Rising Adoption of Machine Vision across Various Industries to Fuel Market Growth
Machine vision is a rapidly evolving technology that enables robots and other machines to see and understand their surroundings. The technology uses one or more video cameras and image processing software to boost production speed and yield, automate production, and improve the quality of end products. Lenses play a vital role in machine vision systems by capturing and focusing light onto image sensors, allowing the analysis of visual data. AI-based machine vision increasingly adds value to the manufacturing industry, with numerous benefits such as enhanced accuracy, flexibility, and cost reduction.
Increasing Demand for Various Consumer Electronics Products Fuel Market Growth
There is a growing demand from consumers for various imaging lenses such as ultra-wide-angle, macro lenses, and telephoto for better photography experience. Interchangeable lenses are a crucial part of digital cameras. Technological innovations in lens manufacturing have improved lens performance, image quality, and optical capabilities. These advancements are expected to surge the demand for optical lenses in digital camera applications. Moreover, the rising demand for lenses in AR and Virtual Reality (VR) headsets is a major optical lens market trend.
Several leading players in the market are launching advanced lenses for digital cameras. For instance,
Glass Shortage to Hamper the Market Growth
Glass is an important material for numerous industries, including optics & optoelectronics, electronics, energy, biomedicine, information & communication, aerospace, and agriculture. The demand for glass has soared in the last decade due to the growth of these sectors. Various factors, such as labor shortages, energy costs, and supply chain issues, have severely affected the glass material’s production, transportation, and availability. Moreover, the shortage of raw materials, such as high-quality sand and soda ash, used in glass production is expected to hamper the market growth.
Robust Demand from a Wide Range of Industries to Fuel the Demand for Converging Lenses
Based on type, the market is divided into converging and diverging. The converging segment is expected to hold the maximum market share. Converging lenses are used across numerous industries, including automotive, electronics, healthcare, and telecommunications. The increasing demand for these lenses in applications such as microscopy, medical imaging, Virtual Reality (VR), Augmented Reality (AR), and autonomous vehicles is propelling market growth. Furthermore, continuous R&D activities in optics and lens technologies propel advancements in converging lenses. The investments made by companies and research institutions result in the development of advanced lens materials, designs, and fabrication techniques, further driving market growth.
Diverging segment is expected to show the fastest CAGR during the forecast period, owing to continued advancements in these lenses. Improvements in lens coatings, materials, and manufacturing processes are expected to produce higher-performing diverging lenses in the coming years.
To know how our report can help streamline your business, Speak to Analyst
Increasing Demand for Optical Lenses from Smartphone Manufacturers Drives Growth
Based on application, the market is segmented into AR/VR/headsets or mounted display, camera, automotive, smartphones, medical surgery, and others.
The smartphones segment is anticipated to dominate the market during the forecast period. The growing popularity of social media platforms, such as Snapchat, Instagram, and Facebook, resulted in increased interest in photography and videography. In the last decade, social media users almost tripled, from 970 million in 2010 to 4.48 billion in July 2021. Nowadays, people use smartphones to capture personal memories and share photos and videos on social media. This, in turn, has increased the demand for better camera performance, including improved lenses, to share visually appealing content.
In addition, the AR/VR/headsets or mounted display segment is expected to show the fastest CAGR during the forecast period as these technologies are rapidly gaining popularity globally. The demand for lenses in Augmented Reality (AR) and VR headsets is growing significantly as these technologies are gaining popularity worldwide. As the AR/VR headset demand continues to rise, the requirement for lenses that offer improved optics and customized solutions for different applications is expected to grow during the forecast period.
Asia Pacific Optical Lens Market Size, 2022 (USD Billion)
To get more information on the regional analysis of this market, Request a Free sample
Geographically, the market is fragmented into five major regions, North America, South America, Europe, the Middle East & Africa, and Asia Pacific. They are further categorized into countries.
Asia Pacific is expected to account for the largest market share during the forecast period on account of the presence of major players such as Tamron Co., Ltd., Sunny Optical Technology (Group) Company Limited, Canon Inc., FUJIFILM Corporation, SONY ELECTRONICS INC., Nikon Corporation, thereby rising demand for consumer electronics products and increasing automotive production. Several countries in the Asia Pacific region, such as Japan, China, South Korea, Taiwan, and India, play an important role in the development of the optical lens industry. China and Japan have emerged as major manufacturing hubs for optical lenses due to the presence of the largest and well-known lens manufacturers in these nations.
The market in North America is driven by the increasing prevalence of vision disorders, the rising popularity of AR/VR headsets, and the rising integration of Advanced Driver Assistance Systems (ADAS) in vehicles. ADAS demand is anticipated to grow rapidly in this region due to regulatory and consumer interest in safety systems that protect drivers and decrease accidents. Lenses and cameras play a crucial role in ADAS, acting as one of the main sensory inputs for decision-making and perception systems.
In South America, significant growth in various end-user industries such as healthcare, consumer electronics, and automotive is anticipated to augment the market growth. The increasing population and disposable income in this region have contributed to the expansion of the consumer electronics industry. This, in turn, is expected to augment the demand for optical lenses during the forecast period.
In Europe, the rising sales of electric vehicles with ADAS features and the presence of major vehicle manufacturers are expected to drive market growth. Moreover, the demand for digital cameras and smartphones is anticipated to grow owing to increased tourism in this region. Germany is expected to maintain its leadership position due to a solid structure for the R&D of advanced technologies.
Growing population, rapid urbanization, and economic development drive market growth in the Middle East & Africa (MEA). The region has an increasing demand for consumer electronics and vision correction solutions.
Key Players Focus on Strengthening their Market Position with Continuous Developments
The global market is consolidated by leading players such as Tamron Co., Ltd., Sunny Optical Technology (Group) Company Limited, Canon Inc., FUJIFILM Corporation, SONY ELECTRONICS INC., and Nikon Corporation. These companies are expanding their operations by adopting strategies such as acquisitions, collaborations, mergers, partnerships, and product launches. For instance,
An Infographic Representation of Optical Lens Market
To get information on various segments, share your queries with us
The report offers qualitative and quantitative insights into the market and a detailed analysis of the size & growth rate for all possible segments in the market. It also provides an elaborative analysis of market dynamics, emerging trends, and the competitive landscape. The report also offers key insights, such as implementing automation in specific market segments, recent industry developments such as partnerships, mergers, funding, acquisitions, consolidated SWOT analysis of key players, business strategies of leading market players, macro and micro-economic indicators, and major industry trends. This detailed analysis provides a comprehensive view of the market and its potential for growth and development.
2019 - 2030
2023 – 2030
2019 - 2021
CAGR of 8.8% from 2023 to 2030
Value (USD billion)
By Type, Application, and Region
According to Fortune Business Insights, the global market is estimated to be worth USD 32.68 billion by 2030.
In 2022, the market value stood at USD 16.88 billion.
The market is projected to grow at a CAGR of 8.8% during the forecast period (2023 – 2030).
Smartphones segment is expected to dominate the market in 2022.
Increasing focus on healthcare and medical imaging technologies coupled with strong demand for consumer electronics to augment the market growth.
Some of the top players in the market are Tamron Co, Ltd., FujiFilm Corporation, Sunny Optical Technology (Group) Company Limited, Canon Inc., Nikon Corporation, Largan Precision Co., Ltd., and others.
Asia Pacific is anticipated to hold the largest market share due to the presence of major market players and increased research & development activities in this region.
By application, AR/VR/headsets or mounted display segment is expected to show the highest CAGR during the forecast period.
“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”- U.S.-based biotechnology company focussing on treatment of chronic pain.
“Kudos to your team. Thank you very much for your support and agility to answer our questions.”- Europe-based provider of solutions to automate data centre operations.
“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”- India-based manufacturer of industrial and specialty intermediates with a strong global presence.
“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”- One of the largest cosmetics company in the world.
“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”- U.S. based startup operating in the cultivated meat market.
“We received the below report on the U.S. market from you. We were very satisfied with the report.”- UGlobal hearing aids manufacturer.
“I just finished my first pass-through of the report. Great work! Thank you!”- U.S. based solar racking solutions provider.
“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”- World’s leading advisory firm.
“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”- Germany based machine construction company.
“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”- Japanese manufacturing company of stationery products.
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry