Digital Lenses Market is Projected to Reach 11,777.13 Million US$ by 2025 | at a CAGR of 3.27% During the Forecast 2021 to 2030

The Digital Lenses market was valued at 8,659.08 Million US$ in 2017 and is projected to reach 11,777.13 million US$ by 2025, at a CAGR of 3.27% during the forecast period. The growth in the market is expected to be driven by the continuous demand for digital progressive lenses across the globe followed by the steady demand for digital camera lenses.

Europe accounted for the largest market for digital lenses, followed by the U.S. Europe and the U.S. accounted for more than half of the global market for digital lenses in 2018. The market for digital lenses is expected to reach 9,401.19 million USD in 2018, representing an increase of 8.57% over the previous year.

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Eye care accounted for the largest market for digital lenses in 2018 with a share of 77%, led by the increasing demand for digital progressive lenses across the globe. The market for progressive lenses is expected to be fuelled by the increasing awareness about the eye health and rising disposable income in the developing countries.

The market for digital lenses is also fuelled by the demand for interchangeable camera lenses and lenses for automotive cameras.

Some of the major trends in the digital lens market are the sales of lenses on ecommerce (online purchases) have been increasing significantly and represent about 8% of the total sales.

Several companies have been focusing on developing new tools, such as web/social media listening, online communities, selfie videos to get consumer insights. Emerging applications such as automotive industry (for AD/ADAS applications), industrial applications such as surveillance and safety applications which require higher resolution lenses would create an opportunity for digital lenses.

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The market for digital lenses used in eye care and camera applications is highly concentrated among top five players which accounted for about three-fourth of the global market in 2016, 2017 and 2018.

Acquisitions, collaborations, and partnerships have been the major strategies by these companies to increase the market share in the digital lens market. ZEISS, Nikon, Essilor, Volk Optical, Canon, Fujifilm Global, Hoya Vision, Kodak, TAMRON, Sigma Corporation, Rodenstock, Shamir Optical Industry Ltd. are the leading players in the digital lens market.

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