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Aspherical Lens Market 2024-2033: Production Analysis, Growth Strategy, Industry Insights And Major Players
Aspherical Lens Market Size
According to The Business Research Company's, The aspherical lens market size has grown strongly in recent years. It will grow from $8.5 billion in 2023 to $9.15 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to rising demand for high-quality imaging, growth in healthcare industry, consumer electronics boom, automotive applications, photography and videography trends.
The aspherical lens market size is expected to see strong growth in the next few years. It will grow to $11.9 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to rapid expansion of augmented reality (ar) and virtual reality (vr), continued innovation in imaging technologies, automotive industry evolution, growing importance of lidar technology, expanding applications in industrial and scientific instruments. Major trends in the forecast period include precision manufacturing techniques, rise in 3d sensing technology, optical systems in aerospace and defense, development of lightweight and compact optics, customization and specialty lens designs.
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Market Drivers and Trends:
An increase in vehicle production is expected to propel the growth of the aspherical lens market. Vehicle production refers to the mass production of similar models that are sold to the general public and are street legal (able to be driven on public roads). Aspherical lenses are used for lighting in automotive headlamps to maintain a constant focal length, improving vehicle performance, making driving easier, and increasing road safety. For instance, in April 2022, according to the European Automobile Manufacturers Association, a Belgium-based lobbying and standards group for the automobile industry, 79.1 million automobiles were produced globally in 2021, a 1.3% rise from 2020. Therefore, the increase in vehicle production is driving the growth of the aspherical lens market.
Product innovations are a key trend gaining popularity in the aspherical lens market. Companies operating in the aspherical lens market are adopting new technologies to sustain their position in the market. For instance, in January 2023, Sony Corporation, a Japan-based manufacturer of consumer and professional electronic products, launched the FE 20-70mm F4 G, a new spherical lens that boasts an ultra-wide 20-70 mm zoom range. The new lens, which uses the latest technology from Sony, offers unique G Lens image quality in a microscopic and light lens. This lens's cutting-edge optical design, which includes two AA (advanced aspherical) elements, one aspherical element, three ED (extra-low dispersion) glass elements, and one ED aspherical element, simultaneously corrects chromatic and spherical aberration for exceptionally high optical performance throughout the entire zoom range.
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Major Key Players of the Market:
Nikon Corporation; Canon Inc.; Panasonic Holding Corporation; Hoya Corporation; AGC Inc.; Schott AG; Carl Zeiss AG; Tokai Optical Co. Ltd.; Seiko Optical Products Co. Ltd.; Calin Technology Co. Ltd.; Sunny Optical Technology Company Limited; Zhejiang Lante Optics Co. Ltd.; Mingyue Optical Lens Co. Ltd.; Hyperion Optics Inc.; Jenoptik AG; Knight Optical Ltd.; Dg Optoelectronics; Olympus Corporation; Tamron Co. Ltd.; Sony Corporation; Fujifilm Holdings Corporation; Konica Minolta Inc.; Samsung Electronics Co. Ltd.; LG Electronics Inc.; Pentax Corporation; Sigma Corporation; Leica Camera AG; Schneider Optische Werke GmbH; Rodenstock GmbH; Edmund Optics Inc.; Thorlabs Inc.; Largan Precision Co. Ltd.; Fujian Forecam Optics Co. Ltd.; Kinko Optical Co. Ltd.; Nanyang Bright Optical Co. Ltd.
Aspherical Lens Market 2024 Key Insights:
• The aspherical lens market will grow to $11.9 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%.
• Aspherical Lens Market Accelerates With The Surge In Vehicle Production
• Leveraging Innovation Companies Redefine The Aspherical Lens Market Landscape
• Asia-Pacific was the largest region in the aspherical lens market in 2023
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