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An interchangeable lens is a lens that one can connect to the camera and replace it with another lens. Interchangeable lenses provide users with more image processing options compared with fixed lenses built into (mainly compact) cameras. General-purpose lenses that cover the same area as the built-in camera lenses generally have better optical quality, but the real advantage of interchangeable lenses lie in the available professional lenses.
The global interchangeable lens market is segmented on the basis of lens type, focal length, camera type and industry verticals. Based on lens type, the market is divided into zoom lens, telephoto lens, special lens, prime lens, and macro lens. In terms of focal length, the market is categorized into equal to 35mm, smaller than 35mm, and larger than 35mm. Based on camera type, the market is divided into mirrorless and SLR/DSLR. In terms of industry verticals, the market is categorized into consumer electronics, media and entertainment, automotive and others. Geographically, the market is analyzed across several regions such as North America, Europe, Asia-Pacific, and Latin America, Middle East & Africa (LAMEA).
Key players operating in the global interchangeable lens industry include Sony Corporation, Canon Inc., Rodenstock, Tamron, Olympus Corporation, Dorr Danubia, Samyang Optics, Zeiss, Schneider Optische Werke GmbH, Leica Camera AG, and Nikon Corporation. These companies have adopted several strategies such as product launches, partnerships, collaborations, mergers & acquisitions, and joint ventures to strengthen their foothold in the global interchangeable lens market.
COVID-19 Impact analysis
The interchangeable lens market is expected to grow in the next few years due to increase in disposable income, changes in lifestyle, consumption trends, accelerated urbanization and other factors during the unpredictable period of the pandemic.
Top impacting factors
Rapid progress coupled with technological innovations such as greater zoom range and touch screens is expected to drive the industry growth. The creation of mirror less and 3D much alongside integration of several functionalities, which include Wi-Fi, GPS, and Bluetooth, are anticipated to lessen the substitute impact over the approaching years and create profitable possibilities within the industry.
The rise in demand for professional lenses drives the interchangeable lens market growth because they are manufactured for recording equipment and are shaping the imaging industry’s transition to the smart era. However, high production costs limit the market growth and impact the interchangeable lens market size.
Market Scenario Analysis, Trends, Drivers and Impact Analysis
Large market participants launched new products with enhanced functions by providing ample space for professional and amateur photographers to experiment with interchangeable lenses. In addition, they will help take better photos and provide the latest image quality. Larger zoom range and touch screen is projected to drive the industry growth, and improvements in many functions such as wireless connectivity and HD video recording are expected to provide consumers and industry participants with potential growth opportunities during the forecast period.
The interchangeable lens market trends are as follows:
Emergence of 3D and mirrorless devices
The emergence of 3D and mirrorless devices, as well as the integration of many functions such as GPS, Wi-Fi, and Bluetooth, should reduce displacement effects in the next few years. Fewer cameras may meet the needs of advanced customers who prefer the highest image quality and can transport their equipment without most DSLR cameras. For instances April 2021, Canon, one of the major players in the market, announced the development of its new high-quality mirrorless camera. The company developed EOS R3 to compete with the high-end mirrorless Nikon Z9 camera. R3 is under development and should outperform Canon EOS R5 mirrorless camera, the features provided by these devices, such as ease of use, innovation and rapid digitization, are expected to drive industry demand. In addition, the combination of falling prices and a large number of product concepts is projected to drive the growth in the interchangeable lens market forecast period.
Surge in usage in automotive and consumer electronics
Manufacturers focus on making new products for specific applications, as the requirements vary by use by professionals. Professional lenses driving the growth of the interchangeable lens industry because they are manufactured for recording equipment and are shaping the transition of the machine vision industry to the intelligent age. Therefore, creating lucrative interchangeable lens market opportunity.
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Questions answered in the Interchangeable Lens Market research report:
Key Market Segments
Key Market Players