Resin Optical Lens Market is Expected to Grow with a CAGR of 5.1% During the Forecast Period 2018-2025, Says Esticast Research and Consulting
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As per the report “Resin Optical Lens Market By Application ( Mobile phones, Cameras, Instruments, Automotive (HUD included) ), Industry Trends, Estimation & Forecast, 2018-2025”
In 2017, the mobile phones segment generated the highest revenue share in the global resin optical lens market. Among major regions, North America was the highest revenue generating market, holding nearly 38% of the market share, in 2017.
“Resin optical lens is gaining traction over glass optical lenses in several applications areas, owing to their peculiar characteristics such as lightweight, break resistance, protection, and ability to be tinted in every color. These characteristics of resin lenses have surged their demand in sports, fashion industry, automobiles, and consumer electronics.”
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Mobile phones have become an indispensable part of the lives of current generation. As per a survey, smartphones hold nearly 75% of the global mobile market and are expected to grow rapidly in the near future owing to advancement in technology. As camera phone technology has progressed over the years, the lens design has evolved from a simple double gauss or cooke triplet to many molded plastic aspheric lens elements made with varying dispersion and refractive indexes. Recent advancements such as, universal mobile phone telescopic lens is a fancy little mobile phone accessory that lets you add optical zoom functionality to the phone’s camera.
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North America emerges as a market leader in the global resin optical lens market due to the flourishing automobile and consumer electronics industries
North America held nearly 38% market share, in terms of revenue, of the global market in 2017. The segment is expected to grow with an impressive growth rate of 4.5% during the forecast period. North America is a prominent region exhibiting a higher demand and supply statistics in terms of automobiles, smartphones, cameras and related accessories. According to Pew Research Center, out of the total 95% U.S. adults who owned a cellphone, approximately 77% of the U.S. adults owned a smartphone in the year 2017. In addition, as per the data revealed by OICA, around 11,189,985 motor vehicles were produced in USA in 2017, out of which 8,156,769 were commercial vehicles and rest 3,033,216 were cars. Such impressive statistics are expected to maintain the regions dominance in the global market and offer lucrative opportunities during the upcoming years.
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KEY FINDINGS OF GLOBAL RESIN OPTICAL LENS MARKET, 2017-2025
• The global resin optical lens market is a highly fragmented market with the presence of several market players. These market players are adopting mergers & acquisitions and partnerships as their main growth strategies.
• Mobile phones and automotive segments are anticipated to grow with the highest CAGR of 5.2% during the forecast period 2018-2025.
• Asia-Pacific is expected to grow with the highest CAGR of 6.3% during the forecast period.
RESIN OPTICAL LENS MARKET REVENUE SHARE OF KEY MARKET PLAYERS, 2017-2025
Some key market players are Largan Precision, Canon, Sunny Optical, GSEO, Kinko, AOET, Asia Optical, Tamron, Phenix Optical, Lida Optical, Nikon, Yudi Optics, JOC, ML Optic, Lensel Optics, Edmund Optics, Thorlabs, Esco Optics, Ross Optical, and Knight Optical.