Smartphone lenses have been one of the factors facilitating the change. Being economic and portable in comparison with traditional equipment, Smartphone lenses are gaining attention of emerging professionals. Mobile journalism is one of the dominant trends in media sector, and is expected to experience exponential growth, which in turn will help in adoption of smartphone lenses by mid-term forecast period.
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Asia-Pacific to Present High Growth Potential for Smartphone Lenses
Mobile internet penetration in Asia-Pacific has seen significant growth in the recent past. Owing to increase in disposable income of consumers in the region, consumer demand for flagship smartphones have seen substantial surge after 2016. The photography aficionados and consumers involved in mass media have been seen to invest in additional accessories for smartphones like gimbals, pop sockets and smartphone lenses. Demand of digital camera has grown multifold in the smartphone sector since 2010. Increase in number of end users seeking enhancement of their phone capabilities, combined with surge in smartphone sales in Asia-Pacific region is expected to present a high serviceable market for smartphone lenses.
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Consumer Preference Shifting Towards Premium Smartphone Lenses
Smartphone lenses remain novel product for consumers even in developed regions. Therefore historical consumer purchases of smartphone lenses were highly determined by price point. But with increase in cheap and sub-standard products in market, consumer purchase patterns for smartphone lenses has seen a significant rise. Consumer interest in premium quality smartphone lenses has increased in the recent past. This change is noticeable in the United States, where regulations against Chinese products has increased consumer awareness. This aversion of consumers towards cheap products has supplemented sales of domestic and foreign players providing premium quality smartphone lenses. Similar changes in consumer purchases has been registered in European countries, where foreign smartphone lenses manufacturers have shown increase in sales through third party sales channels.
Smartphone Lense Manufacturers Aiming for Regional Expansion with Collaborations
The market for smartphone lenses is highly fragmented, with high concentration of players in East Asia. Affordability of smartphone lenses has been one of unique selling points for players based in East Asia. Asia-Pacific region is estimated to account for more than 40% in terms of smartphone lenses volume. Some of the market leaders in smartphones lenses market located in East Asia are bitplay Inc, Largan, Kantatsu Co., Ltd., Sekonix and GeniuS Electronic Optical (GSEO), among others. Domestic smartphone lens manufacturers in European and North American regions are concentrating developing their brand image and deliver quality smartphone lenses to compete with players from East Asia. Despite the pricing of quality products being one of cons for consumer purchases, sales of domestic players has been shown to increase in past half decade. The domestic players in American market are olloclip LLC, Moment Inc. and AUKEY among others.
The smartphone lenses market can be segmented as follows –
- By Product Type
- Wide angle
- By Sales Channel
- Online Retail
- Third party retail
- Company website
- Online Retail
- Franchise Electronic Stores
- By Type
- Rear End Camera
- Single lens
- Dual lens
- Front End Camera
- Rear End Camera
The market analyzes the consumption patterns of each end use segment with the help of extensive primary and secondary research. Further, the impacts of all the end uses on the market growth has been examined in the report.
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The report answers important questions which include:
- Why is player leading the in region?
- Which factors pose a negative impact on the growth?
- What was the value registered in 2018?
- What challenges do the players face during R&D stages?
- Which countries contribute a significant share to the total revenue in region?
Key findings of the market report:
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