Zoom Lens Market to Reach $8.6 Billion, Globally, by 2032 at 8% CAGR: Allied Market Research

The global zoom lens market is experiencing growth due to several factors, such as a surge in demand for high-quality images and videos, and the rise of vlogging and live streaming, and the aging camera upgrade cycle.

PORTLAND, Ore., Sept. 6, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Zoom Lens Market, by Type (Standard Zoom Lenses, Wide-angle Zoom Lenses, Telephoto Zoom Lenses, Macro Zoom Lenses), Application (Photography, Surveillance, Medical Imaging, Industrial Inspection, Astronomy): Global Opportunity Analysis and Industry Forecast, 2023–2032." According to the report, the global zoom lens market generated $4.0 billion in 2022 and is projected to reach $8.6 Billion by 2032, registering a CAGR of 8.0% from 2023 to 2032.

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A zoom lens is a camera lens that provides variable focal lengths, enabling the photographer to adjust magnification and the field of view without having to physically move closer or further from the subject. A zoom lens allows the user to zoom in (at a telephoto angle) or out (at a wide-angle angle) by altering the lens elements.

Prime Determinants of Growth:

The global zoom lens market is experiencing growth due to several factors, such as a surge in demand for high-quality images and videos, and the rise of vlogging and live streaming. However, the high costs present a significant restraint to the growth of the zoom lens market to some extent. Moreover, the rise in the aging camera upgrade cycle brings lucrative opportunities for the growth of the market in the upcoming years.

Report Coverage & Details: 

COVID-19 Scenario: 

• The outbreak of the COVID-19 pandemic had a positive impact on the global zoom lens market. This is due to a surge in demand for versatile, high-quality zoom lenses due to the global shift towards remote work, online events, and content creation.
• Furthermore, the pandemic disrupted supply chains and manufacturing, leading to production delays and challenges in meeting consumer demands, ultimately reshaping the market landscape by emphasizing the importance of adaptable lens solutions in a rapidly evolving digital environment.

The standard zoom lenses segment to maintain its dominance during the forecast period-  

Based on type, the standard zoom lenses segment held the largest share in 2022, accounting for nearly two-fifths of the global zoom lens market revenue, and is expected to maintain its dominance during the forecast period. This is due to its versatile appeal for everyday photography needs. On the other hand, the telephoto zoom lenses segment is projected to estimate the highest CAGR of 9.53% from 2023 to 2032. Owing to the increasing demand for versatile, long-range photography tools catering to sports, wildlife, and content creation needs. 

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The photography segment is projected to retain the lion's share by 2032-

Based on application, the photography segment held the largest market share in 2022, contributing to nearly half of the global zoom lens market revenue, and is expected to retain its lion's share throughout the forecast period. The same segment would also portray the fastest CAGR of 8.79% from 2023 to 2032. The growth is attributed to the increasing demand for versatile zoom lenses, technological advancements, and the expanding base of photography enthusiasts seeking high-quality visual content for various applications, including digital platforms.  

North America garnered the major share in 2032-

Based on region, North America garnered the highest share in 2022, holding around one-third of the global zoom lens market revenue, and is expected to dominate the market throughout the forecast period. Its leadership is attributed to its robust presence in diverse industries like photography, videography, surveillance, and medical imaging. However, the Asia-Pacific region is expected to witness the fastest CAGR of 8.96% from 2023 to 2032. This is due to the integration of smartphone photography and the rising middle-class population, creating a robust demand for lenses that enhance smartphone camera capabilities and digital cameras.  

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Leading Market Players: - 

• Canon Inc.
• Nikon Corporation
• FUJIFILM Corporation
• Sony Corporation
• Carl Zeiss AG
• Tamron Co., Ltd.
• Cooke Optics
• Kenko Tokina Co., Ltd.
• ARRI AG.
• Angénieux

The report provides a detailed analysis of these key players in the global zoom lens market. These players have adopted different strategies such as product launches, expansions, and acquisitions to increase their market penetration and strengthen their position in the industry. The report helps determine the business performance, operating segments, developments, and product portfolios of every market player.    

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