It is estimated that the global camera lens market size will record substantial growth by the year 2027. The expansion is driven by constant technological advances and emerging applications of camera lens in numerous end-use verticals.

In terms of the applications, the market is segmented into automotive, consumer electronics, healthcare, and numerous others. The consumer electronics segment is further bifurcated into digital camera, mobile, AR/VR/MR, and others. The demand for compact and high performance camera lenses in AR/VR/MR applications is slated to increased considerably over the coming years. This can be attributed to the increasing access to AR and VR devices among consumers.

Leading tech giants such as Apple have been constantly working on the development of AR/VR/MR technologies for years. For instance, in March 2021, Apple announced that is working on at least two new devices, including a set of AR glasses and a MR headset that would support both AR and VR content. Both these devices are set for launch in 2022.

These glasses from Apple would feature as many as 15 different cameras. Reportedly, Largan, a leading supplier of camera lenses, will manufacture lenses for several of these cameras. The widespread adoption of AR, VR, and MR devices worldwide in the near future will certainly create favorable opportunities for camera lens manufacturers.

The camera lens industry can be classified into online and offline based on the distribution channel. Sales of camera lenses through the online distribution channel are expected to grow exponentially in the next few years. More and more consumers prefer online platforms due to the availability of a wide range of products with different features. Also, users have the benefit of comparing prices before purchasing, allowing them to select the correct camera lens which falls in their desired price range and is specific to the required application.

Considering the regional landscape, the market for camera lenses in the Middle East and Africa is poised to witness notable growth through 2027. The regional consumer electronics sector has experienced considerable expansion over the past few years. This can be closely tied to the robust economic growth in the region and the rise in people's household income levels. These factors in turn have led to the increasing adoption of different consumer electronics devices such as smartphones, digital cameras, and AR/VR devices.

The camera lens industry is constantly witnessing new technological advances and innovations. In February 2021, a team of engineers at MIT had developed a new meta-lens made of a transparent phase changing material instead of solid glass, which has been used for making camera lenses for over a century.

The new meta-lens can focus on objects at multiple depths without changing its shape of physical position. The phase changing material when heated can rearrange its atomic structure to change how it interacts with light. The MIT engineers had etched the material surface with precise, tiny, patterned structures that can refract light in unique ways.