Aspheric Lenses Market Is Anticipated To Witness Rapid Growth Owing To Increasing Usage In Smartphones, Wearables, And Automotive Industry

Aspheric Lenses Market

 

The aspheric lenses market has witnessed significant growth in recent years due to increasing usage of aspheric lenses in various applications such as smartphones, optical devices, cameras, ophthalmic lenses, automotive headlamps and others. Aspheric lenses offer several advantages over conventional spherical lenses such as reduced distortion, thinner design, wider fields of view and compact packaging. These advantages have increased the demand for aspheric lenses from various end-use industries.

The Global Aspheric Lenses Market is estimated to be valued at US$ 2.73 BN in 2024 and is expected to exhibit a CAGR of 6.3% over the forecast period 2024 To 2031.

Key Takeaways

Key players operating in the aspheric lenses market are Essilor Group, Johnson & Johnson Vision, Zeiss, Nikon, Hoya Vision Care, Rodenstock, Shamir Optical Industry, Alcon, Bausch + Lomb, Abbott, Hanover Lens, EyeMed Technology, Menicon Co., Ltd., Seed Co., Ltd., CooperVision, and NIDEK CO., LTD. Essilor Group and Zeiss currently dominate the market, with both companies accounting for over 20% of the global market share.

Key opportunities in the Aspheric Lenses Market Growth include increasing demand for advanced camera modules and optical lenses for smartphones, growing requirement for aspheric corrective lenses in vision care, and rising application of aspheric lenses in automotive headlamps for enhanced illumination. Asia Pacific region especially China and Japan presently offer the most lucrative opportunities and the market is expected to witness high growth in the region over the forecast period.

The aspheric lenses market players are focusing on expanding their geographical presence globally. Manufacturers are investing heavily in developing lenses suitable for new and emerging applications as well as enhancing production capacity to cater to growing demand. Mergers and acquisitions are also being utilized as key strategies by players to expand market share and better serve customer needs across major worldwide markets.

Market Drivers

Growing smartphone usage worldwide is a major factor boosting demand for aspheric camera lenses as smartphone manufacturers focus on enhancing camera capabilities. Increasing demand for vision correction lenses owing to rising aging population and prevalence of myopia is also propelling market revenue. Aspheric lenses offer advantage over traditional spherical lenses and provide better visual acuity. Growing adoption of advanced driver assistance systems and autonomous vehicles provides lucrative opportunities for aspheric automotive lenses manufacturers.

Market Restraints

High production costs of aspheric lenses compared to spherical lenses can limit market growth. Maintaining dimensional accuracy and precision during mass production is also technically challenging. Lack of standardization and complexity in designing advanced aspheric lens shapes also act as challenges for market players.

Segment Analysis

Aspheric Lenses market is dominated by Corrective lenses sub segment. Corrective lenses account for over 65% of total aspheric lenses market share. High prevalence of vision related issues like myopia, hyperopia and presbyopia has increased demand for vision correcting lenses. Advantages of aspheric lenses over conventional spherical lenses like reduced optical aberration, thinner design and lightweight has made them first choice for vision correction. Within corrective lenses, progressive lenses sub segment is growing at fastest rate owing to rising aging population globally. Progressive lenses offer distortion free vision at all distances without lining movement.

Global Analysis

North America region holds largest share in aspheric lenses market currently. Favorable reimbursement policies and greater access to eyecare in countries like United States and Canada has propelled the demand. Asia Pacific region is projected to witness highest growth during forecast period. Rising disposable income, growing awareness about vision care and expanding eye care infrastructure in emerging countries of China and India is promoting adoption of premium lenses. Other high growth regions include Latin America and Middle East & Africa led by economic development and increasing healthcare spending. Increasing Research & Development investments by key players to develop advanced aspheric lens designs and coating will further aid global market expansion in coming years.

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