Automotive Lens Market Size, Share, Growth, and Industry Growth by Type (Front View Lens, Interior Vision Lens, Rear or Surrounded View Lens, and Others), By Application (Passenger Car and Commercial Vehicle), Regional Forecast To 2031

Updated On: 08 April 2024

Automotive Lens Market REPORT OVERVIEW

• 
• Request a Free sample to learn more about this report

The global automotive lens market size USD 1693.5 million in 2021 and is projected to touch USD 7154.24 million by 2031, exhibiting a CAGR of 15.5% during the forecast period.

The automotive lens is a lens for outdoor video surveillance cameras. It is used to deal with changing light conditions and high-contrast situations. This lens adjusts iris ( aperture) to regulate and optimize the amount of light or infrared energy a camera receives. The product is used for  parking spaces and activities. It is a cost-effective solution and provides high-quality visions. The device increases visibility and informs drivers regarding upcoming vehicles to avoid a collision. The components are changed as per requirement of size, temperature, weight, and cost. The technology is  is used to make 350-degree and 3D views of vehicles.

The market is expected to witness significant growth due to the increasing demand for driver assistance. The camera is commonly used during night for night vision and cruise control is projected to boost the adoption of product. Further, the growing concern about safe driving among drivers globally is expected to propel market growth. These lenses provide a higher level of performance compared to common-purpose driving cameras by maintaining quality standards. Further, the increasing adoption of ADAS features in vehicles is anticipated to increase demand for the product. In addition, growing sales of vehicles globally is predicted to drive market growth.

COVID 19 Impact: Lockdown Restrcitions to Halt Market Growth

The outbreak of COVID-19 pandemic disrupted the supply chain of the automotive lens market. Lockdown and movement restrictions globally restricted the product demand. Further, the market witnessed a decline in economic rate. Closure of automotive and automobile industries hampered the production and manufacturing activities. During pandemic the market witnessed lack of vehicle sales which impacted market growth.

On the contrary, the market is expected to witness significant growth due to the mandates by various governments in different countries. Further, growth in the  sale of vehicles is anticipated to increase growth of the market in coming years.

LATEST TRENDS

"Growing Safety Concerns to Lead to Market Growth"

The automotive lens market growth is attributed to the increasing safety concerns of the passengers. Strict government initiatives for safe driving are expected to adoption of the product. Sensing cameras also provide a higher level of performance which maintain quality standards and is cost-effective. Increasing adoption of vehicles globally is predicted to increase market growth. continuous developments in the camera technology is anticipated to boost market growth. Growing adoption of new technology in the automotive industry is predicted to boost product. The optic lenses work with camera for clear visibility to ensure safety of pedestrians and drivers are estimated to fuel market growth during the forecast period.

Automotive Lens Market SEGMENTATION

• 
• Request a Free sample to learn more about this report

• By Type

Based on type, the market is divided into front view lens, rear or surround view lens, interior vision lens, and others.

Front view lens are the leading part of segmentation type.

• By Application

Based on application, the market is classified into passenger car and commercial vehicle.

Passenger car is the leading part of the application segment.

DRIVING FACTORS

"Growing Concerns Reagrding Accidents to Incite Market Growth "

Increasing demand for safety devices during long-distance travel is expected to propel market growth. The device helps to reduce human error and avoid accidents which is projected to drive market growth. Growing concerns for safe driving is predicted to increase product adoption. In poor weather conditions, drivng becomes difficult due to less visibility and chances for accidents become high. Increasing concerns for safety of passengers and vehicles are estimated to increase automotive lens demand. Growing government stringent rules for ensuring road safety are projected to drive automotive lens market growth.

"New Technological Advancements to Increase Market Growth "

New technological research and advancements in camera system and hardware and  software integration is expected to drive automotive lens market growth. Growing need for a camera system in vehicles to serve the purpose of rear-view mirrors is project to accelerate product demand. Increasing need for driver assistance and autonomous parking is anticipated to boost market growth. While parking vehicles to avoid collation is expected to encourage market growth during the forecast period.

RESTRAINING FACTORS

"High Costs and Complex Method to Restrict Market Growth "

High costs associated with the product may hinder market growth. Multiple cameras make the display highly complex which is expected to restrain market growth. Lack of skilled knowledge regarding the product is projected to hamper market growth during the forecast period.

Automotive Lens Market REGIONAL INSIGHTS

• 
• Request a Free sample to learn more about this report

Asia Pacific is expected to witness the highest automotive lens market share due to increasing road safety by governments. Reducing risk of accidents of pedestrians and vehicles is projected to drive market growth. Presence of market players and growing demand for safe driving is anticipated to boost market growth. Further, growing adoption of vehicles in the region is expected to accelerate market growth during the forecast period.

Europe is expected to witness significant market growth due to several laws on road safety. Also, features such as lane departure warnings and emergency braking are predicted to boost product demand. Growing need for safe driving and growing concern to avoid accidents or collations are expected to boost market growth. 

North America is predicted to show considerable market growth due to growing awareness of controlling accidents. Increasing need for safety of vehicles and their passengers is estimated to boost market growth. Further, growing technological advancements and research in the market are expected to boost market growth during the forecast period.

KEY INDUSTRY PLAYERS

"New Launch Strategies Adopted by Leading Players to Stay Competitive"

The report provides information about the list of market players and their latest development in the industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Market Players Profiled

• Sunny Optical Technology (China)
• Sekonix (South Korea)
• Nidec Sankyo (Japan)
• Shinwa (Japan)
• Maxell (Japan)
• Asia Optical (China)
• Largan (Taiwan)
• GSEO (Taiwan)
• Ricoh (Japan)
• Sunex (India)
• Calin Technology (Taiwan)
• Union Optech (China)
• Naotech (U.S.)
• AG Optics (China)
• Lante Optics (China)

REPORT COVERAGE

This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.