Dual Lens Camera Smartphone Market Size, Share, Growth and Industry Analysis by Price (Premium Range, Medium Range, And, Low Range), By Application (Online Store, And, Offline Store) Regional Forecast To 2028

Updated On: 29 April 2024

REPORT OVERVIEW

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The Global dual lens camera smartphone market size is anticipated to be worth USD 697.6 billion in 2022. The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. As per our research, the market is projected to touch USD 1490.6 million by 2028 with a CAGR of 13.5% during the forecast period. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Dual camera lens smartphones have completely the way we capture both photos as well as videos. They incorporate two lenses with different focal lengths. These devices provide users with enhanced photography capabilities. One lens has the capability to offer a wider angle, perfect for group shots or landscapes. Whereas the other lens has the ability to telephoto or zoom which enables the users to capture distant subjects with clarity. These smartphones have high demand

Several new technologies have emerged in the market. One such new innovation is the incorporation of ultra-wide-angle lenses and periscope zoom lenses with impressive zoom capabilities. This is considered as the latest trend in the market.

Many people have taken up social media influencing as their profession. Also, video centric platforms like youtube and Tik-Tok are gaining popularity. These have increased the scope for dual lens camera smartphone. All of these factors have played an important role in increasing the dual lens camera smartphone market share.

COVID-19 impact: Reduced Sales and Slower Innovations During Pandemic Decreased Market Growth

The pandemic of COVID-19 had an adverse impact on all the industries and sectors throughout the world. The pandemic has had a significant negative impact on the dual camera lens smartphone market. The outbreak of infectious coronavirus disrupted logistics and supply of raw materials, leading to shortages in essential components and delayed product launches.

Manufacturing facilities faced closures and had to operate at reduced capacities which had a negative impact on production volumes. Additionally, consumer spending on non-essential items, such as smartphones, declined as economic uncertainty prevailed. Therefore, the dual camera lens smartphone market witnessed a slump, with reduced sales and slower innovation.

LATEST TRENDS

"Ultra-wide-Angle Lens with High Zoom Capabilities to Increase Market Growth"

The latest trends in the dual camera lens smartphone market showcase advanced developments in imaging technology and user experience. Producers and key industry players are increasingly adopting higher megapixel sensors, larger apertures, and optical image stabilization for improved image quality in various lighting conditions. AI-powered computational photography features, such as night mode and portrait enhancements, have become the newest innovations in the market.

Ultra-wide-angle lenses and periscope zoom lenses with impressive zoom capabilities are gaining popularity. They enable the users to capture expansive landscapes or zoom in on distant subjects. There has been an increased focus on video capabilities, with many superior features like 8K recording, HDR video, and advanced stabilization.

SEGMENTATION

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• By Price:

The market can be divided on the basis of price into the following segments:

Premium range, medium range, and, low range. The premium range segment is projected to hold the dominant market share through 2028 the forecasting period.

• By Application:

The market can be divided on the basis of application into the following segments:

Online store, and, offline store. The online store segment is predicted to dominate the market through 2028.

DRIVING FACTORS

"Growing Popularity of social media Influencing to Amplify Market Growth"

Several driving factors contribute to the growth of the dual camera lens smartphone market. Firstly, there has been an increase in demand for high-quality photography and videography experiences. Using these camera setups will provide the users with several features such as enhanced versatility, depth-of-field effects, and zoom capabilities.

Apart from this, the rise of social media platforms and the popularity of sharing visual content has fueled the demand for smartphones with dual camera lens. Technological advancements in imaging sensors, image processing algorithms, and optical zoom technology also play a significant role. All of these factors are creating many lucrative growth opportunities for the market.

"Tremendous Growth of Video Centric Platforms to Drive Market Growth"

Apart from the factors mentioned earlier several other factors propel the development of the dual camera lens smartphone market. Many people are taking up social media influencing as their profession. Such people are completely dependent on smartphones to capture professional-looking content.

There are several video-centric platforms like YouTube and TikTok which are emerging in today’s scenario. To create content for such platform’s smartphones with improved video recording capabilities are necessary. Mobile gaming and augmented reality applications also require smartphones with dual camera lens. These factors are driving the dual lens camera smartphone market growth.

RESTRAINING FACTOR

"High Saturation in Smartphone Sector to Deteriorate Market Growth"

While the market is growing rapidly, there are certain factors that impact its expansion. One such factor is the increasing saturation in the smartphone market. As a result, there is intense competition among the top companies. This competition can result in price wars and reduced profit margins.  This in turn will create challenge for companies to invest in expensive camera technologies.

Dual camera lens modules and associated components are highly expensiveness. This can deteriorate their adoption in mid-range or budget smartphones. Some of these smartphones do not live up to their warranty. All of these factors can limit the growth and development of the market share.

Regional Insights

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"Asia Pacific to Dominate Market in Upcoming Years "

The region that is predicted to take up the largest share in the market is Asia Pacific. The dominance of the region can be due to the existence of major smartphone manufacturers, which include countries like China, South Korea, and Japan.

The above-mentioned countries have a strong consumer base and a growing middle class with increasing purchasing power. Along with this the people in this region exhibit a high affinity for smartphone photography and social media usage, fueling the demand for smartphones with advanced camera systems. All of these factors have made Asia Pacific, the leading market player.

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Market Players Profile

• Apple (U.S.)
• HTC (Taiwan)
• HUAWEI Technologies (China)
• LG Electronics (South Korea)

Report Coverage

The report provides an insight into industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations. The report also lists the key industry players to understand the competition.