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How has the aspherical lens market grown in recent years?

The market size for aspherical lenses has significantly expanded in the past few years. Projected growth will see it increase from $8.91 billion in 2024 to $9.51 billion in 2025, a compound annual growth rate (CAGR) of 6.7%. Factors contributing to growth during the historic period include an increased demand for exceptional imaging, expansion in the healthcare sector, a surge in consumer electronics, automotive applications, and the popularity of photography and videography.

How is the aspherical lens market size expected to evolve during the forecast period?

Over the next few years, the aspherical lens market is predicted to experience significant growth, expanding to “$12.79 billion by 2029 with a compound annual growth rate (CAGR) of 7.7%. This projected growth in the next decade can be linked to a swift extension of augmented reality (AR) and virtual reality (VR), consistent advancements in imaging technologies, the growth of the automotive industry, the increasing significance of lidar technology, and broadening use in industrial and scientific tools. Key trends during this period are anticipated to be meticulous manufacturing techniques, advancements in 3d sensing technology, use of optical systems in aerospace and defense, the emergence of lightweight and compact optics, and customized and tailored lens designs.

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Which key drivers are propelling the aspherical lens market’s growth?

The surge in the production of automobiles is projected to spur the expansion of the aspherical lens market. Vehicle production is understood as the large-scale manufacturing of identical models that are sold to the common public and are compliant with street-legal requirements (meaning they can be legally driven on public roads). Aspherical lenses are utilized in automobile headlamps for lighting purposes, ensuring a steady focal length which enhances the performance of the vehicle, simplifies driving, and elevates safety on roads. For example, Statistics Canada, a national statistical agency based in Canada, reported in January 2024 that Canada witnessed sales of 1,755,741 new motor vehicles in 2023. This was a 12.7% rise (an addition of 197,504 units) from 2022. Consequently, the swelling volume of vehicle production is propelling the growth of the aspherical lens market.

What are the market segments in the aspherical lens industry?

The aspherical lens market covered in this report is segmented –

1) By Type: Glass Aspherical Lens, Plastic Aspherical Lens, Other Types

2) By Manufacturing Technology: Molding, Polishing, Other Technologies

3) By Offering: Single Aspherical Lens, Double Aspherical Lens

4) By Application: Consumer Electronics, Digital Cameras, Automotive, Ophthalmic, Fiber Optics, Other Applications

Subsegments:

1) By Glass Aspherical Lens: Molded Glass Aspherical Lenses, Ground Glass Aspherical Lenses

2) By Plastic Aspherical Lens: Injection-Molded Plastic Aspherical Lenses, Hybrid Plastic Aspherical Lenses

3) By Other Types: Coated Aspherical Lenses, Custom-Made Aspherical Lenses

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Which leading companies are shaping the growth of the aspherical lens market?

Major companies operating in the aspherical lens market include Nikon Corporation, Canon Inc., Panasonic Holding Corporation, Hoya Corporation, AGC Inc., Schott AG, Carl Zeiss AG, Tokai Optical Co. Ltd., Seiko Optical Products Co. Ltd., Calin Technology Co. Ltd., Sunny Optical Technology Company Limited, Zhejiang Lante Optics Co. Ltd., Mingyue Optical Lens Co. Ltd., Hyperion Optics Inc., Jenoptik AG, Knight Optical Ltd., Dg Optoelectronics, Olympus Corporation, Tamron Co. Ltd., Sony Corporation, Fujifilm Holdings Corporation, Konica Minolta Inc., Samsung Electronics Co. Ltd., LG Electronics Inc., Pentax Corporation, Sigma Corporation, Leica Camera AG, Schneider Optische Werke GmbH, Rodenstock GmbH, Edmund Optics Inc., Thorlabs Inc., Largan Precision Co. Ltd., Fujian Forecam Optics Co. Ltd., Kinko Optical Co. Ltd., Nanyang Bright Optical Co. Ltd.

What key trends are currently impacting the aspherical lens market’s development?

One trend emerging in the aspherical lens market is the rise of product innovations. Market participants are leveraging new technologies to maintain their standing in the industry. For example, Sony Corporation, a Japan-based player in the market, introduced their latest spherical lens, the FE 20-70mm F4 G, in January 2023. This advanced device, which capitalizes on Sony’s latest technology, delivers distinct G Lens quality on a compact and lightweight scale. The lens features a sophisticated optical design, including two AA (advanced aspherical) components, one aspherical element, three ED (extra-low dispersion) glass elements, and one ED aspherical element. These elements collectively correct chromatic and spherical aberration, offering high optical performance across all zoom levels.

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Which geographic areas are influencing the growth of the aspherical lens market?

Asia-Pacific was the largest region in the aspherical lens market in 2024 and is expected to be the fastest-growing region in the global aspherical lens market report during the forecast period. The regions covered in the aspherical lens market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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