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The aspherical lens market is projected to grow from USD 9.0 billion in 2023 to USD 12.2 billion by 2028, registering a CAGR of 6.2% during the forecast period. Some of the major factors that are driving the growth of the aspherical lens market include rising demand for aspherical lenses for use in digital cameras, growing applications in high-end smartphone cameras, and surging use of aspherical lenses in optical instruments and ophthalmic applications. However, the complexities of design and manufacturing processes will be a challenge for the market in the future. The major growth opportunities for the market players are rising demand for medical imaging and growing use of infrared aspherical lenses in security and surveillance cameras.  

"Market for plastic aspherical lens to grow at higher CAGR during forecast period"

The plastic aspherical lens type segment of the aspherical lens market is expected to account for the largest market size and highest growth rate during the forecast period. Plastic aspherical lenses are optical lenses with aspherical surfaces composed of plastic materials. They are increasingly being used in the production of camera lenses, eyeglass lenses, and other optical equipment. Plastic aspherical lenses are generally lighter and less expensive than traditional glass aspherical lenses, making them a more accessible option for many consumers.

"Ophthalmic application held largest share of aspherical lens market in 2023"

In terms of market size, the ophthalmic application is expected to dominate the aspherical lens market and is likely to witness significant growth during the forecast period. In the ophthalmic segment, such lenses are mainly used in eyeglasses and contact lenses. Aspherical lenses help patients suffering from myopia, hype myopia, and other conditions by increasing the image quality and vision power. Aspherical eyeglass lenses allow for crisper vision than standard lenses, mostly when looking in other directions than the optical center of lens.  The lenses are also suited to eyeglasses for patients with differing powers in both eyes. Aspherical lenses can also help address astigmatism, nearsightedness, and farsightedness.

"Asia Pacific to witness highest growth among other regions during forecast period"

Asia Pacific is expected to dominate the aspherical lens market during the forecast period Asia Pacific is one of the emerging markets for aspherical lens. The region has been segmented into China, Japan, South Korea, and Rest of Asia Pacific, which includes Australia, New Zealand, Singapore, and other Southeast Asian countries. The aspherical lens market in Asia Pacific is expected to record the highest CAGR during the forecast period. Growing economies such as China and Japan are the major contributors to the aspherical lens market in this region. In China, the development of city surveillance networks to monitor millions of citizens, and the penetration of surveillance cameras in small and medium-sized enterprises, is expected to drive the demand for aspherical lens elements. The rising requirement for contact lenses to correct myopia, hyperopia, and other eye-related diseases is driving the use of aspherical lenses in the ophthalmic application.

In determining and verifying the market size for several segments and subsegments gathered through secondary research, extensive primary interviews have been conducted with key industry experts in the aspherical lens market. The break-up of primary participants for the report has been shown below:

• By company type: Tier 1 - 30 %, Tier 2 - 30%, and Tier 3 - 40%

• By designation: C-Level Executives - 40%, Managers - 30%, and Others - 30%

• By region: North America - 40%, Europe - 30%, Asia Pacific - 20%, and RoW - 10%

The report profiles key players in the aspherical lens market with their respective market ranking analyses. Prominent players profiled in this report Nikon Corporation (Japan), Canon, Inc. (Japan), Panasonic Holding Corporation (Japan), HOYA (Japan), Asahi Glass (AGC) (Japan), Schott (Germany), ZEISS International (Germany), Tokai Optical (Japan), SEIKO Optical Products Co., Ltd. (Japan), and Calin Technology Co., Ltd. (Taiwan), among others.

Research coverage

This research report categorizes the aspherical lens market on the basis of component, product, application, vertical, and region. The report describes the major drivers, restraints, challenges, and opportunities pertaining to the aspherical lens market and forecasts the same till 2028. Apart from these, the report also consists of leadership mapping and analysis of companies in the aspherical lens ecosystem.

Reasons to buy the report:

The report will help the market leaders/new entrants in this market with information on the closest approximate revenues for the overall aspherical lens market and related segments. This report will help stakeholders understand the competitive landscape and gain more insights to strengthen their position in the market and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, opportunities, and challenges.

The report provides insights on the following pointers:

• Analysis of key drivers (surging use of aspherical lenses in optical instruments and ophthalmic applications, rising demand for aspherical lenses for use in digital cameras. growing applications in high-end smartphone cameras, and increasing adoption in automotive sector), restraints (high production cost of aspherical lenses), opportunities (growing penetration of infrared (IR) aspherical lenses in security and surveillance camera and rising demand for medical imaging), and challenges (complexity of design and manufacturing processes) influencing the growth of the aspherical lens market.

• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the aspherical lens market.

• Market Development: Comprehensive information about lucrative markets – the report analyses the aspherical lens market across varied regions. 

• Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the aspherical lens market.

• Competitive Assessment: In-depth assessment of market shares, growth strategies and product offerings of leading players like Nikon Corporation (Japan), Canon, Inc. (Japan), Panasonic Holding Corporation (Japan), HOYA (Japan), Asahi Glass (AGC) (Japan), Schott (Germany), among others.