Mounted Lens Market

The article discusses the projected downward trend in the mounted lens market, with a forecasted decrease in consumption volume and value over the next eight years. It provides insights into market performance, consumption trends, production details, and global import and export statistics. Key information includes the leading consuming and producing countries, consumption patterns, and the average price trends in the market.

Market Forecast

The mounted lens market is expected to start a downward consumption trend over the next eight-year period. The performance of the market is forecast to decrease slightly, with an anticipated CAGR of -2.5% for the eight-year period from 2022 to 2030, which is projected to depress the market volume to 579M units by the end of 2030.

In value terms, the market is forecast to contract with an anticipated CAGR of +0.6% for the period from 2022 to 2030, which is projected to bring the market value to $19.7B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Mounted Lenses, Prisms And Mirrors

In 2022, global mounted lens consumption surged to 706M units, increasing by 90% compared with the previous year's figure. Over the period under review, consumption showed a remarkable increase. As a result, consumption attained the peak volume and is likely to continue growth in the immediate term.

The global mounted lens market value surged to $18.8B in 2022, rising by 58% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption posted buoyant growth. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Consumption By Country

Spain (339M units) remains the largest mounted lens consuming country worldwide, accounting for 48% of total volume. Moreover, mounted lens consumption in Spain exceeded the figures recorded by the second-largest consumer, China (100M units), threefold. The United States (39M units) ranked third in terms of total consumption with a 5.5% share.

In Spain, mounted lens consumption expanded at an average annual rate of +54.9% over the period from 2012-2022. The remaining consuming countries recorded the following average annual rates of consumption growth: China (+8.3% per year) and the United States (+1.5% per year).

In value terms, Spain ($6.7B), China ($3.5B) and India ($1.2B) constituted the countries with the highest levels of market value in 2022, together comprising 61% of the global market.

Spain, with a CAGR of +56.9%, recorded the highest growth rate of market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of mounted lens per capita consumption was registered in Spain (7.2 units per person), followed by Italy (0.6 units per person), Japan (0.1 units per person) and the United States (0.1 units per person), while the world average per capita consumption of mounted lens was estimated at 0.1 units per person.

In Spain, mounted lens per capita consumption expanded at an average annual rate of +54.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Italy (+21.0% per year) and Japan (+3.5% per year).

Production

World Production of Mounted Lenses, Prisms And Mirrors

Global mounted lens production stood at 685M units in 2022, with an increase of 8% compared with the previous year. In general, production recorded strong growth. The pace of growth appeared the most rapid in 2019 when the production volume increased by 122%. Over the period under review, global production reached the peak volume at 753M units in 2020; however, from 2021 to 2022, production remained at a lower figure.

In value terms, mounted lens production rose to $10.8B in 2022 estimated in export price. Over the period under review, production showed a prominent expansion. The growth pace was the most rapid in 2019 when the production volume increased by 56%. Global production peaked at $10.9B in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Production By Country

Spain (332M units) constituted the country with the largest volume of mounted lens production, accounting for 49% of total volume. Moreover, mounted lens production in Spain exceeded the figures recorded by the second-largest producer, China (137M units), twofold. The United States (47M units) ranked third in terms of total production with a 6.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in Spain totaled +31.1%. In the other countries, the average annual rates were as follows: China (+9.8% per year) and the United States (+3.5% per year).

Imports

World Imports of Mounted Lenses, Prisms And Mirrors

In 2022, overseas purchases of mounted lenses, prisms and mirrors increased by 10% to 224M units, rising for the third year in a row after two years of decline. Over the period under review, total imports indicated a resilient expansion from 2012 to 2022: its volume increased at an average annual rate of +7.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +84.5% against 2019 indices. The pace of growth appeared the most rapid in 2021 when imports increased by 34% against the previous year. Global imports peaked in 2022 and are likely to see steady growth in the immediate term.

In value terms, mounted lens imports shrank to $3.4B in 2022. In general, total imports indicated a noticeable expansion from 2012 to 2022: its value increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +19.1% against 2020 indices. The most prominent rate of growth was recorded in 2017 with an increase of 33%. Over the period under review, global imports reached the peak figure at $3.6B in 2021, and then fell in the following year.

Imports By Country

In 2022, China (96M units) represented the largest importer of mounted lenses, prisms and mirrors, constituting 43% of total imports. It was distantly followed by Italy (38M units), generating a 17% share of total imports. Spain (7M units), Hong Kong SAR (6M units), Germany (5.9M units), the Netherlands (5.5M units), Japan (5.1M units), the UK (5M units), South Korea (5M units), Belgium (4.6M units) and Romania (4M units) took a minor share of total imports.

Imports into China increased at an average annual rate of +28.3% from 2012 to 2022. At the same time, Italy (+41.2%), Belgium (+9.8%), the Netherlands (+4.5%), the UK (+3.3%), Germany (+2.3%) and South Korea (+2.1%) displayed positive paces of growth. Moreover, Italy emerged as the fastest-growing importer imported in the world, with a CAGR of +41.2% from 2012-2022. By contrast, Spain (-1.1%), Romania (-3.5%), Japan (-5.8%) and Hong Kong SAR (-10.5%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China and Italy increased by +36 and +16 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($1.1B) constitutes the largest market for imported mounted lenses, prisms and mirrors worldwide, comprising 33% of global imports. The second position in the ranking was held by Hong Kong SAR ($234M), with a 6.9% share of global imports. It was followed by Germany, with a 6% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China totaled +14.4%. The remaining importing countries recorded the following average annual rates of imports growth: Hong Kong SAR (+6.1% per year) and Germany (+4.8% per year).

Import Prices By Country

In 2022, the average mounted lens import price amounted to $15 per unit, which is down by -16% against the previous year. Over the period under review, the import price saw a perceptible descent. The most prominent rate of growth was recorded in 2017 when the average import price increased by 27% against the previous year. Global import price peaked at $25 per unit in 2019; however, from 2020 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Hong Kong SAR ($39 per unit), while Romania ($0.6 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+18.5%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Mounted Lenses, Prisms And Mirrors

In 2022, overseas shipments of mounted lenses, prisms and mirrors decreased by -56.5% to 203M units, falling for the second year in a row after two years of growth. In general, exports, however, enjoyed a buoyant expansion. The most prominent rate of growth was recorded in 2019 when exports increased by 268%. The global exports peaked at 573M units in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, mounted lens exports contracted slightly to $3.1B in 2022. Overall, total exports indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +28.8% against 2020 indices. The most prominent rate of growth was recorded in 2013 when exports increased by 37%. Over the period under review, the global exports hit record highs at $3.3B in 2021, and then contracted modestly in the following year.

Exports By Country

China prevails in exports structure, recording 133M units, which was approx. 65% of total exports in 2022. It was distantly followed by the United States (11M units) and Germany (10M units), together achieving a 10% share of total exports. Japan (8.5M units), Thailand (7.9M units), the Netherlands (4.6M units) and Taiwan (Chinese) (4.1M units) held a relatively small share of total exports.

From 2012 to 2022, average annual rates of growth with regard to mounted lens exports from China stood at +23.2%. At the same time, Thailand (+25.6%), Taiwan (Chinese) (+9.2%), the Netherlands (+8.5%), the United States (+5.9%) and Japan (+3.4%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing exporter exported in the world, with a CAGR of +25.6% from 2012-2022. Germany experienced a relatively flat trend pattern. While the share of China (+52 p.p.) and Thailand (+3.3 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of Germany (-3.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($603M), Germany ($492M) and Japan ($276M) appeared to be the countries with the highest levels of exports in 2022, with a combined 44% share of global exports. Taiwan (Chinese), the United States, Thailand and the Netherlands lagged somewhat behind, together comprising a further 31%.

Thailand, with a CAGR of +37.2%, saw the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

In 2022, the average mounted lens export price amounted to $16 per unit, jumping by 120% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 307%. As a result, the export price reached the peak level of $25 per unit. From 2019 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($65 per unit), while China ($4.5 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+9.3%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform