Mounted Objective Lens Market

The article discusses the increasing demand for mounted objective lenses globally, with a forecasted growth in both volume and value of the market over the next eight years. Consumption of mounted objective lenses increased in 2022 after a period of decline, reaching 123M units. China, the Philippines, and the United States were the top consumers in 2022. Production of mounted objective lenses decreased in 2022, with China being the largest producer. Imports and exports also saw fluctuations, with China leading in both categories. The average import and export prices showed an overall increase over the last decade.

Market Forecast

Driven by increasing demand for mounted objective lenses worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +3.4% for the period from 2022 to 2030, which is projected to bring the market volume to 160M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.9% for the period from 2022 to 2030, which is projected to bring the market value to $18.7B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Mounted Objective Lenses

In 2022, consumption of mounted objective lenses increased by 2.8% to 123M units, rising for the second consecutive year after three years of decline. In general, consumption saw a relatively flat trend pattern. As a result, consumption reached the peak volume of 131M units. From 2018 to 2022, the growth of the global consumption failed to regain momentum.

The global mounted objective lens market value amounted to $11.8B in 2022, flattening at 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). Over the period under review, the total consumption indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +11.9% against 2020 indices. Global consumption peaked in 2022 and is expected to retain growth in years to come.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (22M units), the Philippines (14M units) and the United States (11M units), with a combined 39% share of global consumption.

From 2012 to 2022, the biggest increases were recorded for the Philippines (with a CAGR of +54.0%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, China ($4.9B) led the market, alone. The second position in the ranking was taken by the United States ($892M). It was followed by the Netherlands.

From 2012 to 2022, the average annual rate of growth in terms of value in China stood at +12.4%. In the other countries, the average annual rates were as follows: the United States (-2.7% per year) and the Netherlands (+14.0% per year).

The countries with the highest levels of mounted objective lens per capita consumption in 2022 were the Netherlands (412 units per 1000 persons), Hong Kong SAR (338 units per 1000 persons) and the Philippines (128 units per 1000 persons).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by the Philippines (with a CAGR of +51.7%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Mounted Objective Lenses

After two years of growth, production of mounted objective lenses decreased by -2% to 108M units in 2022. Overall, production showed a noticeable decline. The growth pace was the most rapid in 2017 when the production volume increased by 24%. Global production peaked at 144M units in 2012; however, from 2013 to 2022, production remained at a lower figure.

In value terms, mounted objective lens production expanded significantly to $10.6B in 2022 estimated in export price. The total output value increased at an average annual rate of +1.4% from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The pace of growth was the most pronounced in 2017 when the production volume increased by 17%. Over the period under review, global production attained the peak level in 2022 and is likely to continue growth in years to come.

Production By Country

China (32M units) remains the largest mounted objective lens producing country worldwide, comprising approx. 30% of total volume. Moreover, mounted objective lens production in China exceeded the figures recorded by the second-largest producer, the Philippines (12M units), threefold. Japan (11M units) ranked third in terms of total production with an 11% share.

In China, mounted objective lens production shrank by an average annual rate of -3.0% over the period from 2012-2022. The remaining producing countries recorded the following average annual rates of production growth: the Philippines (+6.3% per year) and Japan (-1.9% per year).

Imports

World Imports of Mounted Objective Lenses

In 2022, overseas purchases of mounted objective lenses increased by 8.9% to 123M units, rising for the second consecutive year after three years of decline. Over the period under review, imports, however, recorded a noticeable shrinkage. The most prominent rate of growth was recorded in 2021 with an increase of 12% against the previous year. Over the period under review, global imports attained the peak figure at 152M units in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, mounted objective lens imports expanded remarkably to $12.7B in 2022. The total import value increased at an average annual rate of +2.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2017 when imports increased by 22%. Over the period under review, global imports attained the maximum in 2022 and are likely to see steady growth in the near future.

Imports By Country

In 2022, the United States (17M units), the Netherlands (16M units), China (12M units), Hong Kong SAR (9.7M units), Germany (7.3M units) and Japan (6.9M units) represented the largest importer of mounted objective lenses in the world, comprising 55% of total import. Vietnam (4.6M units), South Korea (4.5M units), the United Arab Emirates (4.3M units), the Philippines (2.9M units), Taiwan (Chinese) (2.8M units), the UK (2.5M units) and Hungary (2.2M units) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Hungary (with a CAGR of +35.1%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, China ($3.1B) constitutes the largest market for imported mounted objective lenses worldwide, comprising 24% of global imports. The second position in the ranking was held by Hong Kong SAR ($1.4B), with an 11% share of global imports. It was followed by the United States, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China amounted to +8.1%. The remaining importing countries recorded the following average annual rates of imports growth: Hong Kong SAR (+0.9% per year) and the United States (-0.9% per year).

Import Prices By Country

The average mounted objective lens import price stood at $103 per unit in 2022, falling by -1.6% against the previous year. In general, import price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of +4.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, mounted objective lens import price increased by +51.8% against 2016 indices. The most prominent rate of growth was recorded in 2017 an increase of 21%. Over the period under review, average import prices reached the peak figure at $105 per unit in 2021, and then declined slightly in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($260 per unit), while the Philippines ($28 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+11.9%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Mounted Objective Lenses

In 2022, overseas shipments of mounted objective lenses increased by 4.3% to 109M units, rising for the second consecutive year after three years of decline. In general, exports, however, saw a pronounced curtailment. The most prominent rate of growth was recorded in 2021 when exports increased by 8% against the previous year. The global exports peaked at 178M units in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, mounted objective lens exports rose sharply to $14.2B in 2022. The total export value increased at an average annual rate of +2.1% from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 when exports increased by 17%. Over the period under review, the global exports reached the peak figure in 2022 and are likely to see gradual growth in the near future.

Exports By Country

In 2022, China (22M units) and Japan (18M units) represented the main exporters of mounted objective lensesacross the globe, together reaching approx. 37% of total exports. Thailand (9.7M units) held the next position in the ranking, followed by the Netherlands (8.6M units), Taiwan (Chinese) (8M units), Hong Kong SAR (7.1M units), Germany (6M units), Malaysia (5.3M units) and the United States (5.2M units). All these countries together held near 46% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by the United States (with a CAGR of +3.4%), while the other global leaders experienced mixed trends in the exports figures.

In value terms, the largest mounted objective lens supplying countries worldwide were China ($3.1B), Germany ($2.9B) and Japan ($1.9B), together accounting for 56% of global exports.

Germany, with a CAGR of +9.1%, recorded 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

The average mounted objective lens export price stood at $131 per unit in 2022, surging by 4.4% against the previous year. In general, export price indicated a resilient expansion from 2012 to 2022: its price increased at an average annual rate of +7.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, mounted objective lens export price increased by +82.1% against 2015 indices. The growth pace was the most rapid in 2019 an increase of 21% against the previous year. The global export price peaked in 2022 and is likely to see gradual growth in years to come.

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 Germany ($474 per unit), while Malaysia ($25 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+15.7%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform