Sep 6, 2025
IndexBox has just published a new report: U.S. – Objective Lenses For Cameras, Projectors Or Photographic Enlargers Or Reducers – Market Analysis, Forecast, Size, Trends and Insights.
The US market for objective lenses used in cameras, projectors, and photographic enlargers or reducers is forecast to grow over the next decade, albeit at a decelerating pace. Driven by increasing demand, the market is expected to expand with a Compound Annual Growth Rate (CAGR) of +1.2% in volume, reaching 13 million units by 2035. In value terms, growth is anticipated at a CAGR of +1.6%, bringing the market to $4.8 billion (nominal wholesale prices) by the end of 2035. In 2024, consumption increased by 1.1% to 11 million units after a two-year decline, with the market size amounting to $4 billion. The US production, though significantly smaller at 557K units in 2019, has shown substantial historical growth. The market is heavily reliant on imports, which rose to 13 million units in 2024, primarily sourced from Vietnam (5.4M units), China (4.5M units), and Japan (929K units). Japan is the leading supplier by value ($464M), despite much higher average import prices ($499/unit) compared to Vietnam ($12/unit). US exports totaled 1.9 million units in 2024, with Mexico, Canada, and Fiji being the top destinations by volume, while Canada is the most valuable export market ($70M).
Key Findings
US market growth is driven by rising demand for objective lenses in cameras, projectors, and photographic equipmentMarket volume is projected to reach 13 million units by 2035Market value is projected to reach $4.8 billion by 2035Volume growth is forecast to decelerate with a CAGR of +1.2% from 2024-2035Value growth is anticipated to be slightly higher at a CAGR of +1.6% for the same periodMarket Forecast
Driven by increasing demand for objective lenses for cameras, projectors or photographic enlargers or reducers in the United States, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +1.2% for the period from 2024 to 2035, which is projected to bring the market volume to 13M units by the end of 2035.
In value terms, the market is forecast to increase with an anticipated CAGR of +1.6% for the period from 2024 to 2035, which is projected to bring the market value to $4.8B (in nominal wholesale prices) by the end of 2035.
ConsumptionUnited States’s Consumption of Objective Lenses For Cameras, Projectors Or Photographic Enlargers Or Reducers
After two years of decline, consumption of objective lenses for cameras, projectors or photographic enlargers or reducers increased by 1.1% to 11M units in 2024. Over the period under review, consumption saw a strong increase. Objective lens consumption peaked at 15M units in 2021; however, from 2022 to 2024, consumption stood at a somewhat lower figure.
The size of the objective lens market in the United States amounted to $4B in 2024, remaining relatively unchanged 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 recorded a resilient expansion. Over the period under review, the market hit record highs at $5.5B in 2021; however, from 2022 to 2024, consumption remained at a lower figure.
ProductionUnited States’s Production of Objective Lenses For Cameras, Projectors Or Photographic Enlargers Or Reducers
In 2019, approx. 557K units of objective lenses for cameras, projectors or photographic enlargers or reducers were produced in the United States; surging by 19% against 2018. Over the period under review, production posted a significant expansion. The pace of growth appeared the most rapid in 2014 when the production volume increased by 363% against the previous year. Over the period under review, production attained the peak volume in 2019 and is likely to see steady growth in years to come.
In value terms, objective lens production soared to $210M in 2019. In general, production recorded significant growth. The most prominent rate of growth was recorded in 2014 with an increase of 351%. Over the period under review, production hit record highs in 2019 and is likely to continue growth in the near future.
ImportsUnited States’s Imports of Objective Lenses For Cameras, Projectors Or Photographic Enlargers Or Reducers
In 2024, purchases abroad of objective lenses for cameras, projectors or photographic enlargers or reducers increased by 1.2% to 13M units for the first time since 2021, thus ending a two-year declining trend. Over the period under review, imports showed strong growth. The most prominent rate of growth was recorded in 2020 when imports increased by 785% against the previous year. Over the period under review, imports attained the maximum at 17M units in 2021; however, from 2022 to 2024, imports failed to regain momentum.
In value terms, objective lens imports dropped modestly to $967M in 2024. In general, imports, however, recorded a mild decline. The most prominent rate of growth was recorded in 2021 when imports increased by 48%. Over the period under review, imports attained the peak figure at $1.1B in 2013; however, from 2014 to 2024, imports failed to regain momentum.
Imports By Country
Vietnam (5.4M units), China (4.5M units) and Japan (929K units) were the main suppliers of objective lens imports to the United States, with a combined 84% share of total imports.
From 2013 to 2024, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Vietnam (with a CAGR of +73.8%), while imports for the other leaders experienced more modest paces of growth.
In value terms, Japan ($464M) constituted the largest supplier of objective lenses for cameras, projectors or photographic enlargers or reducers to the United States, comprising 48% of total imports. The second position in the ranking was taken by Thailand ($130M), with a 13% share of total imports. It was followed by China, with a 13% share.
From 2013 to 2024, the average annual rate of growth in terms of value from Japan amounted to -2.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+7.0% per year) and China (-4.5% per year).
Import Prices By Country
In 2024, the average objective lens import price amounted to $75 per unit, falling by -2.2% against the previous year. Over the period under review, the import price showed a deep reduction. The pace of growth was the most pronounced in 2021 when the average import price increased by 26%. Over the period under review, average import prices reached the maximum at $635 per unit in 2018; however, from 2019 to 2024, import prices stood at a somewhat lower figure.
There were significant differences in the average prices amongst the major supplying countries. In 2024, amid the top importers, the country with the highest price was Japan ($499 per unit), while the price for Vietnam ($12 per unit) was amongst the lowest.
From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Japan (-0.1%), while the prices for the other major suppliers experienced a decline.
ExportsUnited States’s Exports of Objective Lenses For Cameras, Projectors Or Photographic Enlargers Or Reducers
In 2024, the amount of objective lenses for cameras, projectors or photographic enlargers or reducers exported from the United States amounted to 1.9M units, with an increase of 1.8% compared with 2023 figures. Overall, exports posted a buoyant expansion. The pace of growth appeared the most rapid in 2020 when exports increased by 516%. The exports peaked at 2.1M units in 2021; however, from 2022 to 2024, the exports remained at a lower figure.
In value terms, objective lens exports rose to $203M in 2024. In general, exports, however, recorded a mild decrease. The most prominent rate of growth was recorded in 2021 when exports increased by 39%. Over the period under review, the exports attained the peak figure at $226M in 2013; however, from 2014 to 2024, the exports failed to regain momentum.
Exports By Country
Mexico (538K units) was the main destination for objective lens exports from the United States, accounting for a 29% share of total exports. Moreover, objective lens exports to Mexico exceeded the volume sent to the second major destination, Canada (266K units), twofold. Fiji (166K units) ranked third in terms of total exports with an 8.9% share.
From 2013 to 2024, the average annual rate of growth in terms of volume to Mexico totaled +22.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+9.9% per year) and Fiji (+183.2% per year).
In value terms, Canada ($70M) remains the key foreign market for objective lenses for cameras, projectors or photographic enlargers or reducers exports from the United States, comprising 35% of total exports. The second position in the ranking was taken by Mexico ($20M), with a 9.9% share of total exports. It was followed by Hong Kong SAR, with a 6.1% share.
From 2013 to 2024, the average annual growth rate of value to Canada amounted to +1.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (-5.0% per year) and Hong Kong SAR (-7.3% per year).
Export Prices By Country
The average objective lens export price stood at $109 per unit in 2024, leveling off at the previous year. In general, the export price, however, saw a deep reduction. The most prominent rate of growth was recorded in 2022 an increase of 27% against the previous year. Over the period under review, the average export prices reached the maximum at $812 per unit in 2018; however, from 2019 to 2024, the export prices remained at a lower figure.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Canada ($263 per unit), while the average price for exports to Fiji ($22 per unit) was amongst the lowest.
From 2013 to 2024, the most notable rate of growth in terms of prices was recorded for supplies to Canada (-7.3%), while the prices for the other major destinations experienced a decline.