Speculation similar to mine a few weeks ago…The EF-M 18-150 was next to the last M lens introduced (just before the 32mm f/1.4) in 2016, so it is possible that it was designed with RF-s in mind. If so, that could mean that we might see the 32mm come across as well, but "might" is the operative word. OTOH, the EF-M 11-22 is a much larger and heavier lens than the RF-s 10-18, so the redesign may have been just a size and cost issue since small size is clearly a goal for RF-s lenses. The M lenses are tiny compared to what we were used to in SLR world, but they are all pretty much the same size. In contrast, the RF-s lenses seem to be as small as it is possible to make them even at the expense of limiting the range as with the 10-18 and 18-45. When you compare the 18-150 with an EF-s 18-135, you have to think it isn't going to get much smaller. The RF-s 55-210 is kind of the odd duck in that theory in that it doesn't seem to have either a size or performance improvement over the EF-m 55-200, but maybe being a candidate for 2 lens kits, the objective was purely cost. All clearly speculation.
The APS-C market is shrinking. It used to represent 90% of the ILC market, now it’s down to around 75%. if one is selling fewer units and wants to at least maintain the same profit, then the profit margin must be increased. Business 101.
The 18-150 was likely already optimized for lowest production cost with that range (it was the penultimate M lens to be released). The other RF-S lenses are all simpler designs that cost less to make, and two of them launched at the same price as their M counterparts (the 10-18 costs less than the 11-22, but is also obviously a cheaper design, e.g., no metal mount).
The other obvious factor is that while we know which M lenses we personally like, Canon knows how many of each M lens they sold. That’s most likely why, for example, the 18-150 was the seventh lens for M, but one of the first pair of lenses that launched with APS-C R.
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