May 25, 2024
Eyewear Market

Eyewear Market Estimated to Witness Significant Growth Owing to Increasing Eye Problems

The eyewear market refers to the manufacturing and sales of various types of eyeglasses such as regular spectacles, contact lenses, and sunglasses. Eyewear products provide vision correction and protection from UV rays for users. Rapid urbanization, increasing pollution levels, extensive use of digital devices, and growing aged population have led to a rise in eye problems like myopia, presbyopia, and cataract in recent years. This has fuelled the demand for corrective eyewear globally.

The Global Eyewear Market is estimated to be valued at US$ 163.01 Bn in 2024 and is expected to exhibit a CAGR of 8.1% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the eyewear market are Worksite Lighting LLC, DCD Technologies ME FZCO, Azz Inc., Nemalux Inc., IKIO LED Lighting, Luceco Middle East FZCO, Glamox UK, WAROM Technology MENA FZCO, SA Equip, Shenzhen CESP Co. Ltd., Raytec Ltd., PROLUX International FZ LLC, Hilclare Lighting, Munira Lighting (AL Hatimi Trading FZE), Hubbell Limited, Emerson FZE (Emerson Electric Co.), Current Lighting Solutions LLC (GE Current) and Zumtobel Group AG. The key players are focusing on new product launches, mergers, acquisitions, and partnerships to expand their business and distribution networks globally.

The key opportunities in the Eyewear Market Size include increasing adoption of premium and fashionable products, growing e-commerce industry, and rising demand for corrective and customized eyewear. The increasing investments by major players in emerging countries of Asia Pacific and Latin America are expected to drive the global expansion of the eyewear market.

Market Drivers

The major driver boosting the eyewear market is the increasing prevalence of eye diseases due to sedentary lifestyle and extensive smartphone and digital device usage. According to a report by WHO, around 2.2 billion people worldwide currently suffer from vision impairment or blindness, with one billion having a vision impairment that could have been prevented or is yet to be addressed. This underscores the need for corrective and protective eyewear products.

PEST Analysis
Political: The eyewear market is regulated by government bodies that enforce standards and quality of products. Changes in import duties and regulations directly impact the prices of imported goods.

Economic: Economic growth and rising disposable incomes have increased the spending power of consumers on optical goods. Growing middle class population has boosted the demand for prescription glasses and sunglasses.

Social: Shifting lifestyle and fashion trends have increased the adoption of eyewear as an accessory. Rapid urbanization and increasing number of vision correction procedures have raised the social acceptance of spectacles.

Technological: Advancements in lens coatings and frame material have improved functionality and durability of eyewear. Integration of smart technologies like augmented reality enables multi-purpose applications. Manufacturers are launching innovative product varieties to attract more customers.

North America accounts for the largest share of the global eyewear market in terms of value. High consumer awareness about vision care, rapid adoption of new product variants, and presence of major players have augmented the market in the US and Canada.

The eyewear market in Asia Pacific is expected to grow at the fastest pace during the forecast period. Rapid urbanization, rising income levels, and accelerating demand for fashion accessories will drive the market across China, India and Southeast Asian countries. Penetration of international brands and online retail channels are supplementing the regional growth.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it