July 20, 2024

Eyewear Market Is Estimated To Witness High Growth Owing To Increasing Prevalence of Vision Disorders and Rising Fashion Consciousness

Market Overview:

The Eyewear Market offers a wide range of products including prescription glasses, contact lenses, and sunglasses. These products are primarily used to correct vision impairment and protect the eyes from harmful sun rays. The market is driven by the increasing prevalence of vision disorders, such as myopia, hyperopia, and astigmatism, which are leading to higher demand for prescription glasses and contact lenses. Moreover, the growing fashion consciousness among individuals is further fueling the demand for trendy and stylish eyewear.

Market Dynamics:

The eyewear market is driven by two primary factors – the increasing prevalence of vision disorders and rising fashion consciousness. With the growing digitalization and increased usage of digital devices, there has been a significant rise in vision-related problems, particularly among the younger population. This has resulted in a higher demand for prescription glasses and contact lenses. Additionally, the rising focus on personal appearance and fashion trends has led to the increased adoption of eyewear as a fashion accessory. The availability of a wide range of trendy and stylish eyewear options has further accelerated this trend. Overall, these factors are expected to drive the growth of the eyewear market over the forecast period.

Segment Analysis:
The eyewear market can be segmented into three main categories: spectacles, contact lenses, and sunglasses. Among these, spectacles dominate the market due to the rising prevalence of vision impairments and the increasing aging population. Spectacles provide a cost-effective and reliable solution for vision correction, making them the preferred choice for a large consumer base.

PEST Analysis:

Political: The eyewear market is influenced by government regulations regarding the manufacturing and distribution of eyewear products. Policies related to healthcare and insurance coverage for vision care also impact the market.

Economic: The economic factors include disposable income, purchasing power, and consumer spending on eyewear products. With improving economic conditions globally, consumers are willing to spend more on fashionable and high-quality eyewear.

Social: Societal trends such as fashion consciousness, increasing awareness about eye health, and changing lifestyles contribute to the growth of the eyewear market. Celebrity endorsements and fashion trends play a significant role in shaping consumer preferences.

Technological: Technological advancements in lens materials, frames, and manufacturing processes have led to the development of innovative and more durable eyewear products. The integration of smart eyewear technology is also gaining popularity among consumers.

Key Takeaways:

The Global Eyewear Market Demand is expected to witness high growth, exhibiting a CAGR of 6.0% over the forecast period. This growth is attributed to the increasing prevalence of vision impairments and the rising aging population. The spectacles segment dominates the market, driven by their cost-effectiveness and reliability for vision correction.

In terms of regional analysis, Asia Pacific is the fastest-growing and dominating region in the eyewear market. The growing middle-class population, urbanization, and increasing awareness about eye health are driving the demand for eyewear products in this region.

Key players operating in the eyewear market include Luxottica Group SpA, Essilor International S.A, Carl Zeiss AG, Hoya Corporation (Life Care), Johnson & Johnson Vision Care, Inc., Cooper Companies Inc., Fielmann AG, Safilo Group Spa, Marcolin S.p.A., and De Rigo S.p.A. These players have a strong presence in the market and focus on product innovation, brand positioning, and strategic partnerships to gain a competitive edge.

Note:

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