May 24, 2024
Eyewear Market

Eyewear Market Propelled by Increasing Demand for Vision Correction and Protective Eyewear

The global eyewear market comprises products such as contact lenses, prescription glasses, and sunglasses. Eyewear products correct vision problems and protect eyes from UV rays and physical damage. Rising prevalence of myopia, hyperopia, and other vision disorders is augmenting the demand for corrective eyewear. Protective eyewear finds application in several industries like construction, chemical, manufacturing, and sports and are extensively used for safety purposes.

The global Eyewear Market is estimated to be valued at US$ 141.5 Bn in 2023 and is expected to exhibit a CAGR of 8.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
Increasing Demand for Vision Correction and Protective Eyewear: The demand for vision correction and protective eyewear has grown significantly over the past few years. Factors such as rising knowledge about ocular health problems and increasing awareness about protective eyewear have boosted the sales of eyewear products. The culture of increasing screen time has also led to growing rates of myopia globally. An estimated 5.3 billion individuals are projected to be nearsighted by 2050. Such rising vision disorders are driving consumers towards eyewear products. Further, rising number of construction activities and industrial operations are propelling the demand for protective goggles and spectacles.

SWOT Analysis
Strength: The eyewear market has high growth potential due to increasing vision problems among aging population and increasing urbanization. Sunglasses/spectacles are seen as fashion accessories thereby increasing their demand.

Weakness: Highdependency on raw material imports makes supply chain vulnerable to trade wars/disruptions. Frequent change in fashion trends poses challenges for manufacturers to align their production quickly.

Opportunity: Growth opportunities exist in developing/under-penetrated countries due to growing middle class population and increasing spending on lifestyle products. Increasing online sales and direct-to-consumer business models provide new opportunities.

Threats: Threat of local/regional manufacturers offering low cost substitutes. Changes in regulations could impact production/trade. Economic slowdowns impact discretionary spending on eyewear.

Key Takeaways

Global Eyewear Market Demand is expected to witness high growth.

Regional analysis: Asia Pacific is the dominant and fastest growing region for eyewear market led by countries like China, India due to large population, rising incomes and western influence. Europe and North America are mature markets while regions like Latin America, Middle East & Africa offer growth prospects.

Key players operating in the eyewear market are EssilorLuxottica, CooperVision, Johnson & Johnson, Grand Vision and Safilo Group. EssilorLuxottica dominates the market with integrated manufacturing and retailing across segments. CooperVision leads in contact lenses while Johnson & Johnson has strong brand portfolio. Consolidation is witnessed among mid-sized players to gain competitiveness. E-commerce players are disrupting established distribution models in select regions.

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