by Eyewear consists of various vision correction products such as eyeglasses and contact lenses. They help improve vision or protect eyes from environmental factors such as sunlight. Growing awareness about vision correction and various innovations such as anti-reflective and photochromic lenses have boosted the eyewear market. Advancements in smart lens technology are also fueling market growth. Smart lenses are integrated with interactive features, analytics and connectivity capabilities. They can track health data, display augmented information and adjust vision corrections with electronic components.
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
The Eyewear Market Size offers significant opportunities owing to rising disposable incomes, growing eye disorders and aging populations worldwide. Advancements in smart lens technologies are also opening up new opportunities for integrated and connected products.
Key players operating in the eyewear 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), ABB Installation Products Inc., Larson Electronics LLC, R.Stahl Limited, Technology Co. Ltd., Digital Lumens Inc. (OSRAM), Dialight PLC, and Eaton Corporation.
Technological advancements like progress in materials science for developing thinner and lighter frames as well as advances in lens coatings, treatments and tints that provide various benefits like protection from UV rays are boosting the eyewear market.
Market Drivers
Increasing cases of vision impairments and ocular disorders due to extensive smartphone and digital device usage is a key driver for the eyewear market. Growing health and wellness awareness related to eye care is also fueling demand. Rising consumer disposable incomes in developing nations allow for greater affordability of eyewear products.
Challenges in Eyewear Market
The Eyewear Market Size faces various challenges due to changing trends and evolving consumer preferences. Maintaining an extensive product portfolio with latest designs and materials are important to attract consumers. Significant investments are required for R&D, branding and marketing. Growing popularity of contact lenses and laser vision correction surgeries also pose a threat to the eyewear industry. Companies need to focus on new technologies like smart glasses and develop innovative solutions to drive growth. Supply chain challenges caused by trade wars and economic uncertainties impact profitability. Rising costs of raw materials is an ongoing pressure area. Complying with stringent quality and safety regulations also increases operational costs for manufacturers. Fierce competition from global and local players in an already mature industry makes it difficult to gain market share. Eyewear companies must constantly innovate and differentiate their offerings through superior design, quality and customer experience.
SWOT Analysis
Strength: Wide product range covering prescription glasses, sunglasses and accessories. Established brands with loyal customer base.
Weakness: High dependency on seasonal trends makes demand volatile. Threat from cheap substitutes like contact lenses.
Opportunity: Growing demand for fashion eyewear and premium products drives scope. Emerging markets in Asia Pacific and Latin America offer scope for expansion.
Threats: Disruption from digital technologies like augmented reality glasses. Intense price wars among competitors.
Geographically, North America occupies the major share in the eyewear market due to high consumer spending on fashion and luxurious products. The U.S. represents the largest eyewear market in the region. Asia Pacific region is projected to witness the fastest growth during the forecast period supported by the rapid economic development in China, India and other Southeast Asian countries. Rising income levels and growing health awareness among consumers contribute to market growth.
The Latin American region has emerged as an important market for eyewear recently. Countries like Brazil, Argentina and Mexico are major revenue contributors. Led by increasing fashion consciousness and inclination towards branded products, the eyewear demand in the region is expected to rise steadily over the coming years. Rising optical correction needs of the population also drive the regional market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
