Eyewear Market

Eyewear Market is Expected to be Flourished by Growing Demand for Prescription Eyewear

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Eyewear refers to any products worn on the face or held in the hand to assist vision or protect the eyes. This includes prescription glasses, contact lenses, sunglasses, and safety glasses. The global eyewear market covers a wide range of products from basic functional glasses to fashionable eyewear products. Rising cases of vision disorders as a result of increased consumption of digital displays and aging population has boosted the demand for prescription glasses and contact lenses globally. The growing working professional population and increasing focus on ocular health has further augmented the market growth.

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 Dynamics

Growing demand for prescription eyewear: Prescription eyewear has witnessed significant growth over the past few years owing to increased prevalence of visual impairments such as myopia, hyperopia, and astigmatism. As per a study by Vision Impact Institute, around 2.5 billion people globally are expected to be nearsighted by year 2050. Rising cases of lifestyle diseases like diabetes that can impair vision has also boosted the demand.

Rising popularity of eyewear as fashion accessories: In addition to vision correction, eyewear products are increasingly gaining traction as fashionable accessories. Launch of range of brands offering designer frames at affordable prices has made eyewear popular fashion statement. Growing working professional population emphasizing on professional looks has augmented the demand. Special focus on innovations offering lightweight yet sturdy frames has further widened the consumer base.

Segment Analysis

The eyewear market can be segmented into spectacle lenses, contact lenses and sunglasses. Among these, spectacle lenses dominated the market in 2023 accounting for over 50% share. Spectacle lenses segment is dominating as vision correction has become necessity for growing geriatric population and increasing cases of myopia globally. Contact lenses segment is projected to witness fastest growth during the forecast period, growing at a CAGR of 10%, due to increasing preference of young population towards contact lenses over spectacles.

PEST Analysis

Political: Strong regulations in place regarding production and sale of eyewear products ensure quality standards are met. However, taxes imposed on import of luxury brands can restrain market growth.

Economic: Growing economic prosperity in developing regions will boost discretionary spending on fashion eyewear such as sunglasses. However, recession can negatively impact the market.

Social: Increasing time spent on digital devices for work from home has aggravated lifestyle diseases like myopia driving demand. However, social stigma still exists regarding vision correction in some cultures.

Technological: Advancements in lens materials, treatments and coatings have enhanced visual comfort and made lenses durable. Digitally powered spectacles are gaining traction but high costs restrict mass adoption.

Key Takeaways

The Global Eyewear Market Share is expected to witness high growth during the forecast period. It is projected to reach a value of over US$ 200 Bn by 2030 supported by growing vision correction needs and increasing focus on ocular health.

Regional analysis: Asia Pacific region dominated the global eyewear market in 2023 with over 35% share. China and India accounted for major share due to large population base and accessibility of affordable products in these markets. North America is expected to grow at a CAGR of around 7% during the forecast period on back of increasing health consciousness. Other emerging regions like Latin America and Middle East & Africa will also present lucrative opportunities attributed to rising per capita incomes and growing medical tourism.

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), ABB Installation Products Inc., Larson Electronics LLC, R.Stahl Limited, Technology Co. Ltd., Digital Lumens Inc. (OSRAM), Dialight PLC, and Eaton Corporation.

*Note:
1.      Source: Coherent Market Insights, Public sources, Desk research
2.      We have leveraged AI tools to mine information and compile it 
Ravina
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Ravina Pandya,  Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.