by The eyewear market consists of a wide range of vision products like spectacles, contact lenses and sunglasses that help in vision correction or protection. Spectacles remain the most prominent product in this industry due to ease of use and lower cost compared to alternatives like contact lenses or vision correction surgeries. The COVID-19 pandemic further accelerated demand for spectacles as people started working remotely and stared at digital screens for longer hours. With changing lifestyle and increasing workforce in metro cities, eye related issues like computer vision syndrome and myopia have become common. This has boosted the need for prescription Eyewear for vision correction.
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:
One major trend gaining popularity is the shift towards contact lenses from traditional eyeglasses. Factors like growing fashion consciousness, desire for flexibility and increased marketing by lens manufacturers have driven this change. Another noteworthy trend is the rising sales of premium and designer brands owing to change in social attitudes towards eyeglasses now being considered as fashion accessories. New materials like polycarbonates are finding more adoption in frames for their properties like lightweight and damage resistance. Continuous innovation in lens coatings and treatments that provide benefits like easy cleaning, scratch resistance and protection from UV/blue light are also shaping consumer preferences in the eyewear market.
Porter’s Analysis
Threat of new entrants: Low. The eyewear industry requires high capital investment and established distribution channels, creating barriers for new companies.
Bargaining power of buyers: Moderate. Large buyers can negotiate lower prices but individual consumers have limited influence.
Bargaining power of suppliers: Low. Raw materials for eyewear production such as plastic and metal are commodity items available from numerous global suppliers.
Threat of new substitutes: Low. No direct substitutes exist for prescription eyewear though digital devices offer alternative uses of vision.
Competitive rivalry: High. Major brands aggressively compete on product innovation, marketing and retail relationships.
Key Takeaways
The Global Eyewear Market Size is expected to witness high growth driven by rising vision disorders, increasing spending on luxury accessories, and fashionable product designs. 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.
Regional analysis sees Asia Pacific as the fastest growing region attributed to large population, increasing incomes, and growing health awareness in major countries like India and China.
Key players operating in the eyewear market are Worksite Lighting LLC, DCD Technologies ME FZCO, Azz Inc., and Nemalux I. Worksite Lighting LLC focuses on safety lights and lamps for industrial use while DCD Technologies ME FZCO specializes in LED lighting solutions. Azz Inc. supplies metals coatings to various industries including healthcare and manufacturing. Nemalux I produces advanced LED lighting fixtures.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
