by Eyewear products such as eyeglasses, contact lenses, and sunglasses help protect eyes from harmful UV rays, external debris, and improve eyesight. The rise in disposable income and changing lifestyle that involves extensive use of digital devices has propelled the demand for eyewear.
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:
The key trend that is driving the eyewear market is the rising disposable income and changing lifestyle. With increasing disposable income, consumers are able to spend more on vision care products and designer eyewear products that are more of a fashion accessory than basic necessity. Further, changing work culture that involves extensive use of digital devices such as smartphones, laptops and tablets has increased screen time which is contributing to increased eye strain. This has boosted the demand for eyewear products. Moreover, rising health and fitness consciousness is encouraging participation in sports activities which is propelling the sales of sports sunglasses and goggles.
SWOT Analysis
Strength: The eyewear market benefits from strong growth in demand for prescription glasses and sunglasses. Increasing eye disorders and aging population propel market growth.
Weakness: High costs associated with premium and customized eyewear restrict wider acceptance. Frequent product replacement need is another challenge.
Opportunity: Emergence of e-commerce platforms present an opportunity to reach larger customer segments. Advances in eyewear technology and materials allow new product innovations.
Threats: Threat of substitute products like contact lenses and laser eye surgeries impact the eyewear market. Intense competition among existing players affects pricing and margins.
Key Takeaways
Global Eyewear Market Size is expected to witness high growth. Rapid urbanization, rising income levels, and growing health awareness augment the market in developing regions. 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.
The Asia Pacific region dominated the eyewear market in 2023 with over 35% share. China, India, Japan, and South Korea are major country-level markets driving high demand.
Key players operating in the eyewear market are Worksite Lighting LLC, DCD Technologies ME FZCO, Azz Inc., Nemalux Inc. Market leaders are investing heavily in premium designer brands and technology-enabled products. Strategic partnerships with fashion labels and tie-ups with optical stores strengthen distribution and brand positioning.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
