Eyewear products are worn to improve vision or as a fashion accessory. Prescription eyewear products like contact lenses and spectacles are used in cases of refractive errors such as myopia, hyperopia, presbyopia, and astigmatism. Over-the-counter reading glasses are used in cases of presbyopia. Sunglasses are worn to protect the eyes from ultraviolet rays emitted by the sun.

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:
The rising trend of smart glasses is expected to drive significant growth of the eyewear market over the forecast period. Smart glasses are designed to perform various tasks like hands-free calling, receiving notifications, navigation, and more. They use Augmented Reality (AR) technology that allows users to overlay digital content on the real world. Companies like Facebook, Google, and Lenovo are actively launching new AR and smart glasses to gain market share. For example, in 2021, Google launched Android-powered Google Glass Enterprise Edition 2 smart glasses. Such continual new product launches are fueling demand and adoption of smart glasses, thereby propelling the eyewear market forward.

Another major driver for the market is increasing incidence of ocular diseases and disorders attributed to lifestyle changes. Prolonged screen time from increased smartphone and computer usage is putting additional strain on eyes. Growing geriatric population is also leading to greater prevalence of presbyopia and other age-related visual impairments. Favorable government initiatives in various countries for eye care are further expected to support market growth over the projected period.

SWOT Analysis

Strength: The eyewear market has a wide range of product offerings which addresses various consumer needs. Sunglasses, contact lenses, and prescription glasses are widely used by individuals for vision correction as well as fashion purposes. Furthermore, technological advancements have led to the development of frames made from lightweight yet durable materials.

Weakness: Frequent changes in consumer fashion preferences poses risks for manufacturers to misjudge trends. Additionally, stringent regulations surrounding the design, manufacturing and sale of prescription glasses increases operational costs.

Opportunity: Rising incidence of ocular disorders and eye diseases along with the growing geriatric population provides opportunities for market players. In addition, increasing demand for occupational safety eyewear from industrial sectors is another avenue for growth.

Threats: Intense competition from local and regional players threatens the market share of established brands. Moreover, economic slowdowns can negatively impact discretionary spending on fashion eyewear.

Key Takeaways

 Global Eyewear Market Size is expected to witness high growth over the forecast period driven by the increasing prevalence of eye disorders and growing aging population. The Asia Pacific region currently dominates the market owing rapid urbanization, rising healthcare expenditure, and high incidence of eye diseases.

Regional analysis: The Asia Pacific region is projected to experience the fastest growth in the eyewear market through 2030. This can be attributed to increasing consumer affluence, rising health awareness, and growing number of optical shops especially in major Asian economies like India and China.

Key players: Key players operating in the eyewear market are Luxottica Group S.p.A, EssilorLuxottica, CooperVision, Johnson & Johnson, Workrite Uniform Company, and MCR Safety. Major players are focusing on new product launches, collaborations and mergers & acquisitions to gain market share.

 

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