May 23, 2024
Eyewear Market

Eyewear Market is Estimated to Witness High Growth Owing to Adoption of Advanced Frame Materials and Smart Eyewear Technologies

Eyewear includes products such as eyeglasses, sunglasses and contact lenses that are used for vision correction, sports protection, medical reasons, or fashion. The rising prevalence of vision disorders such as myopia and hypermetropia has fueled the demand for prescription eyewear globally. Additionally, the growing popularity of luxury and designer frames has boosted consumer spending on sunglasses and eyeglasses as fashion accessories. Increasing health awareness and high disposable income are also propelling the eyewear market growth.

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
Key players operating in the eyewear market are Luxottica Group S.p.A., EssilorLuxottica, CooperVision, Johnson & Johnson Vision Care, Inc., and Fielmann AG.

The key opportunities in the eyewear market include rising demand for opthalmic lenses and non-prescription sunglasses. Increasing adoption of value-added lenses such as photochromic, polarized and antireflective lenses is expected to drive future market growth. In addition, the increasing focus on production of smart eyewear integrated with advanced technologies such as augmented reality and virtual reality is anticipated to open new avenues for market players in coming years.

Advanced technologies such as integration of augmented reality features in smart glasses are estimated to revolutionize the eyewear industry. For instance, Google Glass and North Focals smart glasses are enabling hands-free access to information, navigation and communication. Ongoing advancements in materials science have led to development of lightweight frames made from titanium and plastic that provide durability and flexibility.

Market drivers: Some of the major drivers contributing to the growth of the eyewear market are:

– Increasing prevalence of vision impairment issues such as myopia and hypermetropia: According to WHO, around 2.2 billion people suffer from near-sightedness globally. This has increased demand for corrective eyewear over the years.

– Rising health and wellness trends: Growing health consciousness among consumers has raised awareness about benefits of protecting eyes from harmful blue light and UV rays using sunglasses. This drives the sales of protective eyewear products.

– Growth in e-commerce sales: Expanding online retail landscape allows consumers to conveniently purchase affordable eyewear options from a wide range of brands. This supports the market expansion.
Challenges in Eyewear Market

The eyewear market is facing challenges due to increasing demand for smart glasses and growing popularity of contact lenses. Smart glasses are integrated with advanced technologies like augmented reality and virtual reality. Many companies are focusing on developing innovative smart glasses. Meanwhile, contact lenses offer convenience over spectacles and are gaining traction among younger consumers. Sustaining market share against new product categories poses a major challenge.

SWOT Analysis

Strength: Wide availability of prescription lenses and sunglasses in various styles and prices. Weakness: Heavy reliance on few global players increases supply chain vulnerabilities. Opportunity: Growth in e-commerce is boosting access to latest eyewear trends. Threats: Fluctuating raw material costs can squeeze profit margins of manufacturers.

Geographical Regions
North America accounts for the largest share in the eyewear market owing to increasing prevalence of eye disorders coupled with high consumer spending power. Growth is dominated by the US market with presence of several local and global brands.

Asia Pacific excluding Japan is poised to witness the fastest growth during the forecast period. Rising incomes, large population and increasing awareness about eye care will drive strong demand from China, India and other emerging countries in the region.

1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it