Eyewear Market is Estimated to Witness High Growth Owing to Technological Innovations
The eyewear market includes products such as spectacles, contact lenses and sunglasses. Technological innovations have spurred growth in eyewear products that not only correct vision but also offer additional benefits such as blocking harmful blue light. Factors like rising health concerns, increasing disposable incomes and growing fashion consciousness have bolstered demand for high-quality eyewear. The global eyewear industry is driven by major players who focus on new product development, while meeting consumer preferences for affordable yet premium products.
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
The key opportunities in the Eyewear Market Size include rising demand for prescription sunglasses and spectacle frames, growing adoption of smart eyewear products with advanced features and increasing preference for contact lenses among young consumers. North America, Europe and the Asia Pacific region especially China and India are expected to offer significant growth opportunities for eyewear market players over the forecast period.
Key players operating in the eyewear market include 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. These companies are focusing on developing smart eyewear and launching innovative virtual/augmented reality products to gain market share.
Global expansion of the eyewear industry is driven by major players setting up manufacturing bases and sourcing hubs across Asia, Latin America and Africa to cater to the growing local demand. Partnerships with e-commerce companies and retail chains have helped prominent brands scale up their geographical footprint worldwide.
Market Drivers
The primary driver boosting growth of the Eyewear Market Size is the technological innovations in lens materials and product design. Manufacturers are focusing on developing lenses that not only provide optimal vision correction but also offer benefits like blocking blue light emission from digital devices that can cause eyestrain. Additionally, advancements in 3D printing and virtual/augmented reality technologies are fueling demand for smart eyewear products with interactive features. This is expected to significantly increase the demand for technologically advanced eyewear products over the forecast period.
PEST Analysis
Political: The eyewear market is regulated by government policies regarding the import/export of eyewear products and raw materials. Changes in trade policies may impact the growth of this industry.
Economic: As global economic conditions improve and disposable incomes rise, demand for premium and luxury eyewear products is increasing. The market is sensitive to macroeconomic factors like currency fluctuations and economic downturns.
Social: Growing health concerns, rising aging population, and increasing focus on aesthetic appeal are driving the adoption of prescription glasses and sunglasses. Social media influencers promoting fashion eyewear brands also impact trends.
Technological: Advancements in lens and frame materials allow lighter, higher quality products. Trends like smart glasses provide growth opportunities. 3D printing technologies help customize designs and reduce lead times.
North America and Europe account for over 60% share of the global eyewear market, driven by high disposable incomes and demand for premium products. The Asia Pacific region is growing the fastest, spurred by rising middle class populations in China, India and Southeast Asian countries seeking affordable as well as high-end eyewear options.
China is emerging as the fastest growing regional market for eyewear globally. Growing health awareness, increasing spending power on lifestyle products, and presence of domestic eyewear manufacturing capabilities are fueling double digit market expansion in China.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
