by The eyewear market includes products such as spectacles, sunglasses, contact lenses, and corrective and protective eyeglasses. Growing consumer preference towards premium and luxury eyewear products is driving the market growth. Premium sunglasses and spectacle frames made of materials such as titanium and gold are gaining huge traction among millennials. Luxury brands such as Prada, Gucci, Versace are extensively marketing premium eyewear collection to attract young customers. The rising number of ophthalmic disorders and increasing aging population are also fueling the demand for vision correction products. Growing need for eyewear among professionals working in industries like healthcare, construction is propelling the sales of protective goggles.
The global eyewear market is estimated to be valued at US$ 141.5 billion 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:
Increased spending on premium eyewear products and growing consumer preference towards luxury brands are some key drivers propelling the eyewear market growth. The high price point of premium products ensures higher profit margins for eyewear manufacturers. Luxury brands extensively invest in celebrity endorsements and fashion campaigns to influence the purchase decisions of young customers. Demand for sunglasses and goggles is also fueled by rising outdoor recreational activities like gaming, hiking. Availability of advanced lens technology like blue light filtering lenses and photochromic lenses is creating buzz in the market. However, availability of low-cost counterfeit products continues to be a challenge for established brands. Strict regulations associated with production and marketing of prescription lenses and contact lenses also restricts entry of small players in the market.
Segment Analysis
The eyewear market is segmented into sunglasses, contact lenses, prescription glasses and others. Among these, the prescription glasses segment dominates with over 40% market share owing to the increasing prevalence of vision disorders such as myopia and hypermetropia. Availability of advanced lenses and frames coupled with rising fashion consciousness has further boosted the adoption of prescription glasses.
PEST Analysis
Political: Favorable government initiatives aimed at increasing public awareness about vision care and availability of vision insurance are positively impacting the eyewear market.
Economic: Rising income levels and growing spending on personal care products is fueling market growth. The market is projected to grow two-fold during the forecast period led by economic development across emerging nations.
Social: Rapid urbanization, growing middle class and changing lifestyles have increased the focus on aesthetic appeal and fashion. This has boosted the demand for designer frames and sunglasses.
Technological: Advancements in lens material, introduction of thin and lightweight frames along with emergence of e-commerce is revolutionizing the industry. Features such as anti-reflective, anti-scratch and anti-UV coatings are gaining widespread acceptance.
Key Takeaways
Global Eyewear Market Demand is expected to witness high growth at an estimated CAGR of 8.1% during the forecast period of 2023 to 2030.
Regional analysis exhibits Asia Pacific as the fastest growing market led by countries like China and India. Key players operating in the eyewear market are EssilorLuxottica, CooperVision, Johnson & Johnson, Grand Vision and Safilo Group.
The eyewear market in Asia Pacific is projected to be the largest with China holding the major share. Factors such as growing health awareness, rising disposable incomes and westernization are driving the regional market. Key players are expanding their footprint in Asia Pacific through collaborations with local players and strengthening their online presence.
Key players operating in the eyewear market are EssilorLuxottica, CooperVision, Johnson & Johnson, Grand Vision and Safilo Group. EssilorLuxottica dominates with over 25% market share owing to its wide portfolio of brands such as Ray-Ban and Oakley. CooperVision and Johnson & Johnson have a strong presence in the contact lenses segment through daily and colored lenses respectively. Grand Vision and Safilo Group have established themselves as prominent players through their retail networks and luxury brands.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
