July 25, 2024
Eyewear Market

Eyewear Market Growing Adoption of Eyewear to Boost Market Growth

Market Overview:

The Eyewear Market encompasses products such as spectacles, contact lenses, and sunglasses. Eyewear products provide various advantages such as vision correction, protection from harmful UV rays, and enhancing aesthetic appearance. With the growing geriatric population and increasing prevalence of eye disorders, the demand for eyewear products is expected to surge. Additionally, the rising awareness about eye health and the availability of innovative eyewear products are further driving market growth.

Market Key Trends:

One key trend in the Eyewear Market is the growing popularity of online sales channels. Technological advancements and the widespread use of the internet have enabled consumers to conveniently purchase eyewear products online. Online platforms offer a wide range of products, attractive discounts, and easy return policies, which are appealing to consumers. Moreover, e-commerce platforms provide a personalized shopping experience by offering virtual try-on features and customized recommendations based on the consumer’s preferences. This trend is expected to continue witnessing significant growth in the eyewear market.

Porter’s Analysis
Threat of New Entrants: The eyewear market is highly competitive with a few dominant players holding a significant market share. The high level of brand recognition and customer loyalty acts as a barrier to new entrants. Additionally, the capital required to establish manufacturing facilities and distribution networks further discourages new players from entering the market.

Bargaining Power of Buyers: Buyers in the eyewear market have a moderate level of bargaining power. With increasing choices and easy access to product information, buyers can compare prices and features, making it difficult for manufacturers to charge premium prices. However, the market is driven by factors such as fashion trends and brand loyalty, which can limit the power of buyers.

Bargaining Power of Suppliers: Suppliers in the eyewear market, such as lens and frame manufacturers, have a relatively high bargaining power. Limited suppliers in the market and the specialized nature of their products give them the ability to set prices and negotiate favorable terms with manufacturers. This can affect the profitability of eyewear companies.

Threat of New Substitutes: The threat of new substitutes in the eyewear market is low. Although alternatives such as contact lenses and laser eye surgery exist, they do not completely replace the need for eyewear. Eyewear is still the preferred choice for many individuals due to fashion preferences, convenience, and affordability.

Competitive Rivalry: The competitive rivalry in the eyewear market is intense. The market is dominated by a few major players who compete fiercely for market share. This results in aggressive marketing strategies, constant product innovation, and competitive pricing in order to attract and retain customers.

Key Takeaways

The Global Eyewear Market Demand is expected to witness high growth, exhibiting a CAGR of 6.0% over the forecast period. This growth can be attributed to factors such as increasing disposable income, changing fashion trends, and growing awareness about eye health. Additionally, the rise in vision problems due to factors like extended screen time and aging population further drives the demand for eyewear.

In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the eyewear market. The region has a high prevalence of vision problems, coupled with a high level of healthcare expenditure. Furthermore, the presence of established eyewear brands and the fashion-conscious population contribute to the growth of the market in this region.

Key players operating in the eyewear market include Luxottica Group SpA, Essilor International S.A, Carl Zeiss AG, Hoya Corporation (Life Care), Johnson & Johnson Vision Care, Inc., Cooper Companies Inc., Fielmann AG, Safilo Group Spa, Marcolin S.p.A., and De Rigo S.p.A. These key players dominate the market through their extensive distribution networks, strong brand presence, and continuous product innovation.

Note:

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