March 1, 2024
Eyewear Market

Eyewear Market Driven By Increasing Adoption of Fashionable Eyewear

The global Eyewear market is characterized by increasing prevalence of vision impairments and eye disorders. Eyewear products such as prescription glasses, sunglasses, and contact lenses help protect eyes from external environmental factors like sunlight, dust etc. and also correct vision problems. Innovation in lens technology has enabled development of advanced lenses for conditions like myopia, hypermetropia and presbyopia. Moreover, rising consumer inclination towards stylish and fashionable frames is also driving the demand for premium and designer eyewear products.

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 2023-2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends gaining traction in the eyewear market is the growing popularity of smart glasses. Smart glasses are augmented reality (AR) devices that are becoming popular for applications such as navigation, information sharing, language translation, and more. Major players are focused on developing innovative smart glasses with advanced features. For instance, in 2023 Essilor launched eight new smart glasses models under its Vision-R brand with features such as directions, notifications and translation. Another trend is the rising demand for sustainable eyewear frames. Manufacturers are increasingly incorporating recycled materials in frame production to offer eco-friendly options. For example, in 2023, Warby Parker launched eyewear collection made from recycled ocean plastics and cardboard. Such initiatives are raising consumer awareness towards sustainable fashion choices.

Porter’s Analysis

Threat of new entrants: Low barriers to entry allows new players to enter the market easily. However, established brands have strong reputation and supply chain advantages.

Bargaining power of buyers: Large buyers like e-commerce platforms can negotiate lower prices from suppliers. However, differentiated products by brands give buyers less influence.

Bargaining power of suppliers: Major suppliers have some influence over prices as they control key raw materials. However, availability of substitutes limits their power.

Threat of new substitutes: Alternative technologies like augmented reality based AR glasses pose a potential threat in the long run. However, cost constraints currently limit mass substitution.

Competitive rivalry: Presence of well-established brands and regional players leads to intense competition. Players rely on continuous innovation, brand positioning and geographic expansion to gain share.

Key Takeaways

The Global Eyewear Market Share is expected to witness high growth over the forecast period supported by rising health awareness, widespread availability and fashion consciousness.

Regional analysis: Asia Pacific dominates the global eyewear market currently owing to large population, rapid urbanization and fashion consciousness in countries like China and India. North America and Europe are also major markets driven by high disposable income and spending on lifestyle products.

Key players operating in the eyewear market are 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. Key players are focused on strengthening brand awareness, expanding geographic footprints and investments in new technology.

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