May 21, 2024
Eyewear Market

The Eyewear Market Takes Vision Care Trends by Storm

The Eyewear Market comprises products such as spectacles, contact lenses, and sunglasses that correct vision defects, protect eyes, and make fashion statements. Expansion in the eyewear retail sector with specialty chains and e-commerce portals stocking a wide variety of budget to luxury products has increased accessibility. Rising prevalence of ophthalmic disorders and surge in spending on lifestyle accessories are fueling sales.

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 from 2024 to 2031.

Key Takeaways

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, a Daintree company).

Growing demand for fashionable and premium eyewear products especially from millennials and generation Z due to rising brand consciousness is fueling Eyewear Market Size revenue. e-Commerce sales and increasing penetration in semi-urban and rural regions are further expanding consumer reach.

Major players are exploring opportunities in emerging economies of Asia Pacific and Latin America through partnerships, branding, and multi-channel distribution networks to leverage substantial untapped growth potential in tiers 2 and 3 cities.

Market Key Trends

The increasing adoption of large cavity and prescription sunglasses is one of the key trends in the eyewear market. Such eyewear combines advanced lens technologies, sturdy frames, and trendy designs suited for harsh outdoor conditions. This offers protection from UV rays as well as visibility and accommodation for vision defects.

Porter’s Analysis
Threat of new entrants: The eyewear market is well-established with major players. Starting a new eyewear business requires significant investment in brands, distribution networks, and manufacturing facilities which pose barriers for new entrants.

Bargaining power of buyers: Buyers have moderate bargaining power in the eyewear market as there are numerous established brands to choose from. However, brand loyalty plays a role.

Bargaining power of suppliers: Suppliers have moderate power as raw materials for eyewear production such as plastic and metal components have few substitutes and suppliers have established relationships with major brands.

Threat of new substitutes: Substitutes remain limited as eyewear provides vision correction and fashion needs that other products do not fulfill as effectively.

Competitive rivalry: Intense as major brands compete on innovation, fashion, quality, and price despite high fixed and switching costs for customers.

Geographical Regions
North America accounts for the largest share of the eyewear market currently due to high demand, fashion consciousness, and presence of major brands.

The Asia Pacific region excluding Japan is forecasted to be the fastest growing market during the forecast period owing to rising living standards, large population, increasing health awareness and western influence on fashion trends in countries such as China and India.

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