Eyewear includes sunglasses, prescription glasses, safety glasses and goggles which are used to protect eyes from harmful ultraviolet (UV) rays of the sun, dust, debris and other environmental hazards. A growing preference for eyewear that not only protects eyes but also enhances aesthetic appeal is propelling the demand. Advancements in lens technologies have enabled manufacturers to develop lightweight yet durable frames blended with innovative lens coatings, polarization and tint options. 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 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The growing inclination towards protecting eyes from sun and other environmental hazards presents a major market opportunity for eyewear products. With increasing health awareness, consumers are realizing the importance of shielding eyes from harmful effects of sun exposure as well as foreign particles during outdoor and occupational activities. This has boosted the demand for functional eyewear products with UV protection, anti-reflective and anti-scratch coatings. Eyewear manufacturers are innovating their product portfolios to cater to the rising needs of health-conscious consumers. They are developing advanced lenses that can effectively filter out 100% of UVA and UVB rays to prevent sun-related eye conditions like cataracts. The growing market opportunity from increased eye protection needs is projected to propel the eyewear market growth during the forecast period.
Porter's Analysis
Threat of new entrants: The eyewear market has moderate threat from new entrants due to the established brands and availability of substitute products. However, new innovations can disrupt the market.
Bargaining power of buyers: Buyers in the eyewear market have high bargaining power due to the availability of numerous established brands and affordable substitute options. They can negotiate on price points.
Bargaining power of suppliers: Suppliers have moderate bargaining power since raw materials for eyewear production including plastic and glass have many substitutes available. This keeps their costs low.
Threat of new substitutes: Substitutes like contact lenses pose medium threat since they are convenient options for vision correction. However, spectacles are still a fashion statement.
Competitive rivalry: The market has high competition due to the presence of numerous global and regional brands offering varied portfolios at different price segments.
SWOT Analysis
Strengths: Wide availability of innovative eyeglass frames, sunglasses and contact lenses. Established brand recognition and loyal customer base for top players.
Weaknesses: High research and marketing costs incurred by companies. Seasonal demand and fashion trends impact sales.
Opportunities: Rising income levels in developing nations will boost demand. Ageing population needs vision aid.
Threats: Competition from affordable private label brands. Substitutes like laser eye surgeries can reduce dependence on vision aids.
Key Takeaways
The Global Eyewear Market Share is expected to witness high growth over the forecast period aided by rising awareness on vision care and increasing disposable incomes.
Regional analysis shows that Asia Pacific dominates the global eyewear market with countries like China, Japan and India among the largest consumers. Availability of affordable products and growing middle class are propelling sales in the region. North America and Europe are other major eyewear markets driven by high spending on premium products in countries like the US, Germany and UK.
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.
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