Eyewear refers to products such as spectacles, sunglasses and contact lenses that are designed to improve vision and visual appearance. They protect eyes from sunlight, poor lighting conditions and screen glare. The increasing awareness regarding vision impairments and risks of digital eyestrain has boosted the demand for corrective and protective eyewear globally.
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 key trends:
The growing health concerns and risk of eye diseases has accelerated the demand for protective eyewear products which is one of the key trends driving market growth. Protective eyewear provides safety from UV rays, dust, chemical splashes and other industrial hazards. With increasing outdoor and professional activities, the need for eye protection is rising. Manufacturers are introducing products integrated with features like anti-fog and anti-scratch coatings that make eyewear more useful under tough conditions. Innovations in lens material and frame technology also allow producing lightweight and durable protective gear. This has significantly boosted their popularity among workers and outdoor enthusiasts globally.
Segment Analysis
The global eyewear market is dominated by the sunglasses segment. Sunglasses account for over 60% share of the overall market owing to increasing consumer preference for designer and fashionable sunglasses for style statements. The prescription glasses segment is the second largest segment and is expected to witness steady growth due to rising elderly population worldwide suffering from vision related issues.
Key Takeaways
Global Eyewear Market Demand is expected to witness high growth.
Regional analysis: North America currently dominates the eyewear market and is anticipated to maintain its leading position throughout the forecast period. This is attributed to the high disposable income of consumers in the region which allows them to spend more on premium eyewear products. Asia Pacific is expected to be the fastest growing market for eyewear. Rapid urbanization, improved standard of living and rising health awareness are some major factors propelling the demand for eyewear in Asia Pacific.
Key players: Key players operating in the eyewear market are EssilorLuxottica, CooperCompanies (Johnson & Johnson), Grand Vision, Safilo Group, Fielmann, Marcolin, De Rigo, Essilor International, and Formosa Optical. EssilorLuxottica dominates the global eyewear market with over 20% revenue share. The company has strong brand portfolio and wide distribution network across regions. CooperCompanies is another major player focusing on expanding its customer base through new product launches and strategic acquisitions.
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