The eyewear market comprises products such as prescription glasses, contact lenses and sunglasses. Eyewear are used to correct vision defects and block harmful sunrays. Rising incomes have allowed consumers to spend more on fashion accessories and luxury items like branded eyewear. The growing popularity of eyewear as a style statement among the younger generation is also propelling market growth.
The Global Eyewear Market is estimated to be valued at US$ 216.65 Bn in 2024 and is expected to exhibit a CAGR of 8.7% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the eyewear 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. The key opportunities in the eyewear market include increasing R&D to develop advanced lenses with new features and expansion in developing regions. Major players are focusing on geographical expansion across Asia Pacific and Latin America to leverage high growth potential.
Market Drivers
The key driver for the Eyewear Market Demand is the increasing disposable incomes of consumers especially in developing economies. As incomes rise, more consumers are able to afford branded eyewear and spend on premium products. Another major driver is rising health and fashion consciousness. Many consumers now view eyewear as an important fashion accessory rather than just a vision correction product. The growing trend of wearing stylish sunglasses is also propelling market demand.
PEST Analysis
Political: The eyewear market is regulated by governments to ensure the safety and quality of products. Regulations around standards, labeling, and manufacturing can impact industry participants.
Economic: Changes in economic conditions influence consumer spending on eyewear products. During times of economic growth, demand for premium and lifestyle brands tends to increase as more individuals can afford nicer frames and lenses.
Social: Shifting social trends help determine popular eyewear styles. Younger generations in particular emphasise fashion and self-expression, driving demand for designer and novelty products. Health issues like near-sightedness are also on the rise.
Technological: Advancements in materials and lens technologies continually enhance product options. Features like thinner and lighter frames and lenses with anti-reflective and UV protecting coatings see strong adoption. Digital fabrication equipment allows for mass customisation.
The largest regional Eyewear Market Regional Analysis for eyewear by value are North America and Europe. North America alone accounts for over a third of global revenue due to a high number of vision-impaired individuals and adoption of prescription sunglasses. Europe has a significant optical industry presence and people regularly purchase new frames as fashions change.
The Asia Pacific region is growing at the fastest rate globally. An expanding middle class with greater spending power and increasing prevalence of eyesight issues are major drivers. Countries like China, India and Vietnam in particular are developing their domestic manufacturing base as multinational brands extend their presence across the region.
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