Eyewear Market to Experience High Growth Due to Increased Demand for Corrective and Protective Eyewear

 

 Eyewear Market 

Eyewear refers to items worn on the face in front of the eyes, normally for vision correction, eye protection, or sunglasses. It includes spectacles, sunglasses, and contact lenses. The eyewear market has witnessed significant growth in recent times owing to the increased prevalence of ocular disorders such as myopia, hyperopia, and astigmatism. The growing geriatric population worldwide also propels the demand for corrective eyewear. Furthermore, rising health and safety concerns have increased the use of protective eyewear in industrial and construction sectors.

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 2024 to 2031.

Key Takeaways

The global Eyewear Market Size presents immense growth prospects for players looking to expand their geographical footprint. Asia Pacific accounts for over 40% of the global eyewear market and is anticipated to be the fastest-growing regional market owing topopulation growth, rising disposable incomes and increased awareness about vision care in the region. Many global players have set up manufacturing bases in Asia to cater to the rising local demand. North America and Western Europe continue to offerconsistency in sales volume owing to highbrand awareness and acceptance of premium products in these regions.

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. The eyewear industry offers lucrative growth opportunities owing to increasing demand for premium and customized eyewear products. The rising spending power of consumers has also augmented the demand for luxury and designer frames. Key players are investing heavily in R&D to develop innovative product offerings and durable lenses made of advanced materials.

Market Drivers and Restraints

The increasing incidence of ocular disorders and growing focus on eye care are major drivers propelling the eyewear market growth. The rising geriatric population worldwide also necessitates the demand for vision correction products. Furthermore, evolving fashion trends and expanding online retailing are supporting the market expansion. However, availability of low-cost counterfeit products may hamper the sales of established brands. Volatility in raw material prices is another challenge for market players. Strict regulations pertaining to import and export of certain lenses also act as a restraint.

Segment Analysis

The spectacle lens segment dominated the market in 2024, accounting for over 40% share. This is because spectacle lenses are the core component of spectacles. They allow clear vision by refracting light in a way that focuses the light appropriately on the retina. As eyesight problems become more common due to changing lifestyles, the demand for spectacle lenses is rising the fastest.

Contact lenses are the next major segment. They are gaining popularity among both young and old due to their slim and comfortable form factor as compared to spectacles. Disposable contact lenses are dominating this segment. Their single-use nature makes them more hygienic and convenient option for many users.

Sunglasses form another major segment. Demand is high in sunny regions owing to the need for protection from harmful UV rays. Designer and luxury sunglasses also attract many fashion-conscious customers.

Global Analysis

The North American region accounts for the largest share of the global eyewear market currently. This is because of high awareness about eye care and availability of advanced products. The region is expected to continue dominating during the forecast period fueled by rising myopia cases.

The Asia Pacific region has been growing the fastest due to rising disposable incomes, large population and increasing health issues like Computer Vision Syndrome from extensive smartphone and laptop usage. China, India and other growing economies offer immense opportunities for eyewear companies. countries like Japan and South Korea already have mature eyewear markets.

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