Eyewear Industry encompasses products such as spectacles, contact lenses and sunglasses. These products help in vision correction as well as protection from harmful light rays. Spectacles aid in correcting refractive errors, astigmatism and other vision impairments. Individuals suffering from myopia, hypermetropia or presbyopia opt for spectacles instead of corrective surgeries. Contact lenses provide an aesthetic alternative to spectacles and also enable activities like swimming. Sunglasses play a pivotal role in blocking 100% of harmful UV rays from the sun and reducing glare.
Market Dynamics
Rising consciousness regarding eye health has been a major driver propelling the eyewear market growth. Prolonged exposure to blue light emitted from digital devices like smartphones, laptops and tablets can increase the risks of digital eye strain, headaches and disruption of circadian rhythm. As the world transitions towards a virtual environment due to remote working and online learning trends exacerbated by the pandemic, the need for blue light filtering eyewear has increased significantly. According to a survey by Vision Source, 63% of Americans experience digital eye strain and over 70% failed to take regular breaks from screens. Similarly, exposure to UV rays from sunlight can lead to serious eye diseases like cataracts and macular degeneration in the long run. This has increased the demand for protective eyewear like sunglasses.
Another key factor supplementing market expansion is the growing geriatric population globally. Age-related macular degeneration and presbyopia are highly common among the elderly. This age group relies heavily on vision correcting products for routine activities. Additionally, rising fashion consciousness and adoption of eyewear as a style statement rather than just a vision aid among millennials and Gen Z has expanded the customer base. Frequent product launches incorporating latest trends and celebrity endorsements further propel the industry revenue.
SWOT Analysis
Strength: The eyewear market has strong brand recognition of leading players. Design innovations have increased convenience and protection for consumers. Rising disposable incomes favor growth in demand for premium eyewear products.
Weakness: High costs of premium products limits mass adoption. Frequent changes in fashion trends increase vulnerabilities. Dependence on economic cycles make demand volatile.
Opportunity: Untapped growth potential exists in developing regions of Asia Pacific and Latin America. New product categories such as smart glasses present lucrative opportunities.
Threats: Threat from low cost substitutes. Strict regulations over eyewear distribution pose challenges.
Key Takeaways
The global eyewear market is expected to witness high growth. Global Eyewear Market Demand for 2023 is US$ 141.5 Bn registering a CAGR of 8.1% during the forecast period of 2023 to 2030. Growth will be driven by rising awareness about ocular health and surging disposable incomes. Increasing prevalence of eye disorders and vision correction treatments will fuel demand.
Regional analysis: North America dominates the eyewear market currently. This is attributed to high consumer spending capacity and early adoption of trendy eyewear products. Asia Pacific excluding Japan is witnessing the fastest growth and will emerge as the leading regional market over the forecast period. Improving standards of living and massive population offer large sales volumes in the region.
Key players operating in the eyewear market are EssilorLuxottica, CooperVision, Johnson & Johnson, GrandVision and Safilo Group. EssilorLuxottica holds the largest revenue share backed by its renowned brands and global retail networks. CooperVision and Johnson & Johnson have strong market shares in contact lenses.
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