Eyewear includes eyeglasses, contact lenses, and sunglasses which provide vision correction and protection against external elements. Eyewear products aid in vision correction of disorders such as myopia, hyperopia, astigmatism and presbyopia. The growing prevalence of vision related disorders, rising awareness regarding eye care and corrections, and increasing chronic medical conditions such as diabetes have bolstered the demand for vision correction devices. In addition, rapid urbanization and changing lifestyles have increased eye related health issues significantly.

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 increased demand for prescription eyewear offers high growth opportunity for the eyewear market. According to a report by Vision Council, around 50% of the U.S. population wears some form of vision correction. With rising eye disorders due aging population as well as increased digital device usage, the prescription eyewear segment is witnessing significant demand. Advancements in lens technologies and treatments of refractive errors are further boosting the adoption of prescription eyewear products such as eyeglasses and contact lenses. The growing cases of myopia particularly among children and younger generation will continue to drive the need for prescription eyewear over the forecast period.

Porter's Analysis

Threat of new entrants: Low as the eyewear market requires high capital investment for manufacturing and has established brand value.

Bargaining power of buyers: High as there are many established brands for buyers to choose from and online retailers offering discounts.

Bargaining power of suppliers: Moderate as there are many manufacturers supplying raw materials like plastic and metals however specialized materials have fewer suppliers.

Threat of new substitutes: Low as sunglasses and prescription glasses have strong functional utility and close substitutes.

Competitive rivalry: Intense as major brands compete on innovation, quality, pricing and market reach.

SWOT Analysis

Strength: Established brands, product innovation, wide distribution networks, brand loyalty.

Weakness: Heavy reliance on few key markets, supply chain disruptions, price wars, short shelf life of styles.

Opportunity: Rising disposable incomes in emerging markets, increased screen time increasing need for eyecare, growing online sales.

Threats: Economic slowdowns affecting discretionary spending, strong dollar impacting exports, regulations around materials used.

Key Takeaways

 Global Eyewear Market Size is expected to witness high growth over the forecast period of 2023 to 2030. 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.

North America and Europe currently dominate due to advanced healthcare systems however Asia Pacific is growing rapidly led by China, India and Southeast Asian countries. Rising urbanization and health awareness in Asia Pacific will drive additional demand. Lifestyle changes amid increased digital device usage and fashion consciousness are positively impacting the regional market. China holds a major share owing to large population and rising middle class. India is projected to grow at a double digit rate over the forecast period.

Key players operating in the eyewear market are Worksite Lighting LLC, DCD Technologies ME FZCO, Azz Inc., Nemalux Inc.

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