The global eyewear market comprises products such as prescription and non-prescription glasses, sunglasses, contact lenses and safety eyewear. These products serve the crucial purpose of vision correction and protection. Eyewear products today have become much more than just corrective lenses - they are important fashion accessories that reflect one's style and personality. Rising disposable incomes, growing fashion consciousness and increased spending on personal grooming have propelled the demand for stylish and high quality eyewear globally.
The global eyewear market is estimated to be valued at US$ 216.65 billion 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 market are Luxottica Group S.p.A., EssilorLuxottica, CooperVision, Johnson & Johnson, and Carl Zeiss AG. The growing popularity of premium and luxury brands along with the expansion of retail outlets by major players is fueling market growth. North America represents the largest regional market, while Asia Pacific is expected to witness fastest gains over the coming years due to increasing population, rising living standards and aggressive marketing strategies of key players.
Key players operating in the eyewear are Luxottica Group S.p.A., EssilorLuxottica, CooperVision, Johnson & Johnson, and Carl Zeiss AG. These companies enjoy significant market shares due to their diversified product portfolios and extensive distribution networks globally.
Growing demand for prescription and non-prescription eyewear from young population is one of the key factors boosting Eyewear Market Demand revenues. Increasing cases of ophthalmic conditions such as myopia, hyperopia and astigmatism are driving adoption of corrective lenses. Rising health consciousness and growing preference for contact lenses as a more convenient alternative to eyeglasses are further supporting market expansion.
The market is also witnessing strong growth in Asia Pacific region. Proliferating retail chains, rising disposable incomes, growing working population and initiatives to spread awareness about eye care in countries such as China, India and South Korea are providing tailwinds to market growth. Manufacturers are focusing on establishing production facilities in Asia to take advantage of low labor costs and cater to the fast growing regional demand.
Market Key Trends
Increased adoption of digital devices: Growing usage of digital devices like smartphones, tablets, laptops and gaming consoles for prolonged periods is leading to higher incidence of computer vision syndrome and digital eye strain. This is driving demand for blue light blocking and anti-reflective eyeglasses and lenses.
Growing popularity of premium and luxury brands: Major players are focusing on promotion of premium and luxury brands through celebrity endorsements, fashion shows and aggressive marketing on social media to appeal to younger fashion conscious customers. This trend is positively influencing consumer spending on expensive designer eyewear.
Porter's Analysis
Threat of new entrants: Low capital requirements and established brands make it easy for new companies to enter the eyewear market.
Bargaining power of buyers: Buyers have high bargaining power in the eyewear market due to the availability of substitutes and undifferentiated products.
Bargaining power of suppliers: A few major companies dominate the supply of raw materials for eyewear products giving them high bargaining power over manufacturers.
Threat of new substitutes: Substitute products like contact lenses pose a major threat to the eyewear market.
Competitive rivalry: Intense competition exists among major eyewear brands.
Geographical Regions
North America accounts for the largest share of the global Eyewear Market Regional Analysis, valued at around US$50 billion in 2024. High disposable incomes and increased spending on fashion accessories drive the demand in the region.
The Asia Pacific region is expected to be the fastest growing market for eyewear during the forecast period. Increasing health awareness and improving living standards in countries like China and India are contributing to the growth of the eyewear industry in Asia Pacific.
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