The Eyewear Market Poised to Achieve Significant Growth Due to Rising Eye Disorders

Eyewear Market


The global eyewear market is estimated to be valued at US$ 163.01 billion in 2024 and is expected to exhibit a CAGR of 8.1% over the forecast period from 2024 to 2031. Eyewear includes all vision correction devices like prescription glasses, contact lenses, and sunglasses. They help treat vision problems like myopia, hyperopia, astigmatism, and presbyopia. The rising prevalence of eye disorders due to changing lifestyles and increased usage of digital devices is a key factor driving demand for eyewear products globally.


Key Takeaways

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).

The key opportunities in the Eyewear Market Size include expanding product portfolio with advanced technologies like anti-reflective and blue light filtering lenses. Manufacturers focus on developing eyewear with advanced features to meet consumers' growing demand for comfort, style and visual performance.

The global eyewear market players are exploring opportunities in new geographies to expand their business. Major players focus on acquisitions and partnerships with local players in Asia Pacific and Latin America which are high growth areas.

Market Drivers:
Growing awareness about eye care and vision correction is a major driver. Increased spending on healthcare and rising disposable incomes in developing nations also support market growth.

Market Restraints:
High costs of premium eyewear products remain a key restraint in price-sensitive developing markets. Unorganized local players providing low cost products also limit the revenues of global brands.

Segment Analysis
The eyewear market is dominated by the spectacles segment. Spectacles account for the largest share as they are considered a necessity by many consumers for vision correction. The ease of use and availability of a wide range of frames at varying price points have made spectacles the preferred eyewear product over other options. Sunglasses hold the second largest share and are growing in popularity due to rising consumer awareness about eye protection from UV rays.

Regional Analysis
The Asia Pacific region holds the largest share in the eyewear market currently. This can be attributed to large population countries such as China and India that contribute to high demand. In addition, emerging middle class demographics with increasing spending power on lifestyle products support market growth. North America is another major region benefiting from early technology adoption and high disposable incomes supporting premium eyewear purchases. Europe follows in terms of revenue generation with countries like Italy and Germany dominating the landscape for high-end designer eyewear brands.

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