by The eyewear market includes products such as spectacles, contact lenses and sunglasses worn to improve vision and protect the eyes. Spectacles are the most common type of eyewear which incorporate lenses that can be prescription or non-prescription based on the needs of the user. Contact lenses are alternatives to spectacles and fit directly onto the cornea of the eye. Sunglasses are worn outdoors to shield the eyes from excessive sunlight. These products provide vision correction, protection from UV rays and also serve as a fashion accessory. The eyewear market has witnessed rising demand due to increasing incidence of vision impairment, growing geriatric population and changing lifestyle preferences.
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
Key players operating in the eyewear 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 growing incidence of vision impairment and increasing disposable income in emerging economies are driving the demand for Eyewear Market Size products globally. Myopia has emerged as a major concern affecting both children and adults. According to WHO, over 2.6 billion people worldwide will be affected by myopia by 2050.
The eyewear market is witnessing strong growth in emerging regions such as Asia Pacific, Latin America and Middle East & Africa. Increasing focus on ophthalmic care and rising healthcare expenditure in these markets will continue to support eyewear sales across the forecast period.
Market Key Trends
Evolving technology is a key trend in the eyewear market. Smart glasses and virtual reality headsets integrated with AR/VR capabilities are being developed by major players. Google Glass is one of the pioneers in this space which superimposes digital information over a real-world view. Technological advancements are also driving materials innovation with new lightweight and durable frames. Anti-blue light coating is another emerging technology mitigating harmful light from digital screens. Continued product innovations centered around technology will shape the future outlook of the eyewear industry.
Porter’s Analysis
Threat of new entrants: Low barriers to entry such as relatively low start-up capital requirements.
Bargaining power of buyers: Large buyers can negotiate lower prices from suppliers due to their high purchase volumes.
Bargaining power of suppliers: Suppliers have moderate to high bargaining power with specialized components and formulations required for lens and frames production.
Threat of new substitutes: Substitutes like contact lenses provide alternatives but do not fully replace the need for prescription eyewear.
Competitive rivalry: High level of competition between industry players.
Geographical Regions
North America accounts for the largest share of the global Eyewear Market Size, valued at US$ 52.69 Bn in 2024 owing to the rising geriatric population and increasing prevalence of ocular disorders in the region.
Asia Pacific region is expected to witness the fastest growth during the forecast period, growing at a CAGR of 10.3% between 2024-2031. Rapidly developing economies like China and India are major drivers of increased eyewear consumption in Asia Pacific due to rising living standards and healthcare expenditure.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
