Eyewear products include prescription glasses, contact lenses, and sunglasses. Eyewear serves the primary purpose of vision correction and protection of eyes from sunlight. Prescription glasses are used to treat refractive errors including myopia, hyperopia, astigmatism, and presbyopia. Contact lenses offer an alternative to eyeglasses for vision correction and are also used for decorative purposes. With changing fashion trends, sunglasses have become an important fashion accessory and serve the purpose of protecting eyes from harmful ultraviolet radiations.
The global eyewear market has been gaining significant traction over the past few years due to the increasing focus of people on enhancing their optical appearance. In addition, a sharp rise in the incidence of eye disorders such as cataract and glaucoma has boosted the sales of prescription glasses and contact lenses. The market is expected to observe lucrative growth in the near future owing to the rising disposable incomes of middle-class populations in developing economies such as India, Brazil, and China.
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 key trends:
There has been a notable trend of increasing online sales in the eyewear market over the past few years. Major players are focusing on strengthening their online distribution channels to attract more consumers. According to recent data, online sales of eyewear products accounted for over 18% of the total market revenue in 2022. Online platforms offer consumers convenience in comparing products, prices, and online product reviews. In addition, several pure-play online retailers have emerged which offer a wide selection of eyewear products at competitive prices. The growing penetration of Internet and smartphones across the globe has accelerated the shift of consumer preference towards online shopping, which is a key factor driving the growth of online sales in the eyewear market.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the eyewear market is moderate as it requires large investments and R&D for new product development. Brand loyalty and patents also pose as barriers.
Bargaining power of buyers: The bargaining power of buyers is high given the fragmented nature of the industry with many domestic and international players. Buyers can negotiate on price points easily.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw materials used in eyewear manufacturing such as plastic and metals have many substitutes available. However, specialized components require specific supplier relationships.
Threat of new substitutes: The threat of new substitutes is moderate with newer technologies and materials being adopted. Digital glasses may emerge as substitutes in future.
Competitive rivalry: Competition in the eyewear market is high with the presence of global and local brands vying for market share. Pricing wars and promotional strategies are common.
Key Takeaways
Global Eyewear Market Demand is expected to witness high growth. The market size is projected to reach US$ 141.5 Bn in 2023, growing at a CAGR of 8.1% during the forecast period of 2023 to 2030.
Regional analysis: North America leads the eyewear market currently owing to high demand for eyecare and presence of major players. However, Asia Pacific is expected to dominate the eyewear market in the coming years with China, India and Japan being major regional markets. Increasing disposable incomes and growing health awareness will drive market growth in Asia Pacific.
Key players: Key players operating in the eyewear market are EssilorLuxottica, CooperVision, Johnson & Johnson, Grand Vision and Safilo Group. EssilorLuxottica remains the global leader with its portfolio of brands like Ray-Ban and Oakley. CooperVision and Johnson & Johnson are other prominent players offering contact lenses. Grand Vision operates retail chain stores across Europe.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it