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Eyewear Market |
Eyewear includes products like
spectacles, goggles, and sunglasses worn on the eyes. These products serve the
purpose of vision correction as well as protection from external factors such
as sunlight, dust, pollution etc. Over the years, the demand for eyewear has increased
significantly due to rising cases of myopia and other vision disorders.
Corrective lenses help improve vision by reducing or eliminating refractive
errors of the eyes. Protective lenses are increasingly being used in industrial
settings to safeguard workers from hazards. 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 Dynamics:
One of the major drivers for the
growth of the eyewear market is the increasing demand for corrective and
protective lenses. Corrective lenses such as contact lenses and spectacles are
widely used to treat refractive errors like myopia, hyperopia, and astigmatism.
The prevalence of myopia and other vision problems has increased significantly
over the past few decades. According to a study published in the British
Journal of Ophthalmology in 2019, nearly 30% of the world’s population suffers
from some form of refractive error. This growing demand for vision correction
treatments is expected to boost the sales of vision lenses and frames in the
eyewear market during the forecast period.
Additionally, protective lenses
find extensive application in various industries like manufacturing,
construction, mining, healthcare etc. Strict workplace safety regulations
mandate the use of protective eyewear for workers at risk from airborne debris,
chemical splashes, intense optical radiation etc. These regulations have fueled
the adoption of industrial safety goggles and specialized lenses for different
industrial processes. The surging industrialization in developing regions is
anticipated to propel the demand for protective lenses in the coming years.
SWOT Analysis
Strength: Eyewear has become
necessity for vision correction as well as fashion. Rising health awareness and
rising incomes have boosted demand. Availability of various styles, shapes and
latest technologies in lenses make it popular. Online availability from
multiple brands offer convenience to customers.
Weakness: High quality eyewear
can be relatively expensive limiting demand from lower income groups. Frequent
changes in styles trigger premature replacement affecting sustainability.
Dependence on few large players make industry vulnerable to price fluctuations.
Opportunity: Emerging markets and
rural areas yet to reach potential due to low awareness and incomes offer scope
for growth. Rising health insurance can boost affordability. Technology led
customization and product differentiation open new opportunities.
Threats: Economic slowdown and
job losses can impact discretionary spending on eyewear. Regulations regarding
usage of certain materials in lenses pose compliance challenges. Currency fluctuations
impact international businesses and supply chain costs.
Key Takeaways
The Global
Eyewear Market Share is expected to witness high growth over the
forecast period supported by rising health and fashion consciousness.
Regional analysis - Asia Pacific region dominates the eyewear
market currently accounting for over 35% global share led by large population
base and rapid economic growth in major countries like China and India. The
region is expected to remain the fastest growing region during the forecast
period driven by rising incomes, health awareness and western influence.
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 Current), ABB
Installation Products Inc., Larson Electronics LLC, R.Stahl Limited, Technology
Co. Ltd., Digital Lumens Inc. (OSRAM), Dialight PLC, and Eaton Corporation.
Major players are focusing on enhancing product portfolios and entering
emerging markets through new product launches, partnerships and mergers and
acquisitions.
Get More Insights Here
https://www.newsstatix.com/eyewear-market-size-share-growth-outlook-2023/
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