Rising Trend of Smart Glasses is Encouraging Significant Growth in the Eyewear Market Eyewear

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Rising Trend
of Smart Glasses is Encouraging Significant Growth in the Eyewear Market

Eyewear products are worn to improve vision or as a fashion accessory.
Prescription eyewear products like contact lenses and spectacles are used in
cases of refractive errors such as myopia, hyperopia, presbyopia, and
astigmatism. Over-the-counter reading glasses are used in cases of presbyopia.
Sunglasses are worn to protect the eyes from ultraviolet rays emitted by the
sun.

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:

The rising trend of smart glasses is expected to drive significant growth of
the eyewear market over the forecast period. Smart glasses are designed to
perform various tasks like hands-free calling, receiving notifications,
navigation, and more. They use Augmented Reality (AR) technology that allows
users to overlay digital content on the real world. Companies like Facebook,
Google, and Lenovo are actively launching new AR and smart glasses to gain
market share. For example, in 2021, Google launched Android-powered Google
Glass Enterprise Edition 2 smart glasses. Such continual new product launches
are fueling demand and adoption of smart glasses, thereby propelling the
eyewear market forward.

Another major driver for the market is increasing incidence of ocular diseases
and disorders attributed to lifestyle changes. Prolonged screen time from
increased smartphone and computer usage is putting additional strain on eyes.
Growing geriatric population is also leading to greater prevalence of
presbyopia and other age-related visual impairments. Favorable government
initiatives in various countries for eye care are further expected to support
market growth over the projected period.

SWOT Analysis

Strength: The eyewear market has a wide range of product offerings which
addresses various consumer needs. Sunglasses, contact lenses, and prescription
glasses are widely used by individuals for vision correction as well as fashion
purposes. Furthermore, technological advancements have led to the development
of frames made from lightweight yet durable materials.

Weakness: Frequent changes in consumer fashion preferences poses risks for
manufacturers to misjudge trends. Additionally, stringent regulations
surrounding the design, manufacturing and sale of prescription glasses
increases operational costs.

Opportunity: Rising incidence of ocular disorders and eye diseases along with
the growing geriatric population provides opportunities for market players. In
addition, increasing demand for occupational safety eyewear from industrial
sectors is another avenue for growth.

Threats: Intense competition from local and regional players threatens the
market share of established brands. Moreover, economic slowdowns can negatively
impact discretionary spending on fashion eyewear.

Key Takeaways

Global Eyewear Market Size is expected
to witness high growth over the forecast period driven by the increasing
prevalence of eye disorders and growing aging population. The Asia Pacific
region currently dominates the market owing rapid urbanization, rising
healthcare expenditure, and high incidence of eye diseases.

Regional analysis: The Asia Pacific region is projected to experience the
fastest growth in the eyewear market through 2030. This can be attributed to
increasing consumer affluence, rising health awareness, and growing number of
optical shops especially in major Asian economies like India and China.

Key players: Key players operating in the eyewear market are Luxottica Group
S.p.A, EssilorLuxottica, CooperVision, Johnson & Johnson, Workrite Uniform
Company, and MCR Safety. Major players are focusing on new product launches,
collaborations and mergers & acquisitions to gain market share.