Eyewear includes products such as prescription frames, reading glasses, sports eyewear, sunglasses, goggles, and contact lenses. Eyewear products provide vision correction benefits and also aid in protecting eyes from environmental hazards such as UV rays. Growing concerns over vision care and increasing health awareness among consumers are majorly driving the demand for eyewear products.
Market key trends:
The increasing fashion conscious population is driving the demand for trendy and designer eyewear products globally. Consumers are willing to spend more on branded and high-quality eyewear products for style statement as well as functional benefits. Major eyewear brands such as Ray-Ban, Oakley, TAG Heuer, and Prada are launching new collections focusing on emerging designs and materials to attract fashion-conscious consumers. They are collaborating with fashion designers and celebrities to promote their products. This rising focus of brands as well as consumers on design and changing fashion trends in the eyewear industry is a major factor accelerating the market growth.
Segment Analysis
The global eyewear market is dominated by the sunglasses segment, accounting for over 30% share. Sunglasses are considered a fashion accessory by many consumers across regions. The rapidly growing fashion and trendiness associated with sunglasses, along with increasing disposable incomes, has boosted the sales of sunglasses globally.
Key Takeaways
Global Eyewear Market Size is expected to witness high growth. 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 2023-2030.
The Asia Pacific region currently dominates the global eyewear market with over 40% share. Growing focus of key players as well as rising disposable incomes in densely populated countries such as China and India is expected to drive the growth of the eyewear market in the region. The North American region is projected to witness the fastest growth during the forecast period. Presence of major players and rising trend of premium and designer eyewear driven by the growing fashion consciousness among consumers is fueling the demand for eyewear in the region.
Key players related content comprises Key players operating in the eyewear market are Worksite Lighting LLC, DCD Technologies ME FZCO, Azz Inc., Nemalux Inc. Worksite Lighting LLC is a leading player manufacturing industrial and commercial lighting solutions. It offers a range of eyewear products for personnel working in hazardous conditions.
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