Eyewear Market Is Estimated To Witness High Growth Owing To the Growing Demand for Prescription Eyewear

 

Eyewear Market

The global Eyewear Market is estimated to be valued at US$ 273.4 billion in 2018 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The Eyewear Market includes products such as prescription glasses, contact lenses, and sunglasses. These products offer vision correction and protection from harmful ultraviolet (UV) rays. The increasing prevalence of eye disorders and the growing awareness about the importance of eye health are driving the demand for eyewear products. Furthermore, the rising use of digital devices and exposure to blue light is also contributing to the need for prescription eyewear to reduce eye strain and prevent vision problems.

Market Key Trends:

One key trend in the Eyewear Market is the increasing demand for fashionable and luxury eyewear. Consumers are not only seeking vision correction but also looking for eyewear that complements their style and enhances their appearance. As a result, there is a growing market for designer eyewear brands that offer trendy and premium-quality products. Additionally, the rise of e-commerce platforms has made it easier for consumers to access a wide range of eyewear options and make convenient purchases online.

In conclusion, the Eyewear Market is expected to witness high growth, driven by the increasing demand for prescription eyewear and the growing trend of fashionable and luxury eyewear. The market is projected to expand at a CAGR of 6.0% from 2023-2030, reaching a value of US$ 273.4 billion in 2018.

PEST Analysis:

Political: The eyewear market is influenced by political factors such as government regulations and policies related to healthcare, consumer protection, and trade agreements. For example, rules regarding the manufacturing and distribution of eyewear products may impact the market's growth and profitability.

Economic: The economic factors affecting the eyewear market include GDP growth, disposable income, and consumer spending patterns. As these factors improve, more people are likely to afford eyewear products, leading to market growth. Additionally, employment rates and currency exchange rates can also impact the market dynamics.

Social: Changing demographics, lifestyle trends, and fashion preferences of consumers play a crucial role in the eyewear market. Factors such as increasing awareness of eye health, fashion consciousness, and the aging population contribute to market growth.

Technological: Technological advancements in eyewear manufacturing, such as the development of innovative materials and improved lens technologies, greatly influence the market. Additionally, advancements in e-commerce and online retail platforms have made eyewear more accessible to consumers, impacting market dynamics.

Key Takeaways:

The Global Eyewear Market Demand is expected to witness high growth, exhibiting a CAGR of 6.0% over the forecast period. This growth can be attributed to several factors. Firstly, the increasing prevalence of vision problems globally, driven by factors like technological usage and changing lifestyle habits, is fueling the demand for eyewear products. Additionally, the growing popularity of eyewear as a fashion accessory is also contributing to market growth.

In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the eyewear market. This can be attributed to factors such as the presence of a large aging population, increased adoption of eyewear for vision correction, and higher disposable income levels. Furthermore, the region's advanced healthcare infrastructure and widespread awareness about eye health are also driving market growth.

Key players operating in the eyewear market include Luxottica Group SpA, Essilor International S.A, Carl Zeiss AG, Hoya Corporation (Life Care), Johnson & Johnson Vision Care, Inc., Cooper Companies Inc., Fielmann AG, Safilo Group Spa, Marcolin S.p.A., and De Rigo S.p.A. These companies have established their presence in the market through product innovation, strategic partnerships, mergers, and acquisitions, thereby contributing to the market's growth and competitiveness.

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https://www.marketwebjournal.com/eyewear-market-growth-analysis-and-demand/