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The Rise of Smart Eyewear Market: Digital Innovation to Drive Growth

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The Rise of Smart Eyewear Market: Digital Innovation to Drive Growth

The Eyewear market will grow at highest pace owing to increased adoption of smart and digitally enhanced eyewear.

The eyewear market includes all products worn on the face or head for vision, protection or adornment. This includes products such as prescription glasses, sunglasses, reading glasses and safety glasses. Eyewear helps correct vision impairment such as myopia, hyperopia and astigmatism. They provide UV protection from sun rays and protect eyes from dust, wind and other hazards. Innovation in lens technology allows the production of sleeker and lightweight frames along with anti-scratch and anti-reflective coatings. Growing awareness regarding eye care and vision correction is driving the demand for eyewear products.

The Global Eyewear Market is estimated to be valued at US$ 163.01 Bn in 2024 and is expected to exhibit a CAGR of 8.1% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the eyewear market are EssilorLuxottica, CooperVision, GrandVision, Johnson & Johnson, and Bausch Health. These players collectively account for a majority share of the global market.

The growing trend of using eyewear as a fashion accessory along with increasing disposable incomes is driving Eyewear Market Size. Consumers are willing to spend more on premium and designer frames. The demand for prescription glasses and contact lenses is also increasing with the rising elderly population and increasing prevalence of eye disorders.

Technological advancements are revolutionizing the eyewear industry. The rising adoption of smart glasses equipped with AR/VR capabilities and internet connectivity is opening new growth avenues. Integrated features such as hands-free calling, navigation and health monitoring are gaining popularity. Advances in lens technology including thin, lightweight and high definition lenses are enhancing product functionality.

Market Trends

The concept of "proactive eyecare" is gaining traction, wherein eyewear is shifting from being just a corrective product to preventive healthcare device. Digitally enhanced frames with integrated sensors can monitor various health metrics and detect medical conditions at an early stage.

Personalization is another key trend with players offering customized frames, lens tinting and coatings tailored to individual needs and styles. Options for custom engraving, personal messages and blended prescriptions are available. 3D printing technology enables mass customization of eyewear.

Market Opportunities

The demand for premium and luxury eyewear from the young, affluent population presents significant opportunities. Strong brand positioning and unique designer collaborations can aid premiumization.

The mature markets in North America and Western Europe are saturated, driving players to target high growth regions like Asia Pacific and Middle East & Africa. Rising incomes, trends of urbanization and fashion consciousness in these regions will fuel future demand.

Impact of COVID-19 on Eyewear Market Growth

The COVID-19 pandemic has significantly impacted the eyewear market globally. During the initial months of the pandemic, supply chains and manufacturing facilities faced disruptions. Lockdowns imposed travel restrictions leading to closure of optician and eyewear stores. This resulted in a decline in demand and sales of eyewear products. However, with the lifting of lockdowns and reopening of stores, the market is witnessing a steady recovery. Many companies are focusing on online and e-commerce platforms to reach customers. They are also undertaking initiatives like at-home try-ons to overcome challenges of physical stores being temporarily closed. On the other hand, increasing screen time during work from home has led to a rise in cases of digital eye strain and headaches. This has boosted demand for computer glasses and blue light filtering eyewear. Going forward, factors like growing health awareness, increasing disposable incomes in developing nations and rising demand for fashionable eyewear are expected to support market growth in the post-COVID period. Companies will need to focus on omni-channel strategies, innovations in eyewear technologies and expanding e-commerce presence to capitalize on new opportunities.

USA Concentration of Eyewear Market Value

The USA accounts for one of the highest concentrations of eyewear market value globally. In 2024, the USA eyewear market is estimated to reach a value of around US$ 39 Billion. Factors driving market growth in the USA include high disposable incomes, large population base, strong retail infrastructure and high adoption of premium and luxury eyewear products. The USA witnesses high spending on prescription eyewear, sunglasses and sports/activity eyewear. Major segments contributing to market revenues include retail opticians, optometrists, optical stores, online distributors and brand stores/boutiques. The USA is also a major hub for eyewear brands, manufacturers and laboratories. Notable brands like Oakley, Ray-Ban and Costa dominate the American eyewear market through extensive distribution networks across the country.

Fastest Growing Region in Eyewear Market

Asia Pacific region is expected to experience the fastest growth in the global eyewear market during the forecast period. This can be attributed to rapidly growing economies like China and India with rising health expenditure and living standards. Rapid urbanization, increasing brand consciousness and growing working population are driving the demand for prescription glasses, contact lenses and sunglasses in Asia Pacific nations. China dominates the Asia Pacific eyewear market with a sizeable population base and presence of major global brands. Other high growth countries include Japan, South Korea, Australia, Indonesia and Vietnam. Favorable demographic trends, robust economic growth and expansion of retail and e-commerce industries are fueling market expansion in the Asia Pacific region.

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