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 comprises various products such as prescription glasses, sunglasses, and contact lenses. These products are used for vision correction, protection from harmful UV rays, and for enhancing fashion and style. With the growing prevalence of myopia across different age groups, the demand for eyewear has significantly increased. Additionally, the rise in the aging population is contributing to the market growth, as elderly individuals often require vision correction aids. Moreover, the increasing adoption of eyewear as a fashion accessory is further propelling market expansion.

Market Dynamics:
The market dynamics in the eyewear industry are mainly driven by two factors. Firstly, the rising prevalence of myopia is a major driver for market growth. Myopia is a common vision problem that affects millions of individuals worldwide. The increasing use of digital devices, such as smartphones and computers, has further contributed to the development of myopia. Consequently, the demand for corrective eyewear has witnessed a substantial increase.

Secondly, the growing geriatric population is a significant driver for market expansion. Aging is often associated with declining vision, leading to the need for visual aids such as prescription glasses and contact lenses. As the global population continues to age, the demand for eyewear products is expected to rise significantly.

In conclusion, the Global Eyewear Market is expected to witness high growth due to the rising prevalence of myopia and the increasing geriatric population. This market presents lucrative opportunities for key players in the industry.

SWOT Analysis:
Strength: The eyewear market has a strong demand globally due to increasing prevalence of vision disorders and changing fashion trends. The growing awareness about eye health and the availability of advanced technologies in eyewear are key factors driving market growth.

Weakness: The higher cost of premium eyewear and limited accessibility to eyecare services in remote areas are the major weaknesses of the eyewear market. Additionally, the lack of awareness about the importance of regular eye examinations and the reluctance of consumers to adopt eyewear hinder market growth.

Opportunity: The increasing adoption of online sales channels for eyewear products provides a significant growth opportunity for the market. Moreover, the rising geriatric population and the increasing use of eyewear for protection against UV radiation and blue light exposure are expected to boost market growth.

Threats: The presence of counterfeit eyewear products in the market poses a threat to the growth of the eyewear industry. Additionally, the economic slowdown in some regions and the high competition among key players may impact market growth negatively.

Key Takeaways:
The Global Eyewear Market Demand  is expected to witness high growth, exhibiting a CAGR of 6.0% over the forecast period, due to increasing prevalence of vision disorders and changing fashion trends. North America is the fastest-growing and dominating region in the market, driven by the presence of major eyewear manufacturers and a high proportion of the population with vision impairments. The 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 hold a significant market share and are focused on expanding their product portfolio and adopting strategic partnerships to maintain their competitive position.

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