EYEWEAR MARKET ANALYSIS

Market Challenges And Opportunities

Global Eyewear Market- Drivers

• Changing lifestyle and consumer preference for fashionable eyewear: Modern lifestyles have significantly increased screen time as more people spend long hours working, studying, socializing, and consuming media on smartphones, laptops, tablets and other digital devices. Prolonged screen usage often leads to digital eye strain with symptoms like headache, dry eyes, blurred vision, and tired eyes. Consequently, consumers are increasingly conscious of protecting their eyesight and wear glasses or contact lenses not just for vision correction but also as a way to relieve digital eye strain. This has boosted the demand for designs and technologies that provide comfort as well as blue light protection. Frames with anti-reflective lenses and computer glasses with blue light filtering have become very popular. According to the 2021 WHO (World Health Organization), around 2.2 Bn people worldwide have near or distance vision impairment, and this number is estimated to increase further due to aging populations and rising rates of chronic diseases. As accessibility to eye care and corrective devices improves globally, more people are addressing their vision impairment, thereby expanding the potential market base. Evolving fashion trends have also bolstered the sales of these products. From tech-inspired styles and colorful frames to vintage-inspired silhouettes, eyewear companies regularly launch new collections targeting the aesthetic sensibilities of different demographic segments. Customers want frames that align with their personality and complement their overall look. Innovations like virtual try-on tools allow online shoppers to virtually "try on" glasses and see their appearance before purchasing, improving customer confidence in buying online. Younger consumers especially show high appetite for latest designs and trends, continuously renewing the styles in the marketplace.

• Increasing preference for contact lenses and spectacles: The preference for contact lenses and spectacles has been steadily rising across global markets in recent years. More and more people are opting for contact lenses over traditional spectacles due to their convenience and aesthetics. Contact lenses are becoming the more popular choice as these do not obstruct vision and make it possible to comfortably do a variety of activities like swimming, workouts, and others. Unlike glasses, contact lenses are nearly invisible and do not inhibit styles and fashion choices. This rising demand can be attributed to growing health awareness among the populations. As routine eye checkups become common, more people are diagnosed with vision problems at an early age for which these people need corrective aids like lenses and glasses. Increasing digital screen time from gadgets like smartphones, laptops, TVs, and others is known to cause digital eye strain over long periods which leads to issues that require lenses or spectacles. In 2020, the World Health Organization data estimated that around 2.2 Bn people globally suffer from near-sightedness, and this number is expected to touch almost 5 billion by 2050. As lifestyle change with increasing urbanization, nuclear families and busy schedules, there is more dependency on devices with digital displays which has enhanced the requirement for corrective eyewear devices. The continuous technological advancements have also made contact lenses and spectacles more appealing and customizable for users. Products now come in varied materials, improved designs, styles and finishes along with features like blue light protection coatings. Market leaders are rushing to add new innovations that make vision correction convenient, comfortable, and fashionable. This is drawing more consumers to regularly update their eyewear prescriptions and purchase new pairs based on their preferences. With growing awareness about eye care and options available, it is anticipated that the demand for contact lenses and spectacles will keep rising significantly over the coming years, thus propelling the global eyewear market to new heights of growth.

Global Eyewear Market- Opportunities

Customized and specialized eyewear products: Customized and specialized eyewear products have great potential to disrupt the global eyewear market and drive significant future growth. As lifestyles become increasingly personalized, consumers are demanding eyewear that uniquely matches their individual style and visual needs. Traditional "one-size-fits-all" frames do not adequately cater to this rapidly growing demand for tailored eyewear solutions. Through advancements in technologies like 3D printing, laser cutting, and customized lens designs, eyewear manufacturers now have the ability to offer truly personalized products at scale. This allows them to meet the specific fit, design, and vision requirements of each consumer.

According to a 2020 report by the United Nations Department of Economic and Social Affairs, over 65% of global consumers surveyed were willing to pay more for customized products that are tailored to their unique needs and preferences. As awareness of the benefits of personalized eyewear increases among consumers through effective marketing, customized options are poised to gain substantial market share worldwide in the coming years. Younger demographics especially strongly desire eyewear that expresses their individuality, and customized products allow both indie designers and large brands to capitalize on this large target segment.

The customizable nature of these products also enables eyewear companies to tap into numerous previously underserved market niches. For example, specialized sports frames tailored for specific activities like cycling or skiing more effectively protect athletes' vision. Progressive lenses that are uniquely calibrated for an individual's prescription and lifestyle needs can vastly improve comfort and visual outcomes for patients. As such innovations become mainstream, these are well-positioned to supercharge future growth across the entire global eyewear market.

Untapped rural market in developing countries: The untapped rural market in developing countries provides tremendous opportunities for growth in the global eyewear market. A large proportion of populations in rural areas across nations like India, Nigeria and Indonesia still lack access to basic eye care and vision correction products. According to World Bank data from 2022, approximately 50-60% of people in rural India have vision problems, but nearly 35% lack access to spectacles. A similar situation exists in rural Nigeria where over 40% of people require vision correction but only 15% use eyeglasses regularly.

This immense unmet need in rural emerging markets can be converted into a promising avenue for eyewear brands and manufacturers. With growing economic development and infrastructure spend and schemes promoting healthcare access even in remote regions, more people in villages will gain the ability and disposable income to prioritize their vision health over the next 5 years. International organizations like the World Health Organization have urged governments to focus on establishing primary eye care centers within easy reach of all communities as an important public health initiative. Successful implementation of such programs can boost awareness and generate consistent demand.

Eyewear companies need to devise innovative rural distribution and retail strategies to capitalize on this sizable untapped segment. Simplified low-cost product portfolios, localized manufacturing and supply chain operations as well as diverse retail channels including village-level entrepreneurs, eye care camps and e-commerce can help them penetrate deeper rural areas at scale. As rural residents gain ophthalmic services and affordability improves, their adoption of eyeglasses for vision correction as well as preferences for newer segments like sunglasses and reading glasses will likely increase multifold. This will present a major growth driver sustaining the long term momentum of the overall optical industry.