Global Eyewear Market expected to record a CAGR of ~8% during the forecast period (2017-2028): Ken Research
What Is The Size Of Global Eyewear Industry?
Global Eyewear market is growing at a CAGR of ~% in 2017-2022 and is expected to reach ~USD Bn by 2028F.
The Eyewear Market is largely driven by increasing adoption of luxurious accessories among millennials, surge in visual impairment among children, and increasing geriatric population.
It is predicted that the rise in the geriatric population would accelerate the expansion of the eyewear market over the forecast period. Risks of eye issues and diseases are increasing among the elderly population as individuals live longer which is evident in both developed and developing countries. Like, myopia and hypermetropia in older adults are expected to rise, which will propel market expansion. In low and low-middle-income countries, demand for eyeglasses is an underfunded zone as a smaller number of individuals are aware of their poor vision and seek treatment. In actuality, despite a firmly established supply in a region, the demand for glasses is still low since there is less knowledge of vision problems, the therapies that are accessible, and the level of acceptability of the eyeglasses on the market.
The COVID-19 pandemic’s emergence has also had a favorable effect on the market. People spent more time on cell phones, laptops, and desktop computers as a result of the adoption of remote working models and online learning because of the lockdown constraints. Longer screen time encouraged consumers to purchase anti-fatigue and vision correction eyewear, which helped the Eyewear Market boost sales of anti-fatigue and blue light-canceling lenses.
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Global Eyewear Market By Product
The Global Eyewear market is segmented by Product into Spectacles, Sunglasses and Contact Lenses.
The spectacles product segment held the largest market share in the Global Eyewear Market in 2022.
The expansion of the spectacles segment can be attributed to higher consumer demand for the products brought on by the rising incidence of computer vision syndrome (CVS). This is mostly because more people use mobile phones and digital devices worldwide.
The use of anti-glare and anti-fatigue glasses has been prompted by the rise in cases of CVS among youngsters due to the growing trend of online learning, particularly during the pandemic. Additionally, the demand for spectacles has increased as clear and colorful translucent glasses gain in popularity.
Global Eyewear Market By End-User
The Global Eyewear market is segmented by End-user into Men, Women and Children. The women end user segment held the largest share of the Global Eyewear Market in 2022.
According to the Vision Council of America, 64% of women worldwide who are adults wear vision correction items, from about 75% of the adult population.
There has been an increase in the proportion of people who wear glasses occasionally or always. According to the college of optometrists, more women than men wear glasses (72% versus 66%) and contact lenses (16% versus 11%), and they also place higher importance on eye exams, with 59% of women rating them as “very important,” compared to 45% of men.
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Global Eyewear Market By Distribution Channel
The Global Eyewear market is segmented by Distribution Channel into Retail Store, Online Store and Ophthalmic Clinics. The online store distribution channel segment held the largest share of the Global Eyewear Market in 2022.
As a result of people being obliged to practice social seclusion during the pandemic, online services experienced tremendous growth. The increased use of smart devices, the generous discounts provided by online marketplaces, and the ability to compare features and pricing are all contributing to the e-commerce market’s expansion. Additionally, e-commerce websites enable users to write product reviews, which enhances the user experience and aids businesses in understanding consumer preferences, which in turn encourages sector growth.
Key Topics Covered in the Report
- Snapshot of the Global Eyewear Market
- Industry Value Chain and Ecosystem Analysis
- Market size and Segmentation of the Global Eyewear Market
- Historic Growth of the Overall Global Eyewear Market and Segments
- Competition Scenario of the Market and Key Developments of Competitors
- Porter’s 5 Forces Analysis of the Global Eyewear Market
- Overview, Product Offerings, and SWOT Analysis of Key Competitors
- COVID-19 Impact on the Overall Global Eyewear Market
- Future Market Forecast and Growth Rates of the Total Global Eyewear Market and by Segments
- Market Size of Product/ End User Segments with Historical CAGR and Future Forecasts
- Analysis of the Eyewear Market in Major Regions
- Major Production / Consumption Hubs in the Major Regions
- Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
- Overview of Notable Emerging Competitor Companies within Each Major Country
Major Players Mentioned in the report
- Johnson & Johnson Vision Care, Inc.
- EssilorLuxottica
- Bausch & Lomb Inc.
- CooperVision
- Carl Zeiss AG.
- CIBA VISION
- Safilo Group S.p.A.
- De Rigo Vision S.p.A
- Fielmann AG
- Marcolin SpA.
- HOYA Corporation.
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Notable Emerging Companies Mentioned in the Report
- Allure Eyewear L.L.C.
- Eyeking, LLC
- Optical Express Ltd.
- Norville Optical
- Pearle Vision
- Mister Spex
Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report
- Spectacles Manufacturers
- Lenses Manufacturers
- Sunglasses Manufacturers
- Spectacles Frame Manufacturers
- Spectacles Frame Designers
- Sunglasses Frame Designers
- Health and Medical Authorities
- Environmental Protection Authorities
- Investors interested in Healthcare Industry
- Eyewear Exporters
- Optical Engineering Companies
- Lens Designer Companies
- Eyewear Brands Distributors
- Eyecare Research Institutes
- Government Ministries and Departments of Healthcare
Time Period Captured in the Report
- Historical Period: 2017-2021
- Forecast Period: 2022E-2028F
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