The global eyewear market size is anticipated to reach USD 278.95 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to exhibit a CAGR of 8.5% during the forecast period. Advancements in lens-making technology enable eyewear manufacturers to produce large quantities of eye lenses, thus providing users with more affordable and diverse buying options. The integration of 3D printing technology with the eyewear manufacturing process further offers eyewear providers the opportunity to exercise efficient resource management and mitigate costs associated with extensive inventories, limited product design, and complicated supply chains.
The rising demand for customized eyewear among users is fueling the market growth. People prefer unique products that are tailored according to their needs, such as the shape of eyes and face, color and texture of glasses, and the frame’s design and material. This is expected to result in the disruption of distribution models to meet end-users’ demands, thus offering market growth opportunities over the next few years. To cater to this trend, an increasing number of eyewear manufacturers, such as Topology and Pair Eyewear, have started offering customized eyewear to their customers. These customized eyewear products include glasses with different features, such as eliminating UV radiation, photochromic glasses, and glasses with a high index number.
The amalgamation of digital channels with the eyewear value chain in recent years has increased the sales of eyewear products significantly. The e-commerce distribution channel is gradually gaining momentum due to the ongoing COVID-19 pandemic, which encourages users to practice social distancing and order from their homes. Several eyewear companies, including Lenskart, are offering users the opportunity to make calculated spectacle buying decisions by providing virtual facial analysis and product virtualization facilities. Additionally, establishing digital channels allows companies to maintain essential customer data such as their buying preferences, search history, and feedback, which can help them offer more curated and specific products to their customers in the future.
The emerging demand to practice sustainability among eyewear companies and their customers is changing the market dynamics. Eyewear manufacturers such as Evergreen Eyecare and Modo have started using eco-friendly materials in eyewear designs, which helps the company practice sustainable development and enhance its customer journey. The trend is encouraging newer eyewear manufacturers such as Shwood Eyewear and PaperStyle to diversify their products and offer more ecological, budget-friendly, and unique products to customers while also capture a better revenue share. Companies are experimenting with materials such as wood, paper, leather, and wool to design eyewear with innovative textures, which promises to attract more customers.
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