The global eyewear market was valued at USD 118 billion in 2021 and it is anticipated to grow up to USD 262.5 billion by 2031, at a CAGR of 8.3% during the forecast period.
New York, According to a new market research report published by Global Insight Services “Eyewear Market” is expected to reach US$ XX bn by 2031. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
The demand for eyewear has increased significantly in recent years, particularly in growing Asia-Pacific nations like China and India. An increase in occurrences of visual impairment and eye problems together with a preference for current fashion trends are the main drivers of the global eyewear market’s expansion. The young population is using more digital gadgets and devices, which has increased the number of eye disorders and raised the demand for vision correction solutions. In addition, factors like rising disposable income and rising standards of living in developing nations like Brazil and India have encouraged the use of designer and branded eyewear.
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Market Trends and Drivers
Globally, there is a rise in ocular disorders awareness, particularly in emerging nations, which is predicted to enhance consumer demand for eyeglasses. One of the major factors driving the major market trends is thought to be an increase in the number of people with ocular illnesses. According to the World Health Organization’s (2015) predictions, by 2020 there will be an estimated 2.2 billion additional cases of myopia worldwide. People who want to improve their aesthetic worth wear colored contact lenses in nations like China, South Korea, and Japan. Additionally, it is predicted that the market would grow during the forecast period as more people in developed and developing countries have access to eyeglasses and sunglasses through retail and online channels. The growing disposable incomes of people in emerging countries have increased the demand for more expensive sunglasses. It is also anticipated that rising brand consciousness will propel the industry internationally.
Market Restraints and Challenges
In underdeveloped nations, a variety of neighborhood eyewear retailers and manufacturers create less expensive, accessible frames and eyewear. Additionally, it is anticipated that the market’s sales revenue in the following years will be impacted by the restricted use of luxury sunglasses in nations like India and Brazil. The main causes of the restricted product acceptance in these developing countries are the higher costs of luxury sunglasses and contact lenses as a result of high import levies. These previously mentioned elements, along with the lower market penetration of contact lenses in emerging nations, are anticipated to slow market expansion in the short term.
Major Players in the Global Eyewear Market
The major players studied in the market Carl Zeiss AG, Essilor International S.A., Grand Vision, Johnson & Johnson, Inc., Safilo Group S.p.A, Prada S.p.A, Luxottica Group S.p.A, Valeant Pharmaceuticals International, Inc., Cooper Companies, Inc., and Fielmann AG among others.
COVID-19 Impact
The worldwide expansion of the coronavirus has had a considerable impact on contact lens, sunglass, and prescription eyeglass sales. During the early stages of the pandemic’s spread, governments all across the world had imposed draconian lockdowns. Due of this, ophthalmology clinics and retail establishments had to close for a while. For instance, the COVID-19 health emergency caused the volume of Retina clinic visits in May 2021 to decline by 62 percent, according to BMC Ophthalmology. The revenue of many market participants has decreased as a result of the cancellation of non-urgent eye examination appointments. For instance, the vision care division of Johnson and Johnson Services, Inc. had sales revenue fall by 11.7% in 2020 compared to 2019. The pandemic’s effects on the manufacturing and distribution of sunglasses, contact lenses, and eyeglasses have also contributed to the market for eyewear contracting in 2020.
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Reasons to buy Eyewear Market Report:
• Develop comprehensive understanding of market landscape – industry structure, value-chain, key players, trends, drivers, and challenges
• Drive revenue and market-entry strategy by gaining insights into which segments and geographies are largest and likely to grow fastest
• Formulate sales and marketing strategies by gaining understanding of competitors, their positioning, and strengths & weaknesses
• Develop business and M&A strategies through understanding of latest trends and emerging players in the market
• Refine your business plans by understanding impact of disruptions such as Covid-19 and Russia-Ukraine conflict on the market
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