Market Definition
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.
Market Outlook
The global eyewear market was valued at USD 118 billion in 2022 and it is anticipated to grow up to USD 262.5 billion by 2032, at a CAGR of 8.3% during the forecast period.
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.
Additionally, it is anticipated that the rise in the senior population will accelerate the growth of the eyewear market during the forecast period. The prevalence of eye disease in the elderly population is increasing as people live longer. Both developed and emerging countries are exhibiting this trend. The aging population’s increased prevalence of myopia and hypermetropia is expected to drive market expansion. As the use of multifocal lenses among the elderly population has increased over time, this development is anticipated to further fuel the expansion of the eyewear industry.
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.
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Research Objectives
- Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
- Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
- Identify factors influencing market growth and challenges, opportunities, drivers and restraints
- Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
- Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
- Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
- To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
- Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
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Market Segmentation
The report analyses the global eyewear market based on the product type, mode of sale, end user, and region.
Global Eyewear Market by Product Type
Based on product type, it is segmented into prescription glasses/spectacles, sunglasses, and contact lenses. The professional glasses/spectacles segment gained the highest eyewear market share in 2021, owing to increased rate of education and longer life expectancy across the globe. Which was resulted in growth in demand for prescription glasses. It is expected to grow significantly over the upcoming years with light-adaptive lenses and multifocal toric lenses. These modern lenses quickly and smoothly change according to different lighting conditions, which reduces irritation and dryness often caused by the contact lenses. The ongoing research and development of contact lenses with improved aesthetics and quality will further support the segment growth.
Global Eyewear Market by Mode of Sale
Based on mode of sale, it is segmented into retail stores, and online stores. The retail store segment is likely to dominate the market in 2021. The key factors attributing to the growth is the fact that the market players have equipped their eyewear retail stores with the latest technology and services. Coupled with a wide range of local as well as international eyewear brands to meet consumer need. Online services gained massive traction during the pandemic as people were forced to practice social isolation. In addition, heightened adoption of smart devices, lucrative discounts offered by the online platforms, and the ability to compare prices and features offered are positively influencing the growth of the e-commerce segment. Besides, the e-commerce websites also allow users to provide reviews about products, which improves the user experience and helps companies understand consumer preferences which, in turn, stimulates the segment expansion.
Global Eyewear Market by End User
By end user, it is segmented into men and women. The men segment is anticipated to dominate the eyewear market with the highest share during the forecast period. The key factors such as preference towards superior quality and designer sunglasses, while according to them determine social status.
Geographical Analysis of Global Eyewear Market
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The North America region is accounted for the majority of market share during the forecast period. The key factors such as increasing acceptance of vision care products is estimated to boost the growth rate of the market in the region. Additionally, the factors such as preference for premium eye care products, higher awareness of ocular disorders, and increasing affordability to buy expensive sunglasses are likely to boost the market growth. Europe dominated the market in 2022 by accounting for a revenue share of over 27%, owing to increasing demand for eyewear such as sunglasses, colored contact lenses, and frames as fashion accessories. The region is a hub for various major fashion brands, such as Guccio Gucci S.p.A., Prada S.p.A., TOM FORD, and Christian Dior, which offers a lucrative space for the market. Moreover, the market is highly regulated, as sunglasses and eyewear products are considered personal protective equipment (PPE) in EU countries, mandating the suppliers to adhere to the directives.
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Major Players
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.
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Research Scope
- Scope – Highlights, Trends, Insights. Attractiveness, Forecast
- Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
- Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
- Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
- Competitive Landscape- Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
- Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis
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