Eyewear Market Analysis
The market for Eyewear is predicted to reach US$ 270.03 billion in 2032, Eyewear Market increasing at a compound annual growth rate of 6.60% from 2024 to 2032, while it was estimated to reach US$ 151.92 billion by 2023. Eyewear is an essential part of everybody’s life. Whether it is for that so-called nerdy style or look statement, they have always been in demand from consumers like male females and children. Further, they are beneficial for enhancing one’s eyesight and protecting against harmful pollution. The most common eyewear types are contact lenses, numbered glasses or spectacles, and sunglasses. Again, Google also protects the eyes from harmful UV rays by offering a UV protection film. With celebrities advocating new fashion styles by mounting several types of eyewear, the demand keeps on soaring once it is witnessed as a fashion view.
Eyewear Market Growth Factors:
The eyewear market is primarily driven by the increasing prevalence of ocular diseases worldwide. Due to the considerable rise in the cases of partial and severe vision impairment among adults and growing incidences of myopia and hypermetropia among children, this is contributing to the increasing demand for eyewear as a suitable measure to control further damage.
Additionally, there has also been a substantial increase in other eyesight-related disorders, such as dry eyes, computer vision syndrome (CVS), eye irritation, and double vision, particularly among working professionals. This can be accredited to the strain induced on the eyes due to the protracted usage of smartphones, laptops, and tablets. This, in favor, is escalating the need for advanced glare-free prescription eyewear with enhanced durability. Further, the growing geriatric population globally is another significant growth-inducing factor.
COVID-19 Impact:
The COVID-19 pandemic harmed the eyewear industry. The eyewear industry faced COVID-19 impact on every stage of its raw materials supply (frame materials, lens materials, polishing materials), value chain, including workforce losses, trade & logistics, and uncertain consumer demand. The outbreak has a particularly negative effect on eyewear distribution, production, and inventory rates. Lockdowns aimed at curbing the spread of the virus are forcing people to stay at home, decreasing the demand for sunglasses.
Spectacles Segments the most Significant Market:
Based on product type, Eyewear Market includes Eyewear Frame, Spectacle Lenses, Sunglasses, and Contact Lenses. The segment Spectacles generated maximum revenue. Owing to growing cases of myopia and hypermetropia among the population across the globe. This has resulted in growth in demand for spectacles glasses. This can be attributed to the high use of digital screens and mobile phones, resulting in the prevalence of (CVS) computer vision syndrome globally over the past few years. The increasing popularity of online learning has further resulted in children developing computer vision syndrome, thereby driving the adoption of anti-glare glasses and anti-fatigue. Besides, current trends such as the rising popularity of bright translucent glasses and clear eyeglasses have expanded the overall demand for spectacles. The spectacles segment is further bifurcated into lenses and frames.
By Channel, the offline channels led the eyewear industry. This is attributed to the fact that the eyewear industry players have provided their eyewear retail stores with the latest services and technology, associated with a broad range of local and international eyewear brands to meet consumer demands. Regardless, the general trend of getting eye-power checked by the optometrist and buying glasses from the store is anticipated to remain strong over the coming year. Similarly, several companies such as eyebobs, Vision Service Plan, LLC, and Glassic, which previously only had an online company, have opened physical stores in recent years to generate attention regarding new product updates, facilitate omnichannel sales, and increase footfall.
North America is Likely to Experience the Highest Growth Rate:
Geographically, several factors are currently driving the North American eyewear market. The high per capita incomes, coupled with the altering fashion trends and preferences for luxury products, have propelled the eyewear industry growth in the region. On account of this, manufacturers are presenting a diverse range of frames, keeping in mind the different needs and preferences of the consumers.
Apart from this, the changing lifestyles of consumers and technological advancements in the industry have resulted in the launch of innovative products, such as removable temples, laser glasses, smart glasses with liquid lenses, and pediatric glasses. In addition, a surge in the number of optical deficiencies in the geriatric population has raised the demand for eyewear products in North America.
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Key Companies:
The global market is highly fragmented with players like Essilor International S.A., Fielmann, Burberry, Carl Zeiss Group's, De Rigo Vision S.P.A., LVMH Group, Hoya Corporation,Prada, and Tesco Group.
Market Summary:
- Product Type - We have covered by product type in the Eyewear Market breakup from 4 viewpoints. (Spectacle Lenses, Eyewear Frame, Sunglasses, Contact Lenses)
- Channel – This Report have covered by Channel breakup from 2 viewpoints (Offline and Online)
- End User - Our report covered by End User in the Eyewear Market breakup from 3 viewpoints (Men, Women and Unisex)
- Region - Renub research report covered by region breakup from 4 viewpoints (North America, Europe, Asia-Pacific, ROW)
- All the key players have been covered from 3 Viewpoints (Overview, Recent Development, and Revenues) Essilor International S.A., Fielmann, Burberry, Carl Zeiss Group's, De Rigo Vision S.P.A., LVMH Group, Hoya Corporation,Prada, and Tesco Group.
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