Global Eyewear Market is expected to reach ~USD 200 Bn by 2028F: Ken Research

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Global Eyewear Market By Geography

The Global Eyewear market is segmented by geography into North America, Europe, Asia- pacific and LAMEA. Europe accounted for the largest market share in 2022 within the total Global Eyewear Market.

Europe has the largest eyeglass market, making up the bulk of the global market. This can be attributed to the region's growing taste for high-end eyewear products as well as the manufacturers' increasing attention to the creation of novel eyewear product styles, shapes, and sizes.

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Competition Scenario In Global Eyewear Market

The Global Eyewear Market is highly competitive with ~500 players which include globally diversified players, regional players as well as a large number of country-niche players.

Large global players hold the highest market share of 40% which is followed by the regional players holding a 35% share. Some of the major players in the market include Johnson & Johnson Vision Care, Inc., Essilor Luxottica, Bausch & Lomb Inc., Cooper Vision, Carl Zeiss AG., CIBA VISION, Safilo Group S.p.A., De Rigo Vision S.p.A, Fielmann AG, Marcolin SpA., HOYA Corporation, and others.

What Is The Expected Future Outlook For The Overall Global Eyewear Market Across The Globe?

The Global Eyewear market was valued at USD ~billion in 2022 and is anticipated to reach USD ~billion by the end of 2028F, witnessing a CAGR of ~% during the forecast period 2022-2028F. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.

The Global Eyewear market is driven by rise in R&D activity in herbal ingredients. However, the market is also constantly being influenced by rapid development in technology, product innovation, and diversification in some countries.

With the increasing collaboration and emergence of new products, the Global Eyewear market is changing rapidly. For instance, In July 2021, Essilor introduced a new at-home screening software to encourage the general population to schedule an eye exam with their nearby independent practice. The My Vision Check app enables users to perform a quick eye exam at home before directing them to their local practice for a comprehensive eye exam.

In July 2021, Warbly Parker updated its online prescription renewal service. It has released an app, Virtual Vision Exam, which provides an at-home vision test that offers a refreshed prescription so that users can buy eyeglasses or contact lenses.

In August 2021, as part of its well-known JINS&SUN brand, JINS Eyewear introduced a fresh range of biodegradable sunglasses. The newest collection of sunglasses from JINS&SUN debuted in the USA and featured sophisticated frame designs made of biodegradable, bioplastic materials.

The Global Eyewear Market is forecasted to continue a gradual growth that is witnessed during the forecast period. Key trends driving market expansion include the increasing adoption of luxurious accessories among millennials, the surge in visual impairment among children, and an increasing geriatric population. The market is highly competitive with ~500 participants concentrating on expansion strategies through product innovations as well as acquisitions and mergers.

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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.

Notable Emerging Companies Mentioned in the Report

• Allure Eyewear L.L.C.
• Eyeking, LLC
• Optical Express Ltd.
• Norville Optical
• Pearle Vision
• Mister Spex

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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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Global Eyewear market

Global Eyewear Market expected to record a CAGR of ~8% during the forecast period (2017-2028): Ken Research

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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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Global Eyewear market

3 Key Insights on US$ 180 Bn Opportunity in the Global Eyewear Market: Ken Research

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Driven by the increasing adoption of luxurious accessories among millennials, the surge in visual impairment among children, and the increasing geriatric population, the Global Eyewear Market is Forecasted to reach US$ 180 Bn by 2028 says Ken Research Study.

Demand and supply for eyewear are rising in different parts of the world as people become more aware of vision problems as well as various styles of spectacles, lenses, and sunglasses available. The growing accessibility of a wide variety of eyewear through both online and offline distribution channels is causing a healthy market growth rate.

Ken Research shares 3 key insights on this high-opportunity market from its latest research study.

1. Technological Advancements have Increased the Market’s Growth Rate

According to Research estimates, the Global Eyewear Market – which was valued from around US$ 90 Bn in 2017 to nearly US$ 120 Bn by 2022 – is expected to grow further to more than US$ 180 Bn opportunity by 2028.

Innovations in technology and increased spending on R&D by eyewear makers have been major factors affecting the growth of companies that specialize in eyeglasses. It took centuries for glasses to be developed, but modern eyewear technologies are enabling perfect vision for those with vision impairments.

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2. Increasing Vision Problems in Children are Pushing up the Demand for Spectacles and Contact Lenses

As more schools embraced digital learning tools and virtual learning settings, children's screen usage increased dramatically over the past year. Routine activities for kids were cut back, which resulted in more time spent online chatting and playing games. Now that the effects are beginning to show, eye health has suffered significantly.

Many kids who spend a lot of time on screens develop eye strain, which exacerbates future vision problems. There is a direct link between greater screen time and less outdoor activity and the rise in children with myopia progression, or nearsightedness, during the pandemic. These rising issues are thus increasing the demand for power glasses and lenses to artificially correct the damage.

3. Low Acceptability and Stigma Around Glasses to Stagnate the Market Growth 

Parents test their children to confirm the presence of vision loss and sought advice from other family and community members due to their beliefs regarding the benefits of treatment. The stigma associated with wearing glasses led parents to object to their child's treatment, believing that maintaining "normality" was frequently more essential than receiving medical counsel. Parents' choices are affected by a combination of their personal health beliefs, stigma, and the necessity of going to appointments with their children.

Uncorrected refractive error is a significant contributor to avoidable vision impairment. A significant number of individuals who are considered visually impaired because they lack access to corrective care are estimated to have refractive errors that cause poor vision. The chart below shows findings of a 2019 survey on reasons for unwillingness to use eyeglasses.

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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.

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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Global Eyewear Market: Ken Research

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