The Global Eyewear Market is expected to record a positive CAGR of ~6% during the forecast period (2022-2028) and is expected to reach approximately US$ 180 billion by 2028.
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Key Growth Drivers
Increasing adoption of luxurious accessories among millennials, surge in visual impairment among children, and increasing geriatric population is positively impacting the market
- 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. As the use of multifocal lenses among the elderly population has increased over time, this development is predicted to further fuel the expansion of the eyewear market.
The increasing availability of cheaper products, limited awareness regarding eyesight problems, and stigma around wearing glasses limits the market growth
- 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.
Key Trends by Market Segment
By Product: The spectacles product segment held the largest market share in the Global Eyewear Market in 2021.
- 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.
- The contact lenses market is expected to experience a high growth rate in the coming years. With the introduction of light-adaptive and multifocal toric lenses, it is anticipated to experience rapid growth in the ensuing years. These contemporary lenses adapt fast and seamlessly to various lighting situations, which lessens the irritation and dryness that contact lenses frequently cause. The continued study and creation of contact lenses with better looks and quality will boost the market's expansion even more.
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By End User: The women end user segment held the largest share of the Global Eyewear Market in 2021.
- 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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By Distribution Channel: The online store distribution channel segment held the largest share of the Global Eyewear Market in 2021.
- 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.
By Geography: Europe accounted for the largest market share in 2021 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.
Competitive Landscape
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., 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, and others.
Recent Developments Related to Major and Emerging Companies
- 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, Warby 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.
Conclusion
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.
Note: This is an On-Demand/Planned report, so the figures quoted here for a market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for Pre-booking clients, and the report delivered within a maximum of two working weeks.
Ken Research has recently published report titled, Global Eyewear Market Size, Segments, Outlook, and Revenue Forecast 2022-2028. In addition, the report also covers market size and forecasts for the four major regions’ Eyewear Market. The revenue used to size and forecast the market for each segment is US$ billion.
Market Taxonomy
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