New York, Jan. 24, 2024 (GLOBE NEWSWIRE) -- The global eyewear market is expected to grow at a rate of 5.9%, reaching a total market value of $206.1 billion by 2032, up from $115.2 billion in 2022. This growth is fueled by changing lifestyles and the increasing popularity of stylish accessories among millennials.
Eyewear makers are responding to high demand by creating appealing and budget-friendly eyewear, introducing new designs promptly to align with current fashion trends and attract fashion enthusiasts. Leading market players' continuous efforts to gain new customers and retain existing ones are contributing to the positive growth of the eyewear market.
Eyewear encompasses specialized accessories designed to improve vision, protect the eyes, or make a fashion statement. This category includes items like eyeglasses, sunglasses, contact lenses, and protective goggles. The main purpose of eyewear is to address vision issues, such as near-sightedness or farsightedness, by providing prescription lenses that appropriately refract light.
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Market Scope:
| Report Coverage | Details | |
| Market Revenue 2023 | US$ 115.2 Bn | |
| Estimated Revenue 2030 | US$ 206.1 Bn | |
| Growth Rate - CAGR | 5.9% | |
| Forecast Period | 2023-2032 | |
| No. of Pages | 368 Pages | |
| Market Segmentation | By Product, Material, Price Range, End User, Sales Channel and Region | |
| Regions Covered | North America, Latin America, Europe, South Asia & Pacific, East Asia, The Middle East & Africa | |
| Key Companies Profiled |
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Eyewear Market Analysis: 2017-2021 vs. 2022-2032 Forecast
From 2017 to 2021 , there was a steady 4.5% yearly increase in the demand for eyewear products, especially in emerging markets like India and China in Asia Pacific.
The growth of businesses specializing in eyeglasses is influenced by factors like advancements in technology and increased investment in research and development by eyewear manufacturers. While the development of glasses took centuries, today's high-tech eyewear solutions are ensuring clear vision for people with eyesight issues.
The eyewear market is expanding due to innovations in eyewear products, like ballistic eyewear – goggles or glasses that protect the eyes from small projectiles and fragments. These are mainly used by the U.S. army to safeguard their personnel's vision.
The creation of such products is aimed at specific audiences and contributes to the growth of the eyewear industry. Additionally, customization options in eyeglasses, allowing users to personalize each part according to their preferences, have increased the demand for eyewear products.
Sustainable practices and advancements in technology, such as smart eyewear and AI-assisted eyewear technology, are expected to drive the market forward. Global eyewear sales are predicted to increase at a faster rate of 5.9% annually over the next decade.
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Eyewear Market Trends/Drivers:
Growing Awareness of Eye Health
The increasing understanding of the importance of eye health is a significant factor boosting the eyewear market. As more people realize the need for regular eye check-ups and the potential risks of neglecting their vision, there's a global rise in demand for eyewear products. Vision-related problems like myopia and presbyopia are becoming more common due to factors such as prolonged screen use and an aging population. Consequently, people are looking for eyewear solutions to correct and safeguard their vision. The emphasis on UV protection for eye health has also increased the demand for sunglasses with high-quality lenses. The heightened awareness of eye health prompts more frequent eye exams and encourages proactive measures to maintain good vision, serving as a substantial catalyst for the eyewear industry's growth.
Changing Fashion Trends
Eyewear has evolved from being just a tool for vision correction to a modern fashion accessory and a way for individuals to express their style. Consumers now see their choice of eyewear as a reflection of their identity and fashion sense. Celebrities and influencers play a crucial role in shaping eyewear trends, influencing consumer preferences through endorsements and fashion choices. Eyewear manufacturers are adapting to these changing demands by constantly innovating and releasing new collections to meet the dynamic fashion landscape. The fusion of fashion and eyewear, providing consumers with a diverse range of stylish options, is driving the market's growth.
Swift Technological Progress
Advancements in lens materials, coatings, and features have transformed eyewear products. Blue light-filtering lenses, for example, have become popular as consumers seek protection from the potential harms of extended screen use. Smart eyewear, including augmented reality (AR) and virtual reality (VR) glasses, has emerged as a new frontier, attracting tech-savvy consumers for various applications, from gaming to professional use. Lightweight and durable materials have improved comfort and longevity, while anti-scratch and anti-reflective coatings enhance eyewear functionality. With consumers becoming more discerning about the features and performance of their eyewear, manufacturers are investing in research and development (R&D) to meet these demands. Technological progress addresses evolving consumer needs, thereby boosting product sales and driving market growth.
Market Segmentation:
Sunglasses currently make up a big portion, about 59.6%, of the eyewear market in terms of the type of product and its value.
Wearing sunglasses is crucial to protect our eyes from harmful rays that can seriously harm them. People are even using sunglasses more while riding bikes to shield their eyes from dust. This is why sunglasses are becoming more popular than other types of eyewear.
The market for eyeglasses is divided into many small parts because there are lots of local and regional companies worldwide. Even though most people still buy eyewear from physical stores, companies that make eyeglasses are focusing on expanding their presence online globally.
To keep up with how people buy things, companies are investing a lot in selling eyeglasses online. Customers like the benefits of buying eyeglasses online from various providers. Because of this, the online sales of eyewear are expected to grow a lot in the next few years.
When it comes to the material used, plastic is the most common material for making eyeglasses. Eyewear experts really recommend using plastic because it's lighter than other materials and doesn't get damaged easily by chemicals. Because of these advantages, more and more eyewear products are being made from plastic.
The use of plastic in eyewear products is expected to grow at a fast rate of 5.9% every year from 2022 to 2032.
Regional Insights:
Europe was in charge of the eyewear market, making almost 37% of the global eyewear market revenue in 2022. This happened because more people in Europe wanted eyewear like sunglasses, colored contact lenses, smart eyewear, and frames as fashion accessories. Famous fashion brands like Gucci, Prada, TOM FORD, and Christian Dior are in Europe, making it a great place for the eyewear market. Also, the rules in Europe are strict because sunglasses and eyewear are seen as personal protective equipment (PPE), and suppliers have to follow certain rules.
In 2022, North America also made a lot of money from the eyewear market. This is because the online shopping sector is strong in North America, making it easier for people to get help with their eyes and choose the right eyewear online. The American Academy of Ophthalmology has set rules that help eye clinics and doctors offer appointments and telemedicine visits. With these services available and more eyewear being made locally, the market has a lot of opportunities to grow.
Competitive Intelligence and Business Strategy
The eyewear market is growing at a steady pace because major players in the industry are coming up with new and important ideas to match what customers want. They're also adding smart technology to eyewear, like real-time tracking, GPS, and easy connections to smartphones, making it better for people who love outdoor activities and sports.
Being eco-friendly is also a big focus now, with eyewear collections using materials like recycled plastics and bio-acetate. This matches the increasing awareness people have about the environment. The lenses in eyewear have also improved, with some now able to filter out blue light, protect against UV rays, and make seeing things clearer. 3D printing has changed how eyewear is made, allowing for frames that fit perfectly, giving a personalized and comfy experience. These changes by important companies in the industry show that they care about meeting the needs of different customers while using new technology and being more sustainable.
Key Questions Answered in the Report:
- What are the contributing factors to the market's growth trends?
- What is the current market size, and how is it expected to change in the upcoming years?
- What are the key elements exerting influence on the market?
- How is the Eyewear market segmented, considering types, applications, fuels, or other relevant factors?
- Who are the major participants in the Eyewear market?
- What strategies are these players employing to establish a competitive edge?
- What factors are propelling the expansion of the Eyewear market?
- Which regions are anticipated to witness notable growth, and what are the driving factors behind it?
- What recent technological advancements are impacting the Eyewear industry?
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