New York, United States , Feb. 14, 2024 (GLOBE NEWSWIRE) -- The Global Eyewear Market Size is expected to Grow from USD 146.1 Billion in 2023 to USD 215 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 3.9% during the projected period.
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Eyewear serves multiple purposes, including improving vision, making a fashion statement, and shielding the eyes. The global market for eyewear includes spectacles, sunglasses, and contact lenses. These products are worn not only for eye protection against harmful sun rays but also for vision correction. They are also considered fashion accessories, with various shapes, materials, and styles reflecting personal style. Recently, there has been a growing preference for spectacles due to increased awareness of eye conditions and vision problems like astigmatism, hyperopia, and myopia. According to Lancet Global Health, millions of people worldwide suffer from vision impairment, with many going undiagnosed, especially in low- and middle-income countries. Fortunately, there are now affordable treatments available that can prevent or correct most cases of vision impairment. The anticipated rise in the market is due to more elderly people facing vision issues like myopia and hypermetropia. Additionally, the projected market growth is linked to easier access to glasses and sunglasses via both physical stores and online platforms across various countries. In developing nations, the desire for high-quality sunglasses is boosted by increasing disposable incomes. Furthermore, global market growth is expected to be influenced by a growing recognition and preference for branded eyewear. In order for companies in this industry to remain financially viable, they may need to rely on a smaller number of customers who spend more. In the fiercely competitive eyewear market, businesses encounter challenges in expanding and sustaining profitability independently.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on the "Global Eyewear Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Sunglasses (Plano, Prescription), Spectacles (Frames, Lens), Contact Lenses (Toric, Multifocal, Sphere)), By End-User (Male, Female, Unisex), By Distribution Channel (Online Store, Retail Store, and Ophthalmic Clinics), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023–2033."
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The spectacles segment is anticipated to hold the greatest share of the global eyewear market during the projected timeframe.
Based on the product type, the global eyewear market is divided into sunglasses, plano, prescription, spectacles, frames, lens, contact lenses, toric, multifocal, and sphere. Among these, the spectacles segment is anticipated to hold the greatest share of the global eyewear market during the projected timeframe. Spectacles are a defining feature of the world of eyewear, blending style with practicality by offering both fashion and vision improvement. They encourage innovation and customer engagement while meeting the ongoing demand for vision correction. Serving as a simple remedy for common sight issues like myopia, hypermetropia, and astigmatism, they fulfil a fundamental role in aiding those with visual impairments.
The unisex segment is anticipated to grow at the fastest pace in the global eyewear market during the projected timeframe.
Based on the end-user, the global eyewear market is divided into male, female, and unisex. Among these, the unisex segment is anticipated to grow at the fastest pace in the global eyewear market during the projected timeframe. Eyeglasses that are unisex are crafted to fit various face shapes and sizes, offering versatility for consumers to choose eyewear based on their preferences rather than conforming to traditional gender-based styles. Moreover, unisex eyewear is challenging industry norms and reshaping perceptions of fashion. This underscores the importance for businesses to embrace inclusivity and evolve to thrive, thereby fueling the expansion of this market segment.
The retail store segment is predicted to grow at highest pace in the eyewear market during the estimated period.
Based on the distribution channel, the global eyewear market is divided into online stores, retail stores, and ophthalmic clinics. Among these, the retail store segment is predicted to grow at the highest pace in the eyewear market during the estimated period. Numerous shops, particularly those specializing in eyewear like optical stores, provide customized assistance such as eye check-ups, helping customers choose frames, and offering knowledgeable guidance from skilled staff. This personalized attention is vital for individuals needing prescription glasses or specialized eyewear. These stores allow customers to try on various frames in person, ensuring they discover a suitable pair that complements their style and facial structure.
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North America is expected to hold the largest share of the global eyewear market over the forecast period.
North America is expected to hold the largest share of the global eyewear market over the forecast period. Growing interest among consumers in eyewear products, alongside the prevalent use of gadgets and fast-paced lifestyles, are driving forces behind the expansion of the market. North America stands out for its fashion-forward consumers, with a notable demand for eyewear products due to its aging population and high levels of disposable income. Premium and designer eyewear are increasingly popular, commanding a significant portion of the market. Factors such as the aging population, increased healthcare awareness, and advancements in technology contribute to the rising demand for eyeglasses, particularly in the United States. The widespread use of digital devices further boosts the demand for eyewear in North America, with increasing disposable incomes playing a key role in driving the demand for premium eyewear options like glasses, sunglasses, and contact lenses.
Asia Pacific is predicted to grow at the fastest pace in the global Eyewear market during the projected timeframe. The rise in prosperity, economic power, and population growth in nations like China, India, and Japan has resulted in a higher need for eyeglasses and contact lenses to improve eyesight. The growing number of people in the area has played a role in driving this demand. Technological progress, including augmented and virtual reality, 3D printing, and other digital advancements, are also driving the growth of the eyewear market in this region by improving the overall customer experience.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global eyewear market include Alcon, Innovative Eyewear, Inc., Essilor Luxottica, Fielmann AG, Johnson & Johnson Vision Care, Inc., Essilor International SAS, Safilo Group S.p.A, Alcon Vision LLC, CooperVision, Bausch & Lomb Inc., Charmant Group, Ciba Vision, De Rigo Vision S.p.A, Marchon Eyewear, Inc., QSpex Technologies, Seiko Optical Products Co., Ltd., Zenni Optical, Inc., Shamir Optical Industry Ltd., And Others.
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Recent Developments
- In June 2023, Alcon, a leading name in eye care, will showcase cutting-edge advancements at Optometry’s Meeting, the yearly gathering of the American Optometric Association (AOA), happening from June 21 to 24 in Washington, D.C. During the event, Alcon intends to interact with Eye Care Professionals (ECPs) through various engaging activities like interactive sessions, Q&A sessions, live demonstrations, and trial experiences. These efforts are aimed at helping ECPs integrate innovation into their practices seamlessly. Additionally, Alcon will facilitate connections between ECPs and a comprehensive solution tailored for monthly lens-wearing patients, along with providing an exclusive preview of its upcoming pipeline innovations.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Eyewear Market based on the below-mentioned segments:
Global Eyewear Market, By Product type
- Sunglasses
- Plano
- Prescription
- Spectacles
- Frames
- Lens
- Contact Lenses
- Toric
- Multifocal
- Sphere
Global Eyewear Market, By End-User
- Male
- Female
- Unisex
Global Eyewear Market, By Distribution Channel
- Online Store
- Retail Store
- Ophthalmic Clinics
Global Eyewear Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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