Global Eyewear Market Size to Reach USD 369.61 Billion in 2032 | Emergen Research

Vancouver, Oct. 31, 2023 (GLOBE NEWSWIRE) -- The global eyewear market size was USD 169.82 Billion in 2022 and is expected to register a revenue CAGR of 8.1% during the forecast period, according to the latest analysis by Emergen Research.

As per the World Health Organization (WHO), about 2.2 billion people across the globe are affected by either near- or distance vision impairments. Among these cases, approximately 1 billion involve vision issues that might have been preventable or remain unaddressed. Recent data on eye health, as compiled by the International Agency for the Prevention of Blindness, indicates that there are 295 million individuals with moderate-to-severe visual impairments, and 43 million people are classified as blind on a global scale. The rising prevalence of ocular diseases, including conditions such as refractive errors, age-related macular degeneration, cataracts, diabetic retinopathy, glaucoma, amblyopia, strabismus, and others, is a major factor driving the market revenue growth.

Based on information provided by The Association of Optometrists, over one-third of consumers are open to spending additional money on products crafted from sustainable materials. For instance, brands including ‘Sea2See’ create fashionable eyewear frames from recycled marine plastic, actively addressing ocean pollution while manufacturing stylish and environmentally friendly eyewear. Several brands have initiated eyewear production with sustainability at the forefront, and they are also making substantial investments in introducing new products in the future. For instance, on 1 February 2022, EyeMyEye introduced an exclusive line of sustainable eyewear frames in India, branded as the 'Bamboo Eyewear Range.' This collection features unique and customized designs for a distinct look with each frame. In addition, every pair comes with a meticulously crafted protective case constructed from bamboo. The Bamboo Eyeglasses collection is thoughtfully designed not only to enhance one's aesthetic but also to deliver exceptional visual clarity and comfort. Moreover, the Polarized Bamboo Sunglasses within this collection provide comprehensive Ultraviolet (UV)A and UVB protection, ensuring the utmost safety for the eyes.

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Companies are actively integrating advanced technologies such as photochromic and polarized lenses to enhance the functionality of sports eyewear. For example, on June 7, 2022, SunGod introduced its latest sunglasses model, the Tempests. These sunglasses showcase a durable and versatile design combined with state-of-the-art lenses, creating an ideal fusion of performance-oriented and lifestyle eyewear. They are meticulously designed to enable users to seamlessly transition between leisure and active activities.

However, lack of awareness among individuals regarding the initial signs of visual impairment is restraining revenue growth of the market. According to a survey conducted by the International Council of Ophthalmologists (ICO), there are approximately 210,000 ophthalmologists worldwide, while the number of individuals with visual impairments reaches 285 million within a global population of 7.5 billion people. In the U.S., the ratio equates to one ophthalmologist for every 15,800 people, a balance deemed appropriate. However, in India, this ratio is one ophthalmologist for every 107,000 residents, highlighting a significant imbalance and limited accessibility to eye care treatment and ophthalmologists that pose substantial challenges for the eyewear market.

Also, several innovative products incorporating advanced technologies are entering the market. For example, on January 27, 2022, Sun Pharma Canada Inc. unveiled Cequao. This medication represents a groundbreaking development as the first dry eye treatment in Canada to employ Nanomicellar (NCELL) technology for drug delivery. This novel approach enhances the bioavailability and chemical stability of cyclosporine, resulting in improved effectiveness in penetrating ocular tissues. Such therapeutic advancements can sometimes restrain revenue growth of the eyewear market.

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Scope of Research

Major Companies and Competitive Landscape

The global eyewear market is moderately fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective spectrum analyzers. Some major players included in the global eyewear market report are:

• Johnson & Johnson Vision
• EssilorLuxottica
• Fielmann Group AG
• De Rigo Spa
• Marchon Eyewear, Inc.
• Safilo Group S.P.A.
• CooperVision3
• Lanvin
• Maui Jim, Inc.
• Bausch & Lomb Incorporated
• Apple Inc.
• Hoya
• Zeiss Vision
• Alcon
• Seiko Optical Products Co., Ltd.
• Charmant USA Inc.
• Marcolin Spa
• Carrera Eyewear
• Rodenstock Gmbh
• Komono

Strategic Development

14 APRIL 2023 Innovative Eyewear, the company behind eyeglass brands like Lucyd, Nautica, and Eddie Bauer, has introduced a new line of voice-activated ChatGPT eyewear line. It utilizes the company's newly patented Lucyd app, allowing users to interact with ChatGPT through built-in microphones in the glasses, with responses delivered via stereo speakers. The app seamlessly connects with various audio devices, including Airpods. These smart glasses serve multiple purposes, such as listening to music, making and receiving calls, and accessing voice assistant technology. With the addition of ChatGPT functionality, users can harness the power of AI-driven features.

6 APRIL 2023 In Delhi (India), a private hospital has partnered with SHG Technologies from Bengaluru and Vision Aid India to introduce a set of AI-enhanced smart Glasses tailored to assist individuals with visual impairments. These Smart Vision Glasses come equipped with advanced AI and machine learning capabilities, enabling the glasses to recognize objects both indoors and outdoors. Additionally, they offer support for reading and navigation, utilizing proximity sensors and voice notifications to provide guidance and assistance.

27 FEBRUARY 2023 Xiaomi has unveiled the Xiaomi Wireless AR Glass Discovery Edition. These AR glasses from Xiaomi feature dual MicroOLED displays that the company describes as having ‘retina-level’ quality, boasting an impressive pixel density of 58 pixels per degree, which is considered an industry-leading specification. They are powered by the Snapdragon XR2 Gen 1 chip and offer gesture control, allowing users to operate them by simply making hand gestures in front of their faces.

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Some Key Highlights From the Report

• The premium or high end segment is expected to account for a significantly large revenue share over the forecast period. Factors such as increasing disposable incomes, the impact of social media marketing and influencers, and emergence of e-commerce platforms that have streamlined the process for consumers to discover and purchase high-end fashion products are driving revenue growth of this segment. Moreover, certain luxury eyewear brands are providing opportunities for personalization, allowing customers to incorporate unique elements, select specific materials, and choose distinct finishes to tailor their eyeglass frames to their tastes. Barton Perreira, for example, offers customization services that empower customers to create bespoke eyewear that reflects their personal preferences. In addition, brands are diversifying their offerings by introducing high-end eyewear collections targeted at specific consumer groups. For instance, on August 21, 2023, Lenskart unveiled its latest eyewear collection designed to fuse style and functionality in the world of K-Pop. The K-Pop Collection, curated by Lenskart Studio, features luxurious acetate eyeglasses distinguished by color-blocked rims, as well as sunglasses characterized by vibrant colors and sleek aesthetics.
• The online retailing segment is expected to register fastest revenue growth rate over the forecast period. With factors such as convenience, ease of price comparisons, transparent transactions, versatile payment methods, and flexible return and exchange policies, online shopping platforms have gained momentum. Various payment options such as credit cards, digital wallets, and alternative payment options such as Buy-Now-Pay-Later (BNPL) offer consumers versatility, accommodating their diverse preferences and financial circumstances.

In the realm of online retail, digital sellers often utilize algorithms to suggest products based on a consumer's prior online browsing and purchasing patterns. This customized method assists shoppers in discovering items that match their distinct preferences and fashion choices. Moreover, online retailers often provide flexible return and exchange policies, offering convenience to customers who need to return items that do not meet their expectations.
Revenue growth of this segment can also be credited to affordable product pricing, discounts, ease of use, home delivery services, and a wide range of product options. For example, surveys indicate that 79% of Americans turn to online shopping as a means to economize, and 82% of Americans consult online reviews and ratings before making a purchase. They place their trust in companies that provide ample product information, including instructional videos and reviews. In summary, consumers choose to buy eyewear products online due to the distinctive features and accessibility convenience it offers.

• The market in North America accounted for largest revenue share in 2022. Factors such as increasing utilization of vision correctors, growing screen time among individuals, along with incorporation of Augmented Reality (AR) technology to unlock new links between individuals, their gadgets, and the physical environment are driving revenue growth of the eyewear market in this region. Rising demand for athleisure eyewear is also resulting in accelerating demand for sporty eyewear. As consumers' awareness of eye health continues to grow, there is an increasing number of ophthalmology centers in the United States. In addition, various mergers and acquisitions are currently in progress. For instance, on January 3, 2022, Vision Innovation Partners, a well-known eye care platform, announced its acquisition of Advanced Eye Care, a comprehensive eye clinic with an on-site medical spa situated in Bel Air, Maryland. This acquisition strengthens Vision Innovation Partners' expanding network of ophthalmology practices in the Mid-Atlantic region and further solidifies its presence in the Baltimore-Washington metropolitan area.

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Emergen Research has segmented the global eyewear market on the basis of product type, prescription type, frame material, lens material, lens coating, price range, function, distribution channel, and region:

• Product Type Outlook (Revenue, USD Billion; 2019-2032)
  • Prescription Spectacles
    1. Single Vision Glasses
    2. Bifocal Glasses
    3. Progressive or Multifocal Glasses
  • Sunglasses
    1. Fashion Sunglasses
    2. Sports Sunglasses
    3. Polarized Sunglasses
  • Contact Lens
    1. Soft Contact Lens
    2. Rigid Gas Permeable Contact Lens
    3. Colored Contact Lens
  • Readers (Over-the-Counter Reading Glasses)
  • Others

• Prescription Type Outlook (Revenue, USD Billion; 2019-2032)

• • Myopia
  • Hyperopia A
  • Astigmatism
  • Presbyopia
  • Others

• Frame Material Outlook (Revenue, USD Billion; 2019-2032)

• • Metal Frames
  • Plastic Frames
  • Wooden Frames
  • Titanium Frames
  • Carbon Fiber Frames
  • Others

• Lens Material Outlook (Revenue, USD Billion; 2019-2032)

• • Plastic Lenses
  • Glass Lenses
  • Polycarbonate Lenses
  • High-Index Lenses
  • Trivex Lenses
  • Others

• Lens Coatings Outlook (Revenue, USD Billion; 2019-2032)

• • Anti-Reflective Coatings
  • Scratch-Resistant Coatings
  • UV Protection Coatings
  • Blue Light Blocking Coatings
• Price Range Outlook (Revenue, USD Billion; 2019-2032)
  • Premium or High End Eyewear
  • Mid-Range Eyewear
  • Budget Friendly Eyewear

• Function Outlook (Revenue, USD Billion; 2019-2032)

• • Computer Glasses
  • Gaming Glasses
  • Driving Glasses
  • Sports-specific Eyewear
  • Safety Eyewear for Industrial Use
  • Others

• Distribution Channel Outlook (Revenue, USD Billion; 2019-2032)

• • Eyecare Professionals (Optometrists and Ophthalmologists)
  • Wholesale and Distributors
  • Online Retail
  • Retail Stores
    1. Optical Stores
    2. Department Stores
    3. Specialty Stores
  • Others
• Regional Outlook (Revenue, USD Billion; 2019-2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. U.K.
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of MEA

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