Pune, India, April 20, 2022 (GLOBE NEWSWIRE) -- The global eyewear market size is expected to reach USD 172.42 Billion by 2028 owing to increasing cases of deteriorating eye health and trendsetting launch of eyewear products by the manufacturers across the globe. Fortune Business Insights, in its latest report, titled “Eyewear Market Size, Share & Industry Analysis, By Product Type (Spectacles, Sunglasses, Contact Lens), By Distribution Channel (Retail Store, Online Store, Ophthalmic Clinics), and Regional Forecast, 2021-2028.”, observes that the market was worth USD 114.95 Billion in 2021 and is likely to exhibit a promising CAGR of 6.0% between 2021-2028.
Industrial Development:
- May 2020: FENTY, the famous singer Rihanna-held luxury brand, introduced its new range of sunglasses to heat up the style space for the days ahead. The 3 new editions of sunglasses are available in neutral colors such as Milky Way and Jet Black along with Fenty monogram inscribed on them.
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Market Growth:
Eyewear Market is primarily driven by the increasing prevalence of ocular diseases on the global level. There has been a considerable rise in the cases of partial and severe vision impairment among adults and rising incidences of myopia and hypermetropia among children, which is contributing to the increasing demand for eyewear as an appropriate measure to prevent further damage. In addition to this, there has also been a significant increase in the occurrence of other eyesight related disorders, such as eye irritation, dry eyes, computer vision syndrome (CVS) and double vision, especially among working professionals. This can be accredited to the strain caused on the eyes due to the prolonged use of laptops, smartphones and tablets.
Eyewear Market Report Scope & Segmentation :
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 6.0% |
| 2028 Value Projection | USD 172.42 billion |
| Base Year | 2020 |
| Market Size in 2021 | USD 114.95 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 120 |
| Segments covered | By Product, Distribution Channel, By Geography |
| Growth Drivers | The geriatric population's increase is estimated to augment the eyewear market growth during the forecast period. |
| Surging Use of Cheaper Frames and Sunglasses in Emerging Countries to Hamper Growth |
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Eyewear is an integral part of everybody’s life. Whether it is for that so-called nerdy look, or style statement, they have always been in demand across the consumers. Additionally, they are beneficial for enhancing one’s eyesight and protect against the harmful effects of pollution. The most common type of eyewear is the numbered glasses or the spectacles, contact lenses, and sunglasses, among others. Furthermore, there are googles too that protect the eyes from the harmful UV rays by offering a UV protection film. With celebrities advocating new fashion style by mounting several types of eyewear, the demand keeps on soaring among the people once it is witnessed as a fashion statement.
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Drivers and Restraints:
Increasing Incidents of Eye Health to Foster Growth
According to the World Health Organization (WHO), around 2.2 Billion people are suffering from eye blindness and vision impairment. Additionally, over a billion people across the globe suffer from vision impairment owing to be deprived of the care they require to treat conditions such as cataracts, glaucoma, and short and far sightedness, among others. An increasing number of people suffering from ocular disorders is expected to boost the sales of eyewear products in the forthcoming years. Furthermore, the increasing number of geriatric population in developed and developing regions will bode well for the growth of the market during the forecast period.
Segmentation:
Spectacles Segment with 79.0% Market Share to Bolster Growth
Eyewear market analysis, the market is segmented on the basis of product type, mode of sale, end user, and region. On the basis of product type, the eyewear market is categorized into prescription glasses/spectacles, sunglasses, and contact lenses. According to mode of sale, it is fragmented into retail stores and online stores. As per end user, the market is divided into men and women. Region wise, the eyewear market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America contributed the highest revenue in 2020 and is expected to dominate the market during the forecast period.
Several companies that operate in the global eyewear market have adopted product launch and acquisition as their key growth strategies to sustain the intense competition in the market and to increase their market presence. The products of prominent companies, such as Carl Zeiss and Prada are endorsed by renowned celebrities to boost their net sales and increase their popularity. With change in technology and availability of a variety of light-weight raw materials, several companies now offer high-quality and innovative designs in eyewear models.
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Regional Analysis:
Increasing Demand for Premium Eye Care Products in North America to Spur Demand
Among the regions, the Eyewear Market in North America is anticipated to remain dominant and generate high global eyewear market revenue in the forthcoming years. In addition to this, the region was worth USD 35.60 Billion in 2018 and is likely to foresee massive growth. This is ascribable to factors such as increasing acceptance for eye care products in the region. Europe, on the other hand, is expected to witness growth backed by increasing awareness for ocular disorders and high demand for premium eye care products. Furthermore, affordable sunglasses in countries such as the U.K., France, and Germany will contribute to the growth of the market in Europe.
Europe dominated in 2020 and held a revenue share of over 37%. The region, considered a fashion hub, witnesses people adopting eyewear as a fashion accessory, such as colored contact lenses, sunglasses, and frames. Moreover, the presence of several fashion brands in the region, such as Prada S.p.A., Guccio Gucci S.p.A., Christian Dior, and TOM FORD, ensure that healthy competition is maintained by offering their products at competitive prices.
The Eyewear Market in Asia-Pacific is likely to be the second-most leading region during the forecast period. This is attributable to factors such as increasing geriatric population in countries such as China, Japan, and India. Moreover, high disposable incomes and availability of cheaper eyewear products in Asia-Pacific will drive the market growth between 2019 and 2026.
List of the Companies Operating in the Market: Eyewear Market Share
- Alcon (Part of Novartis AG)
- EssilorLuxottica
- CooperVision
- Johnson & Johnson Services, Inc.
- Bausch Health Companies Inc.
- Carl Zeiss
- Fielmann AG
- Safilo Group S.p.A
- Other Prominent Players
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