Dublin, Jan. 06, 2023 (GLOBE NEWSWIRE) -- The "Global Eyewear Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Product, End User, Distribution Channel, and Region" report has been added to ResearchAndMarkets.com's offering.
According to this analysis, 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.
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.
Scope of the Report
The Eyewear Market is segmented by product, end-user, and distribution channel. 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.
By Product
- Spectacles
- Sunglasses
- Contact Lenses
By End User
- Men
- Women
- Children
By Distribution Channel
- Retail Store
- Online Store
- Ophthalmic Clinics
By Geography
- North America (USA, Canada, and Mexico)
- Europe (Germany, UK, France, Spain, and Italy)
- Asia Pacific (China, Japan, South Korea, India, Indonesia, and Australia)
- LAMEA (Latin America, Middle East, and Africa)
Key Players
- 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
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.
By End User: The women end user segment held the largest share of the Global Eyewear Market in 2021.
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.
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.
Key Topics Covered in the Report
- Snapshot of the Global Eyewear Market
- Industry Value Chain and Ecosystem Analysis
- Market size and Segmentation of the Global Eyewear Market
- Historic Growth of the Overall Global Eyewear Market and Segments
- Competition Scenario of the Market and Key Developments of Competitors
- Porter's 5 Forces Analysis of the Global Eyewear Market
- Overview, Product Offerings, and SWOT Analysis of Key Competitors
- COVID-19 Impact on the Overall Global Eyewear Market
- Future Market Forecast and Growth Rates of the Total Global Eyewear Market and by Segments
- Market Size of Product/End User Segments with Historical CAGR and Future Forecasts
- Analysis of the Eyewear Market in Major Regions
- Major Production/Consumption Hubs in the Major Regions
- Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
- Overview of Notable Emerging Competitor Companies within Each Major Country
For more information about this report visit https://www.researchandmarkets.com/r/9nr2qc
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