Pune, India, Oct. 20, 2021 (GLOBE NEWSWIRE) -- According to the report by Fortune Business Insights™, the global Eyewear market size to Grow from USD 114.95 billion in 2021 to USD 172.42 billion in 2028 at a CAGR of 6% in the 2021-2028 period. owing to increasing cases of deteriorating eye health and trendsetting launch of eyewear products by the manufacturers across the globe. Fortune Business Insights. The rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.
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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.
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.
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COVID-19 Crisis to Surge Exponential Demand
Amid the mayhem caused by the novel coronavirus, COVID-19, the market is expected to witness a surge in the near future. Several government agencies have announced lockdown to contain the spread of the global pandemic that is resulting in increasing screen time by the people confined to their home spaces. Additionally, the digital overload is taking a toll on the eyes and people are therefore looking to invest in glasses that protect from the harmful blue light. According to a survey by a non-profit organization, Common Sense Media, amid coronavirus on an average the Americans will be spending over 13 hours and 35 minutes on several media platforms a day. Furthermore, several companies are coming forward to support frontline workers during the torrid time. For instance, in April 2020, Fitz, a direct-to-consumer eyewear brand, announced its support by introducing a custom-fit glass technology that facilitates to build protective and prescribed spectacles for the frontline workers.
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Spectacles Segment with 79.0% Market Share to Bolster Growth
The segment Spectacles (By Product Type) generated maximum revenue and held a 79.0% market share in 2018. Additionally, the segment is likely to dominate owing to increasing cases of hypermetropia and myopia among the population across the globe. This is likely to be followed by the contact lenses and sunglasses segment owing to increasing consumer base across the developed and developing economies during the projected horizon.
Increasing Demand for Premium Eye Care Products in North America to Spur Demand
Among the regions, the 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.
The 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:
- Alcon (Part of Novartis AG) (Switzerland)
- EssilorLuxottica (France)
- CooperVision (U.S.)
- Johnson & Johnson Services, Inc. (U.S.)
- Bausch Health Companies Inc. (U.S.)
- Carl Zeiss (Germany)
- Fielmann AG (Germany)
- Safilo Group S.p.A (Italy)
- Other Prominent Players
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 6% |
| 2028 Value Projection | USD 172.42 billion |
| Base Year | 2020 |
| Market Size in 2021 | USD 114.95 billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 120 |
| Segments covered | Product Type, Distribution Channel, and Geography |
| Growth Drivers | Rising Incidence of Eye Health Issues to Propel Market Growth |
| Increasing Awareness among People Regarding Harmful Effects of Ultraviolet Rays to Augment Growth |
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Global Eyewear Market Segmentation:
By Product Type:
- Spectacles
- Sunglasses
- Contact Lens
By Distribution Channel:
- Retail Store
- Online Store
- Ophthalmic Clinics
By Geography:
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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