Pune, India, Oct. 30, 2023 (GLOBE NEWSWIRE) -- The global eyewear market is projected to grow from USD 161.61 billion in 2023 to USD 246.47 billion by 2030, exhibiting a CAGR of 6.2% during the forecast period. The rising prevalence of vision abnormality and increasing incidence of ocular disorders, including astigmatism, myopia, and hypermetropia, will drive market growth during forecast period.
Fortune Business Insights™ mentioned this in a report titled, “Eyewear Market, 2023-2030.”
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Key Industry Development:
May 2021 – Snap Inc. launched next-generation spectacles with lightweight display glasses. These new glasses can be utilized through immersive augmented reality (AR) technology.
Key Takeaways:
- In 2020, as reported by Lancet Global Health, an estimated 43.3 million individuals were blind, with approximately 23.9 million of them being women.
- In February 2021, according to the World Health Organization (WHO), there were at least 2.2 billion people worldwide experiencing either near or distant visual impairment.
- Based on an analysis conducted by the Vision Council in June 2021, approximately 70% of adult survey participants primarily wear sunglasses for general purposes.
- The market is divided into segments of spectacles, sunglasses, and contact lenses, categorized by product type.
- In 2022, North America produced revenue totaling USD 45.29 billion.
Discover the Leading Players Featured in the Report:
Alcon (Switzerland), EssilorLuxottica (France), CooperVision (U.S.), Johnson & Johnson Vision Care, Inc. (Johnson & Johnson Services, Inc.) (U.S.), Bausch & Lomb Incorporated (U.S.), ZEISS (Germany), Fielmann AG (Germany), SAFILO GROUP S.P.A. (Italy), LUXOTTICA GROUP (Italy)
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 6.2% |
| 2030 Value Projection | USD 246.47 billion |
| Base Year | 2022 |
| Market Size in 2023 | USD 161.61 billion |
| Historical Data | 2019-2021 |
| No. of Pages | 120 |
| Segments Covered | Product Type, Distribution Channel, and Geography |
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Segmentation:
Increasing Prevalence of Myopia and Hypermetropia to Drive Spectacles Segment Growth
By product type, the market is segmented into spectacles, sunglasses, and contact lenses. The spectacles segment held the largest market share in 2022 and is estimated to maintain its dominance during the forecast period. The growth is attributed to the increasing prevalence of hypermetropia and myopia globally.
Growing Accessibility of Eyewear Products to Boost Retail Store Segment Growth
By distribution channel, the market is divided into retail store, online store, and ophthalmic clinics. The retail store segment held the largest market share in 2022 and is estimated to maintain its dominance during the forecast period. The high accessibility of sunglasses and spectacle products in retail stores of shopping malls and others to drive the segment growth during the projected period.
Geographically, the market is studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
By Product
- Spectacles
- Frames
- Lens
- Sunglasses
- Plano
- Prescription
- Contact lens
- Toric
- Multifocal
- Sphere
By Distribution Channel
- Retail Store
- Online Store
- Ophthalmic Clinics
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Driving factor:
Growing Awareness Regarding Harmful Effects of Ultraviolet Rays to Boost Market Growth
The growing awareness regarding the harmful effects of Ultraviolet A (UVA) and ultraviolet B (UVB) rays on vision is anticipated to propel market growth during the forecast period. The increasing acceptance of sportswear sunglasses in the general population globally is estimated to drive market growth. The large product offering by key market players is boosting the sunglasses demand globally, further driving market growth.
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Regional insights:
Rising Vision Care Incidence to Boost Market Growth in North America
North America is expected to hold the highest part in the eyewear market share during the forecast period. The growth is attributed to the increasing acceptance of vision care products across the region.
Europe is expected to have the considerable growth rate during the forecast period due to the rising affordability of purchasing expensive sunglasses in European countries, including France, the U.K., Germany, and others.
Competitive Landscape
Growing Partnerships and Collaborations Between Key Players to Drive Market Growth
The market comprises key players, such as SAFILO GROUP S.P.A, ZEISS, Essilor, Johnson and Johnson Services, Inc., and Alcon. The increasing adoption of new and advanced technologies by these key players are estimated to drive market growth during the forecast period. The increasing number of new product launches is also expected to drive market growth.
FAQs
How big is the Eyewear Market?
Eyewear Market size is USD 161.61 billion in 2023.
How fast is the Eyewear Market growing?
The Eyewear Market will exhibit a CAGR of 6.2% during the forecast period, 2023-2030
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