Westford, USA, Sept. 27, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global Eyewear Market will reach a value of USD 357.1 Billion by 2031, with a CAGR of 8.4% during the forecast period (2024-2031). The eyewear market is a progressing and dynamic industry that covers segments like sunglasses, prescription glasses, and contact lenses. Lately, the market is witnessing major growth backed by the growing awareness of eye health, advancements in frame designs and lenses, and growing fashion consciousness. The market is also driven by the growing senior population, the growing use of digital devices, and the rising fashion consciousness.
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Eyewear Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 170.8 Billion |
| Estimated Value by 2031 | USD 357.1 Billion |
| Growth Rate | Poised to grow at a CAGR of 8.4% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Products, Distribution Channel, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Growing number of patent filings by major market players |
| Key Market Opportunities | Growth E-Commerce that Helps Reach Broader Audience |
| Key Market Drivers | Increasing Use of Expensive Eyewear Accessories |
Eyewear Market Segmental Analysis
The global eyewear market is segmented based on products, distribution channels, and region.
Based on products, the market is segmented into contact lenses, spectacles, and sunglasses.
Based on the distribution channel, the market is segmented into retail stores, online stores, and ophthalmic clinics.
Based on region, the global Eyewear market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Spectacles Segment to Hold Significant Market Share Due to Rising Number of Vision Complaints
By products, the spectacles segment has held a majority market share in the past years and is expected to lead over the forecast period owing to its widespread use. A large population across the globe uses spectacles for correcting numerous vision disorders, hence the demand for different types of spectacles is increasing. Moreover, the growing elderly population and adults are fueling the growth of the market. On the other hand, the sunglasses segment is projected to grow considerably over the forecast period owing to functional purposes and fashion. Sunglasses have attracted a large population due to protection from UV and glare reduction. The growing popularity of expensive branded sunglasses will fuel the segment’s growth in the coming years.
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Retail Stores Segment to Lead Market Due to Wide Availability of Products and User Experience
By distribution channel, the retail stores segment dominated the market in the past years and is expected to lead over the forecast period as well owing to the availability of a wide range of products. Retail stores allow users to try different eyewear or spectacles for personalized service. Most users prefer shopping offline or in-store purchases to experiencing products themselves and choosing the right fit. These factors are the key reason behind the segment growth. Conversely, the online stores segment will hold a notable market share in the future backed by the growth of e-commerce and the increasing number of online shopping portals. These platforms or portals offer features like home trials and try-ons, and the convenience of selecting from a wide range of products.
North America to Lead Market Owing to Strong E-Commerce and Retail Infrastructure
Geographically, North America dominated the eyewear market in the past years and will lead in future as well owing to the growing disposable income of consumers and strong e-commerce and retail. Canada and the United States hold higher levels of spending power, that enable users to purchase branded and exclusive eyewear, comprising designer and premium products. Moreover, the market growth in the region is also impacted by well-developed retail infrastructure and growing use of e-commerce. The leading eyewear online platforms and retail stores offer unique and exclusive products for better user convenience and selection.
Asia-Pacific is observed as the fastest growing region, among others, due to growing awareness of vision care and eye health and increasing disposable income. Regional growth is also impacted by the growing population, especially the elderly and adults who demand several vision care glasses. Also, speedy economic growth is increasing the disposable income of consumers, and the growing demand for eyewear.
Eyewear Market Insight
Drivers:
- Growing Awareness of Eye Health
- Technological Advancements
- Increased Use of Digital Device
Restraints:
- Significantly Priced Premium Wear
- Availability of Substandard Eyewear Products
- Restricted Access in Rural Areas
Prominent Players in Eyewear Market
- Luxottica Group S.p.A.
- Essilor International
- Johnson & Johnson Vision Inc.
- Safilo Group S.p.A.
- Bausch & Lomb Incorporated
- Carl Zeiss AG
- CooperVision
- Marchon Eyewear, Inc.
- Fielmann AG
- GrandVision
- Charmant Group
- Marcolin S.p.A.
- De Rigo Vision S.p.A.
- Silhouette International Schmied AG
- Rodenstock GmbH
- HOYA Corporation
- Seiko Optical Products Co., Ltd.
- Alcon Vision LLC
- Shamir Optical Industry Ltd.
- Optic 2000
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Key Questions Answered in Global Eyewear Market Report
- What is the estimated size of Global Eyewear Market by 2031, according to SkyQuest Technology?
- Why is the spectacles segment dominating the Global Eyewear Market?
- Who are the leading players in the Eyewear Market, and what are their growth strategies?
This report provides the following insights:
Analysis of key drivers (innovations in frame materials, growing aging population, growth of e-commerce), restraints (lack of awareness for better vision, technological challenges, economic downturns), opportunities (eco-friendly and sustainable products, personalization and customization, innovations in lens technology), and challenges (intense competition, distribution challenges, economic fluctuations) influencing the growth of eyewear market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the eyewear market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the eyewear market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia-Pacific.
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