Eyewear is simple optics made to correct eyesight or protect the eyes and consist of lenses and frames. Eyewear with a lens combination and shelves together worn eye ahead, improves vision, eye protection, or ornamental purposes items. It can correct a variety of vision problems, including myopia, hyperopia, astigmatism, presbyopia or strabismus, amblyopia, etc.
The global eyewear market expected to spur market value with USD 170.24 billion with anticipating CAGR in the forecast period from 2020-2027. The factors that are driving the market demand of global eyewear are the emerging cases of acute myopia in the younger generation, and sunglasses and lenses are worn to protect from UV rays. The changing lifestyle, fashion trends, increasing use of smartphones, computers, and television are driving the demand for the eyewear market.
Eyewear provides various protections for the eyes, and there are a variety of types, including corrective glasses, sunglasses, color-changing glasses, contact lenses, and functional glasses. Among them, functional eyewear generally includes; individual mirrors for students, college students, unique mirrors for computers, sports, driving, smart reading glasses, different mirrors for military police, etc.
Moreover, with the growth of disposable income per capita, the change of fashion trends, and health concepts, the demand for the global eyewear market has continued to rise, which has led come unlimited business opportunities.
Besides, eyewear stores in first-tier cities often encourage consumers to purchase more than one eyewear product through product promotion and promotional activities. At present, many middle-class consumers across the globe have more than one pair of myopia glasses or sunglasses.
Additionally, with the application of titanium metal frames and resin lenses, new technologies and marketing technologies have driven the development of retail stores for eyewear. In the mid-1990s, the eyewear industry entered a rapid growth period.
Growing visual difficulties like myopia, glaucoma, conjunctivitis, and other visual deficiency problem is increasing demand for the eyewear industry in the global market. Moreover, with going pandemic situations, school students, college students, employees, teachers, and others are all working on computers, laptops. Thus, increasing higher chances of acute myopia and visual deficiency and hence, propelling the market growth for the global eyewear market.
With the emerging disposable income, the consumers are also changing their lifestyle with evolving fashion trends and adopting various accessories to enhance their look and style. Thus, the demand for sunglasses, contact lenses, and prescription glasses with stylish frames is increasing the growth of the eyewear market. Many celebrities doing ads are also influencing and attracting the younger generation.
Based on the product type, the global eyewear market segment into Prescription Glasses/Spectacles, Sunglasses, Contact Lenses. The contact lenses segment estimated to dominates the maximum share of the global eyewear market in the forecast period from 2020-2027. Compared with traditional frame glasses, contact lenses are more convenient and beautiful to wear, especially now the types, colors, and patterns of colored contact lenses are wealthy, and are popular among younger consumers. With the rise of the younger generation of consumer groups, the popularity of contact lenses has continued to rise.
Moreover, today’s contact lenses not only meet the rigid needs of myopia but also meet the aesthetic requirements of the beauty industry. At the same time, the consumption power of the audience is continuously improving, which will promote the overall development of the eyewear industry.
Based on the mode of sale, the global eyewear market classified into Retail stores, Online stores. The retail stores’ segment dominated the largest market share in the global eyewear market. It is mainly due to eyewear sales activities are generally carried out in stores, mostly optometric products stores, especially for fitting glasses. Most of these store transactions categorized as the turnover of the unorganized retail market. The eyewear chain stores have gradually increased their market share by educating consumers and enhancing their fashion awareness. Lenskart, a famous Indian eyewear company, is a concrete example. To capture the field of light luxury eyewear products, the company has invested in several John Jacobs brand stores to provide a variety of high-quality fashion glasses.
Furthermore, with technology advancement and internet penetration, the demand for online eyewear retail stores are also emerging. A company like Lenskart was the first to use 3D technology on its website. With the help of consumers’ cameras, customers were allowed to try on glasses frames through computers, which became a model of innovative technology.
Based on the end-users, the global eyewear market bifurcated into men and women. The women segment has captured the largest share in the global eyewear market. It is mainly due to the wake of females who have a higher risk of developing refractive errors than in men. As the cases of acute myopia are more elevated and with changing technology and fashion trends female population is adopting different eyewear to enhance their beauty and look. Similarly, Sunglasses have gradually become a must-have for young generations. They buy sunglasses not only to prevent sun damage and ultraviolet rays from damaging the eyes but also as an accessory that reflects their taste. Therefore, the women segment is contributing to fueling the market demand for the global eyewear market.
Based on geography, the global eyewear market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia Pacific is the world’s fastest-growing eyewear market, accounting for the largest share in the global market. It is mainly due to the continuous improvement of national income and consumption levels, the aging of myopia, the increase of the population of vision impairment, the improvement of the aging society, and the enhancement of domestic consumers’ health awareness. Thus, all these factors are fueling the market share for the eyewear in the Asia Pacific market.
Companies such as Carl Zeiss AG, Essilor International S.A., Grand Vision, Johnson & Johnson, Inc., Prada S.p.A., Safilo Group S.p.A., Luxottica Group S.p.A., Valeant Pharmaceuticals, Cooper Vision, Inc., Fielmann AG, and others are key players in the global eyewear market.
By Product Type
By Mode of Sale