Number of pages: 100 | Report Format: PDF | Published date: 12 September, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
The global eyewear market was pegged at ~US$ 145.65 billion in 2021 and is expected to witness a CAGR of ~7.5% during the forecast period.
Eyewear includes goods and accessories worn on or over the eyes for aesthetic purposes, environmental protection, and to enhance or improve visual acuity. Sunglasses, contact lenses, and glasses—also known as eyeglasses or spectacles—are common types of eyewear. Goggles are an example of more practical eye protection that can be used as eyewear. On the other hand, blindfolds are a type of eyewear that obscures eyesight for several reasons.
The shift in millennials' lifestyle preferences and their growing use of expensive accessories promote the global eyewear market expansion. Encouraged by the rising consumer demand for their products, eyewear manufacturers concentrate on creating stylish and reasonably priced eyewear. In an effort to quickly respond to current fashion trends and draw in fashion fans, they are releasing fresh designs and patterns. The main market players' ongoing efforts to gain new clients and keep hold of existing ones are having a favorable impact on market statistics. Through e-commerce websites and the spread of social media, the increased distribution further fuels the market's expansion. Social platforms are assisting businesses by implementing cutting-edge marketing techniques, hence pushing the global eyewear market.
However, the surge in cheaper products like frames and sunglasses is likely to hamper the global eyewear market growth.
The global eyewear market has been analyzed from three perspectives: - product type, distribution channel, and region.
Eyewear Market by Product Type
Based on product type, the global eyewear market is segmented into, contact lenses, sunglasses, and spectacles. the contact lenses segment is further bifurcated into mass contact and premium contact lenses. The spectacles segment is bifurcated into spectacle lenses and frames. This segment accounts for the largest share of revenue in the eyewear market, which can be attributed to rising product demand brought on by the increasing prevalence of computer vision syndrome (CVS). This is mostly because more people worldwide are using mobile phones and digital devices. 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.
Eyewear Market by Distribution Channel
Based on the distribution channel, the global eyewear market is divided into retail stores, ophthalmic clinics, and online stores. The retail stores segment dominates the global eyewear market. This is attributed to the presence of a high range of products available at stores with lucrative discounts. Though, there has been a significant increase in product purchases on online platforms. Thus, the online stores in the forecast period are expected to witness a high growth rate.
Eyewear Market by Region
Based on region, the global eyewear market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. Due to the rising demand for eyeglasses such as sunglasses, colored contact lenses, and frames as fashion accessories, Europe dominated the eyewear market. A lucrative market is provided by the presence of numerous prominent fashion labels in the area, including Guccio Gucci S.p.A., Prada S.p.A., TOM FORD, and Christian Dior. Additionally, the market is heavily controlled because eyewear and sunglasses are classified as personal protective equipment (PPE) in EU countries, which requires suppliers to follow the rules.
Some of the prominent players operating in the global eyewear market are: -