USD 157.9 billion
Report ID: SQSG35B2025 | Region: Global | Published Date: October, 2022 | Pages: 165 | Tables: 63 | Figures: 75
Eyewear Market size was valued at USD 157.9 billion in 2021 and is poised to grow from USD 170.8 billion in 2022 to USD 357.1 billion by 2030, growing at a CAGR of 8.4% in the forecast period (2023-2030).
The shift in millennials' lifestyle preferences and their growing use of expensive accessories promote 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 win new clients and keep hold of existing ones are having a favorable impact on market statistics.
The businesses have a tendency to improve the customer experience by providing cutting-edge services and goods. For instance, Essilor launched the My Vision Check app in July 2021 to enable customers to screen at home before scheduling an appointment for a comprehensive eye checkup with their local clinic. With the release of its new app, Virtual Vision Exam, which offers an at-home vision test akin to what eye doctors perform, Warby Parker also updated its online prescription renewal service at this time. It offers customers an updated prescription so they can buy glasses or contact lenses.
Through e-commerce websites and the spread of social media, the increased distribution further fuels the market's expansion. The eyewear firms advertise heavily on well-known social media sites like Instagram, Twitter, and Facebook, which gives them the chance to assess audience preferences and provide carefully selected items. These platforms assist businesses in implementing cutting-edge marketing techniques like influencer and affiliate marketing to increase the profitability of their operations.
People spent more time on cell phones, laptops, and desktop computers as a result of the adoption of remote working models and online learning because of the lockdown constraints. Longer screen time encouraged consumers to purchase anti-fatigue and vision correction eyewear, which helped eyewear businesses boost sales of anti-fatigue and blue light-canceling lenses.
US Eyewear Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 157.9 billion
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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.
Eyewear Market Analysis by Type
In 2021, the spectacles segment accounted for the largest market share of the global eyewear market and is anticipated to continue its dominance throughout the forecast period. This is due to the rising prevalence of myopia and hyperopia. Another factor expected to contribute to the sector's expansion is the rising attraction of products offered by industry leaders. Increasing demand for contact lenses, especially in the Asia-Pacific and Latin American regions, is expected to fuel the expansion of the contact lens market during the analysis period.
Countries in Latin America, the Middle East, and Africa all have a high unmet need for sunglasses. Market participants in the eyewear industry are expanding their consumer bases through the use of digital marketing channels and competitive pricing these are some of the factors propelling the eyewear market in these regions during the projection period.
Eyewear Market Analysis by Distribution Channel
In 2021, the eyewear market was dominated by the retail store segment and is anticipated to continue dominance over the next few years. The retail store segment is growing because consumers have more options for purchasing eyewear than ever before, thanks to the increasing number of shopping malls and branded retail outlets. Online avenues for purchasing eyewear, however, are increasing in popularity in recent years. This trend is expected to boost e-commerce revenue during the analysis period. these are some of the major factors that are driving the demand for eyewear products in recent times and are expected to propel the eyewear market during the forecast period.
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North America accounted for more than 25% of the worldwide eyewear market's revenue in 2021 and is anticipated to dominate the market during the analysis period due to the region's growing demand for eye ware products, which will propel the market during the forecast period.
Contact lenses are expected to grow in popularity in the Asia-Pacific and Latin American regions due to the aesthetic benefits they provide. The market in Europe, which includes countries such as Germany, France, the United Kingdom, and others, is anticipated to expand due to a preference for high-end eyewear products, a greater understanding of ocular disorders, and rising disposable incomes that enable the purchase of expensive sunglasses. The expansion of the European market is anticipated to be propelled by the increasing demand for trendy eyewear in the region during the forecast period.
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Eyewear Market Driver
Increasing awareness among people regarding the harmful effects of ultraviolet rays is driving the eyewear market.
Eyewear Market Restraint
Increasing adoption of less expensive frames and sunglasses in developing nations restraint market growth.
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The eyewear market is relatively fragmented, with a high level of competition. Few large players, like Charmant Inc., Carl Zeiss AG., and Bausch & Lomb Inc., now control the market in terms of market share. These industry leaders are extending their customer base across several areas, and many corporations are creating strategic and collaborative initiatives with other start-up enterprises to enhance their market share and profitability.
Eyewear Market Top Player’s Company Profiles
Eyewear Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the global eyewear market has expanded significantly in recent years, particularly in the Asia Pacific because of growing economies. The increased use of digital devices and gadgets by the younger generation has increased the number of eye diseases. Increased demand for contact lenses is predicted to contribute to the expansion of the market during the analysis period. North America accounted for more than 25% of the worldwide eyewear market's revenue in 2021. The region's growing demand for eye ware products will propel the market during the analysis period. Contact lenses are expected to grow in popularity in the Asia-Pacific and Latin American regions due to the aesthetic benefits they provide. Online avenues for purchasing eyewear, however, are increasing in popularity in recent years.
|Market size value in 2021||USD 157.9 billion|
|Market size value in 2030||USD 170.8 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Eyewear Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Eyewear Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Eyewear Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Eyewear Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
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