Eyewear Market is Projected to Reach at a US$205.86 Mn by 2032 | FMI
The eyewear market is anticipated to grow from US$114.95 billion in 2021 to US$205.86 Mn by 2032, at a CAGR of 6%.
The global eyeglasses market share has significantly increased in recent years, especially in Asia-Pacific emerging markets like India and China. The global eyewear market is being driven by an increase in incidences of visual impairment and eye problems as well as a desire to wear the newest styles.
Anything worn to protect or correct vision is considered eyewear. Depending on the quality, size, material, and frame, it could be of several varieties. Globally, there is an increasing need for eyewear.
People are becoming more educated about the value of routine eye exams and checkups. As a result, there is a rising need for corrective eyewear, such as contact lenses and eyeglasses. A lot of people also wear it because it suits them well or to make a fashion statement.
In recent years, the global eyewear market sharehas seen significant expansion, particularly in Asia-Pacific rising markets like India and China. An increase in the number of cases of visual impairment and eye issues, as well as a desire to keep up with the latest fashion trends, is driving the worldwide eyewear market.
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Eyewear Market Segmentation
The global eyewear market can be segmented into spectacles, contact lenses and sunglasses. Spectacles, which includes frames as well as lenses, are the preferred choice for visual inaccuracies such as hyperopia and myopia. Frames cost significantly more than the lenses, but their replacement rate is lesser. Frames can be made of different materials like nylon, plastic, metal, etc. Contact lenses can be of two types, soft contact lenses: which are easily adaptable to the eyes, and rigid gas permeable lenses: which is mainly used for correcting astigmatism.
Contact lenses are also used for cosmetic purposes or to look glamorous (example colored contact lenses). Great care should be taken while wearing lenses and they should be changed when required, or else it can lead to a condition known as contact lens-induced acute red eye (CLARE).
Globally, the demand for eyewear market is robust in North America. Europe and Asia Pacific are the other dominant regions for the eyewear market. It is anticipated that the eyewear market will witness steady growth in these regions in the future as well.
Eyewear Market Dynamics
The growth is expected to be driven by lifestyle changes due to growing urbanization, acceptance of eyewear products, high number of individuals using corrective eyewear, increased usage of silicon hydrogel, and growing ageing population. The growth of the industry can be hindered by price differentiation between branded and unbranded frames, sale of illegal novelty contact lenses, and the challenging local conditions in various countries.
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Eyewear Market: Key Players
Major players in the industry are Carl Zeiss AG, Essilor, Luxottica, Safilo Group, Acuvue, and Crizal. Distribution channels include retail chains, independent stores, drugstores, mass merchandisers as well as specialty stores. Notable retail stores include Sunglass Hut, Oliver Peoples, Sun Planet and Sunglass Icon.
This research report presents a comprehensive assessment of the eyewear market and contains thoughtful insights, facts, historical data and statistically-supported and industry-validated market data and projections with a suitable set of assumptions and methodology. It provides analysis and information by categories such as market segments, regions, product types and distribution channels.
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The report covers exhaustive analysis on:
- Eyewear Market Segments
- Eyewear Market Dynamics
- Historical Actual Market Size, 2012 – 2014
- Eyewear Market Size & Forecast 2015 to 2025
- Supply & Demand Value Chain
- Eyewear Market Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
- Eyewear Market Drivers and Restraints
Regional analysis for Eyewear Market includes
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Others
- Western Europe
- Eastern Europe
- Asia Pacific
- Australia and New Zealand (ANZ)
- Greater China
- Rest of Asia Pacific
- Middle East and Africa
- GCC Countries
- Other Middle East
- North Africa
- South Africa
- Other Africa
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
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