Eyewear Market

Eyewear Market Size & Growth (2022 - 2027):

The Eyewear Market was worth US$ xx million in 2022, and it is estimated to reach a valuation of US$ xx million by the end of 2027, expanding at a CAGR of 8.8%

The eyewear consists of accessories that are worn over the eyes to correct vision or to protect the eyes from eye debris, harmful radiation, or excessive light. Eyewear includes glasses, lenses, and sunglasses that we use to correct our eyesight or to protect our eyes from harmful UV rays and dust particles. In this scenario, consumers not only wear eyewear to correct vision but also to improve their appearance. Many market participants offer innovative eyewear and lenses due to technological advances and the availability of lightweight materials. Emerging countries like India and China are experiencing rapid growth in the global eyewear market.

Market Growth:

The rapid increase in the number of visual disabilities and increased awareness of vision detection is expected to stimulate growth.

Market Drivers: 

The increased awareness of the dangers of UV exposure, the increase in visual impairment, the increased demand for fashion sunglasses, and the need for the Eyewear market, as well as medical and personal use, have passed from the real requirements to the desired. In general, glasses have been used to overcome the disadvantages of poor vision. This increased the use of more glasses in front of the individual than in the disease of the body. Gradual changes in the way people think about the use of glasses have had a high impact on the world market for eyewear, and the demand for sunglasses arises from a greater awareness of the adverse effects of harmful UV rays. 

The propensity of people to the new fashion trends adopted has contributed to the growth of the global eyewear market. Modern innovations and technological advances have been added to the versatility and quality of the glasses with an aesthetic appeal and style, making the glasses an accessory to improve the personality. The introduction of contact lenses has become an easy way for people to avoid eyewear without laser treatment, which has boosted the growth of the global eyewear market.

Market Restraints:

But with the advancement of medical technology, higher adoption of vision correction surgery, such as LASIK, RLE, PRK, LASEK, epi-LASIK and PRELEX can hamper the demand for products. In addition, in price-sensitive countries, the significant price difference between lenses with and without a brand has changed the preference for low-cost products, especially in the middle-class population.

Recent Developments:                                    

1. In October 2018, Essilor, a leading manufacturer of eyeglass lenses, merged with Luxottica, a leading player in the sunglasses market, to gain a competitive advantage and strengthen its geographical presence.
2. In 2015, Johnson & Johnson Vision Care, Inc. launched a new contact lens with a tear injection design. Johnson & Johnson ACUVUE OASYS brand contact lenses with HydraLuxe technology provide clear vision throughout the day.
3. March 27, 2019: Johnson & Johnson Vision announced the launch in the United States of ACUVUE OASYS with TRANSITIONS LIGHT INTELLIGENT TECHNOLOGY.

EYEWEAR MARKET REPORT COVERAGE:

 Market Segmentation:

Eyewear Market By product type: 

Glasses accounted for more than 55% of the global demand in 2018 and dominated the overall market share of eyewear. The introduction of innovative designs backed by the growth of the online distribution sector has led to a more significant market share as the demand for eyeglass frames increases. Plano sunglasses are expected to benefit significantly from 6.5% or more by 2027 each year.

Eyewear Market By distribution type:

The offline model accounted for a significant portion of the general market in terms of sales in 2018. Distribution through retail stores in optical stores, department stores and hypermarkets are expected to generate higher sales. It is convenient to make immediate purchase decisions. Optical stores are the most preferred channel to buy glasses when consumers receive a wide range of services, such as optometry and optometrists.

Eyewear Market – Geographical Presence:

The global eyewear market can be divided into five key major regions:

• North America
• Europe
• Asia Pacific
• Latin America
• Europe
• Middle East & Africa

The 2019 market was dominated by Asia Pacific which is likely to project a significant CAGR in the forecast period. The need to use corrective eyewear was facilitated by the growing number of myopia cases. Major market players such as PRADA have been establishing production units in Asia to gain access to better technology along with cheap labor. Further alignment of the eyewear market with fashion trends has been fueling growth in Asia. The growing youth population supported by rising disposable income is leading to market growth in the region.

North America owned a significant revenue share of the global eyewear market in 2019. The government’s efforts to establish well-distributed transportation made the supply chain more effective. The existence of major eyewear brands in the region is leading to market growth. Improving lifestyle has led to the inclination of the population towards premium products. 

The rising preference for eyewear products as a luxury item is leading to market growth in Europe and Middle East & Africa. Latin America is prospering in the contact lens segment of the eyewear market. 

Eyewear Market – Competition in the marketplace:

The high fragmentation of the global eyewear market can be attributed to the presence of several regional as well as multinational players. The majority of the market revenue is held by a few multinational corporations in spectacle lenses, contact lenses, and the Plano sunglasses segment. The players are primarily focusing on product innovation, product launches, mergers & acquisitions, and product portfolio expansion.

International players have started to get involved with governments to initiate a business partnerships in order to generate returns in developing countries. This partnership involves providing products at lower cost while the government will promote the need for the product. These collaborative actions lead to the promotion of the product and the expansion of the customer base.

Impact of Covid-19 on Global Eyewear Market:

The worldwide lockdown caused by the pandemic is being uplifted slowly across nations and the supply chain is restoring its value. Due to the disruption in the market, retail stores were completely shut. Therefore, it is expected that online platforms have tremendous growth opportunities in front of them as businesses are shifting their focus to the online platform. The fashion market was affected during the lockdown and is expected to experience a decline in the expected sales for the next few months. As the situation will settle and production will resume back to normal with the complete settlement of the supply chain, the market will resume its projected strength

Key Players:

Major companies in the Eyewear market include:

• Luxxotica
• Essilor International S.A.
• Alcon
• Johnson & Johnson
• Bausch & Lomb
• Hoya Corporation
• Cooper Vision
• Fielmann AG
• Rodenstock
• De Rigo SpA
• Carl Zeiss
• Safilo Group SpA
• Marcolin.

Fielmann Ventures GmbH recently acquired shares (20%) of the augmented reality specialist FittingBox SA as part of its capital increase.