Spectacles Market

Global Spectacles Market Size (2023 to 2028)

The global spectacles market is estimated to grow at a CAGR of 3.12% from 2023 to 2028 and be worth USD 101.7 billion by 2028 from USD 87.24 billion in 2023.

Spectacles are corrective or protective devices designed to shield the eyes from harmful radiation, improve vision, and improve overall appearance. Glasses include accessories worn over the eyes to correct vision or protect the eyes from dirt, deadly radiation, or excessive light. Spectacles include eyeglasses, glasses, and sunglasses used to correct vision or protect the eyes from harmful ultraviolet rays and dust particles. In today's scenario, consumers wear glasses to correct their vision and improve their appearance.

Impact of COVID-19 on the global spectacles market:

Many vendors are now venturing into the brick-and-mortar business model to expand their customer base, while others use 3D printing technology to produce custom frames for their clients. Additionally, the growing popularity of targeted ads and mandatory government-imposed blocks of many countries in light of the rapid outbreak of coronavirus disease (COVID-19) is facilitating market growth in the online segment. People are more concerned about buying a product in stores and malls because of its shape and size, and other hands have disrupted manufacturing and supply chain management. Other factors contributing to the growth of the global spectacles market include the growing awareness of advancements in medical technology and the continuous launch of innovative products. In addition, more and more people working from home during pandemics have enabled spectacles manufacturers to increase their sales of anti-fatigue and anti-blue light lenses, resulting in overall market growth.

MARKET DRIVERS:

The growing geriatric population worldwide, increasing life expectancy and changing fashion trends majorly drive the spectacles market growth.

Also, the current fashion trends in wearing designer spectacles have become one of the unconventional drivers of the spectacles market. The trend is mainly due to the change in the lifestyle of consumers due to the increase in disposable income of consumers. The growing consumer inclination for branded spectacles will pave the way for the market to capitalize on the lucrative prospects. Following the trend, the leading players in the market are trying to attract customers with profitable and designer product launches. While most companies take a product branding approach to grab customers' attention, this is expected to generate revenues for the years to come.

Since spectacles aid in correcting vision or protect the eyes from dirt, harmful radiation, or excessive light and dust particles, these are worn by all age groups and populations across the world. In today's scenario, consumers wear glasses to correct their vision and improve their appearance. For the factors mentioned above spectacles, the market is expected to grow tremendously during the forecast period.

The spectacles market has experienced significant development in recent years. Emerging countries like India and China have been the most important markets with tremendous opportunities. In 2018, 92% of adolescents and young adults in China had myopia or near-sightedness, which requires corrective lenses for clear vision. The commodification of the spectacles industry, the influence of media and entertainment personalities, and the willingness to splurge on trendy spectacles are factors driving demand for the spectacles market. In addition, the growing importance of digital devices and gadgets among the younger population has had a negative impact on the eyes and their healthcare, leading to an increase in the incidence of eye disorders. As a result, the demand for vision correction products has increased dramatically.

In 2019, Almost 90% of Chinese adolescents and young adults had myopia or near-sightedness, which requires corrective lenses for clear vision. The evolution spectacles industry, the influence of media and entertainment personalities, and the willingness to splurge on trendy spectacles drive demand for the products.

The adoption of digital tools, such as virtual testing and tele optometry, through which eye tests are performed today, is the factor that accelerates the growth of the e-commerce distribution platform. Furthermore, the advancement of Artificial Intelligence (A.I.) is generating newer opportunities for the spectacles market in medicine, fashion, gaming, etc. Additionally, there is an increase in the growth of premium brands as the belief in quality products and attractive designs is expected to fuel the development of the spectacles market during the forecast period.

MARKET RESTRAINTS:

The easy availability of reasonably priced contact lenses is influencing the market's growth globally. This, along with the excessive prices of high-end glasses/ eyewear, are not affordable in underdeveloped countries such as Vietnam, Indonesia, Bangladesh, and others. Excessive prices of high-end glasses limit the market in underdeveloped countries. Moreover, a lack of awareness and healthcare negligence is expected to restrain the growth rate of the spectacles market in the forecast period.

Certain workplaces, such as department stores, showrooms, beauty clinics, etc., do not allow wearing spectacles for any reason. This is expected to challenge the growth of the market. Moreover, the growing demand for alternative for eyesight corrective surgeries and procedures is expected to limit the market growth rate. 

REPORT COVERAGE:

This research report on the global spectacles market has been segmented and sub-segmented based on parts, distribution channel, and region.

Global Spectacles Market – By Parts:

• Frames
• Lens

Global Spectacles Market – By Distribution Channel:

• Offline
• Online

Global Spectacles Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Geographically, North America held a dominant share of 28.9% of 2022 of the global market. The increasing number of visual impairments caused by computers, laptops, smartphones, and other devices is expected to boost the market demand for spectacles. In addition, other factors such as the increasing aging of the population and healthy healthcare awareness are expected to drive the spectacles market. The major countries in the region, such as U.S. and Canada, are significantly contributing to the North American regional market growth. 

Europe accounted for the second-largest spectacles market share in the global market in 2022, while the United Kingdom accounts for most of the European market share. This can be attributed to the growing preference for high-end spectacles products in the region and the increasing interest from manufacturers in developing new styles, shapes, and sizes of spectacles. Germany is forecasted to register a healthy growth rate in the European spectacles market during the forecast period. On the other hand, the U.K., Italy, France, and Spain are projected to witness a promising share in the European spectacles market during the forecast period. 

The Asian region is expected to grow significantly, with a registering CAGR of 4.8% during the forecast period owing to the increasing prevalence of myopia cases in the region. About 80-90% of young people in China, Japan, Singapore, and South Korea have myopia. According to the National Health Commission, in 2019, about 55% of children and adolescents in mainland China suffered from the disease. Such a high prevalence should stimulate regional demand. In addition, the rapid growth of the workforce in India, China, and Vietnam is expected to boost the demand for computer glasses. China is estimated to hold the highest CAGR in this region during the forecast period owing to the increased demand for glasses for vision correction as the elderly population in this region increases.

Many developing countries, such as India, Brazil, and Mexico, suffer visual impairments that usually go undetected or corrected. As a result, government and private organizations in these economies are carrying out eye care awareness campaigns, which are expected to boost the growth of the spectacles market further.

KEY MARKET PARTICIPANTS:

EssilorLuxottica, Carl Zeiss, Fielmann AG, Safilo Group S.p.A., HOYA Corporation, Zenni Optical, Inc., Johnson and Johnson Vision, Ciba Vision, and Warby Parker are some of the noteworthy companies operating in the global spectacles market profiled in this report.

The spectacles market has discovered a way to win over its tech-savvy customers by providing 3D printed spectacles with minimal product designs. 3D printing technology with help from ophthalmology laboratories and spectacles companies will optimize the growing potential in the years to come. In addition, new innovations are developing the general market for spectacles products, such as custom 3D printed frames and new sunglasses with U.V. protection.