Asia-Pacific Eyewear Market Outlook, 2028

Asia-Pacific Eyewear Market Outlook, 2028

Asia Pacific Eyewear Market is anticipated to garner potential revenues throughout the forecast period on the back of the sound potential of the optical industry of combining innovation with technology. State-of-the-art technological advancements in eyewear, such as colour detection and adjustment of the shade of the lens accordingly, sun detection factor, and activated UV and anti-reflection factor in eyewear, are expected to propel the Asia Pacific eyewear market forward in the coming years. Asia-Pacific's growing population with a high prevalence of vision problems has increased demand for eyewear products, including prescription glasses and contact lenses. Rising disposable incomes have increased demand for high-end eyewear. Digital devices and prolonged screen time have increased the prevalence of digital eye strain, necessitating the use of protective eyewear. E-commerce and social media platforms have made it easier for eyewear companies to reach a wider audience and offer their products online, driving the eyewear market growth in the region. In Asia-Pacific, a paradigm change has been noticed, with consumer perception of eyeglasses shifting from function to fashion. Consumers in the region are adopting eyewear as a fashion statement, owing to the region's developing economy and increasing purchasing power. China is one of the world's leading spectacle makers, and it also has the largest potential consumer base. It also has the greatest prevalence of myopia, implying a large opportunity for the spectacles business. The major racing events in Thailand, on the other hand, are organised by various international organisers, like as L'Etape Thailand. Such events increase the demand for sunglasses, which are required by both domestic and international players.

According to the research report, “Asia-Pacific Eyewear Market Outlook, 2028” published by Bonafide Research, the market is forecasted to grow with more than 7%. The rapid market growth is attributed to the need for eyewear in this area rising due to the area's rapid population development, lack of accessibility for eyewear, and ignored handicaps. Various research projects are carried out to enhance products and improve eyeglasses functionality suitably. China, particularly, has a sizable number of glass wearers in the Asia-Pacific region. Increase in preference for branded products along with product availability at lower costs is fuelling the business development. The growing youth population and higher standard of living will drive the demand for stylish eyeglasses. Also, countries such as China and India observe an increasing count of people suffering from eye defects such as myopia and hypermetropia. Product innovation in designs, as well as improved optical solutions, will boost the eyewear market segmentation over the projected timeline. The Asia-Pacific region is home to a growing eyewear industry, and many governments in the region have implemented various measures to support and promote the growth of the eyewear industry. Several governments in the Asia-Pacific region, such as China, India, and Japan, have introduced incentives to promote domestic manufacturing of eyewear products. This includes offering tax breaks, subsidies, and other financial incentives to encourage local production and create jobs in the eyewear manufacturing sector. Governments in Asia-Pacific are also supporting research and development efforts. This includes funding R&D projects, supporting innovation centers, and promoting collaborations between eyewear manufacturers, research institutions, and universities to foster technological advancements and product innovation in the industry.

With rising per capita income and rising living standards, demand for trendy eyewear is gradually increasing across Asia Pacific. Fashion-conscious Millennials are now wearing eyewear as a fashion item. For example, the sidewalks of Tokyo fashion districts Shibuya and Harajuku are packed with young people wearing contemporary eyewear. Large-framed spectacles have become one of the most popular fashion accessories among women in their teens and twenties, thanks to the resurgence of a retro '80s appearance. Furthermore, it benefits domestic/local brands such as John Jacobs, IDEE, Lenskart, TitanEyePlus, Fastrack, and others. Lenskart recently secured over $200 million to grow its retail shops across India and extend into other European countries. With rising per capita income and more stylish items, demand is likely to drive the growth of the Indian eyewear market throughout the forecast period. In addition, Neso Brands, a Singapore-based company, formed a relationship with Lenskart in May 2022, with the intention of investing in consumer eyewear and focusing on quick expansion. To increase their geographical presence, many corporations are proactively opening new retail shops, particularly in rising markets such as India and China. Many businesses have bought prominent regional internet eyewear companies in order to grow their online presence and consumer base. Intensive marketing initiatives by well-known corporations have raised brand awareness in the global market, resulting in the expansion of the eyewear market. In addition, Polyray Corp., a Chinese eyewear lens manufacturer, and SABIC, a global leader in the chemical industry, announced a collaboration in March 2021 to use SABIC's LEXANTM polycarbonate resin based on certified renewable feedstock in the lenses of multiple eyewear applications, including sunglasses, safety goggles, and sports goggles.

Furthermore, Carl Zeiss, a famous company in the eyewear sector, has launched a new centre in China and India to meet market demands and expand their consumer base. The increasing usage of computers and smartphones has resulted in an upsurge in Computer Vision Syndrome (CVS) instances caused by looking at a mobile or laptop screen for lengthy periods of time. Rising consumer consciousness regarding the image and style of eyewear products along with an increase in the middle-class population which is leading to increased consumer spending on fashion statements and would proliferate potential demand projections for eyewear products across the region in the coming year and would benefit the growth of the Asia Pacific eyewear market in the coming timeframe. The adoption of digital tools, such as virtual try-on and tele-optometry, through which eye test is done nowadays, is the factors accelerating the e-commerce delivery platform's growth. The expansion of premium brands is increasing as the belief in quality products and appealing designs drives the growth of the eyewear sector. In recent years, there has been an increase in demand for eyeglasses goods in the country due to greater awareness of eye protection. People began adopting eyewear goods like sunglasses and refractive glasses to protect their eyes as they became aware of the benefits of protecting their eyes from dangerous radiation and excessive electrical use. Extreme mobile phone or laptop use can cause computer/mobile eye strain, dry eye and irritation, painful throbbing headaches around the eye region, and even blurred vision. Moreover, the depletion of the ozone layer allows more UV-rays to enter the atmosphere, further affecting the vision of the people. As a result, people are looking to protect themselves by using protective eyewear, the increased demand of which is favoring the growth of the Asia Pacific eyewear industry.

Based on product types, the market is segmented into contact lenses, spectacles, and sunglasses. Among these, the spectacles segment accounted for the largest share in the market and is expected to grow at a healthy CAGR during the forecast period. Spectacles, also called glasses, have lenses affixed to their frames. Spectacles are used by people suffering from eye disease, retinal disorder, myopia, and other conditions. Approximately one-third of adults suffer from myopia, which is prevalent in 80 to 90% of Asian countries. It is predicted that over half of the world's population will have myopia by 2050. Based on the gender, the market is segmented into four types including men, women, unisex and kids. Women's eyewear preferences in the region are diverse, ranging from fashion-forward and trendy styles to classic and elegant designs. Women also prioritize factors such as comfort, versatility, and personal style when choosing eyewear products. Additionally, women's eyewear preferences are influenced by various lifestyle factors, including work, social events, and personal interests. Cultural and societal factors also play a role in shaping women's eyewear preferences in Asia-Pacific, with different countries in the region having their unique fashion cultures and trends. On the other hand, Men's eyewear preferences in the region vary depending on factors such as age, lifestyle, and occupation. For instance, younger men prefer trendy and fashionable eyewear styles, while older men prioritize comfort and functionality. Professionals opt for more sophisticated and formal eyewear for work, while sports enthusiasts seek specialized eyewear for outdoor activities.

The Asia-Pacific eyewear market encompasses a diverse range of countries and consumers with varying preferences and purchasing behaviours. As such, there are multiple sales channels that eyewear manufacturers and retailers can utilize to reach consumers in the Asia-Pacific region. Specialty stores or optical retail stores are a traditional and prominent sales channel for eyewear products in the Asia-Pacific region. These stores can be standalone brick-and-mortar shops or part of larger optical chains. They offer a wide range of eyewear products, including prescription glasses, sunglasses, contact lenses, and related accessories. Optical retail stores often provide professional eye examinations, fitting services, and personalized consultations to assist consumers in choosing the right eyewear products. However, e-commerce and online retail platforms have gained significant traction in the Asia-Pacific eyewear market in recent years. Consumers in the region are increasingly turning to online platforms to shop for eyewear products due to convenience, wider product selection, and competitive pricing. E-commerce platforms and online retailers offer a wide range of eyewear products, including prescription glasses, sunglasses, and contact lenses. The segment is expected to grow with over 9% CAGR by 2023-28.

Based on the price range, the market is segmented into three major price ranges including premium, medium and low. Among them, low price range is dominating the market in 2022. This segment includes eyewear products that are positioned as budget-friendly or affordable options. These eyewear products are priced at the lower end of the market and are targeted at price-sensitive consumers in the Asia-Pacific region. They may be made from basic materials, feature simple designs, and come with budget-friendly pricing. This segment caters to consumers who are on a tight budget or looking for entry-level eyewear options, such as children or first-time eyewear users. However, mid-range eyewear segment includes eyewear products that are positioned as mid-range in terms of price. These eyewear products offer a balance between quality, design, and affordability, making them popular among a wide range of consumers in the Asia-Pacific market. They may be made from durable materials, feature modern designs, and come with reasonable pricing. This segment caters to consumers who are looking for good value for money and are willing to invest in eyewear products that offer a combination of quality and affordability.

Recent Developments
• In November 2021, Proper Goods, a distributor of eyewear based in Sydney, announced the addition of luxury brands Akoni and Balmain to their offering. It is now responsible for managing market strategies for both brands in Australia and New Zealand.
• In August 2021, Indian eyewear retailer, Lenskart announced the launch of the first and the only eyewear app in Singapore. The company has also launched the app in the Middle East. With the launch of the app, the company has begun its global expansion plan. The app was launched in this market following a USD 220 million funding round led by Temasek, a Singapore-based investment company, and Falcon Edge Capital.

Companies mentioned in the report:
EssilorLuxottica, Johnson & Johnson, Inc, Safilo Group S.P.A., Bausch Health Companies Inc., The Cooper Companies Inc., De Rigo Spa, Marchon Eyewear, Inc., Titan Company Limited , Charmant Group, Hoya Corporation, Shanghai Conant Optical Co., Ltd., Chemiglas Corporation, Rodenstock GmbH, Silhouette Group, Zeiss Group, Zenni Optical Inc, Marcolin SPA

Considered in this report
• Geography: Asia-Pacific
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report
• Asia-Pacific Eyewear market with its value and forecast along with its segments
• Country-wise Eyewear market analysis
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Countries Covered in the report:
• China
• Japan
• India
• Australia
• South Korea

By Product Type:
• Spectacles
• Sunglasses
• Contact Lenses
• Other Product Type (Eye Care)

By Distribution Channel:
• Hypermarket and Supermarket
• Speciality Stores ( Optical Stores )
• Franchises/ Company outlets
• Online stores
• Others (Hospitals & Clinics)

By Gender:
• Men
• Women
• Unisex
• Kids
By Price Range:
• Premium
• Medium
• Low

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to Eyewear industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.