Global Eyewear Market Outlook, 2028

Global Eyewear Market Outlook, 2028

Eyewear includes goods and accessories worn on or over the eyes for aesthetic purposes, environmental protection, and to enhance or improve eyesight. Sunglasses, contact lenses, and glasses—also known as eyeglasses or spectacles—are common types of eyewear. Goggles are an example of more practical eye protection that may be used as eyewear. In addition to shielding the eyes from digital devices, glasses also prevent dust and grime from entering the eyes. Moreover, eyewear might aid in shielding eyes from dangerous UV radiation. Consumers' changing lifestyles and increasing adoption of luxurious accessories are driving market growth. Furthermore, an increase in the number of cases of visual impairment and eye issues, as well as a desire to keep up with modern fashion trends, is boosting global market growth. The market is primarily driven by the rising global prevalence of ocular diseases. There has been a significant increase in cases of partial and severe vision impairment among adults, as well as rising incidences of myopia and hypermetropia among children, which is contributing to an increase in demand for eyewear as an appropriate preventive measure. In addition, the occurrence of other eyesight-related disorders, such as eye irritation, dry eyes, computer vision syndrome (CVS), and double vision, has increased significantly, particularly among working professionals. This is due to the strain on the eyes caused by prolonged use of laptops, smartphones, and tablets. As a result, the demand for advanced glare-free prescription eyewear with increased durability is increasing. Another major growth-inducing factor is the world's growing geriatric population. The elderly are more likely to be diagnosed with fatal ocular disorders like cataract and age-related macular degeneration (AMD). As a result, numerous government and non-government organisations are organising educational initiatives and programme to raise awareness about the preventive measures and treatments available for these vision problems. This has resulted in an increase in the use of various eyewear products.

According to the research report, ""Global Eyewear Market Outlook, 2028"", published by Bonafide Research the market is anticipated to reach USD more than 180 Billion by 2028 with a significant CAGR of 6.49% from USD 125.11 Billion in 2022. A multitude of variables, such as growing awareness of eye health, an increase in the prevalence of visual impairments, and an ageing population all contribute to revenue growth of the market. The need for trendy and contemporary eyewear goods is another factor driving the eyewear market revenue growth. Customers are willing to pay higher prices for eyewear that both increase their beauty and their vision. Also, consumers may now more easily access a variety of eyewear goods from the comfort of their homes due to the expansion of e-commerce and online retail platforms. On a global scale, there is an increase in awareness of ocular disorders in developing countries, which is expected to boost the acceptance of eyeglass products. One of the key drivers influencing key market trends is an increase in the number of people suffering from ocular diseases. According to World Health Organization projections (2015), there will be approximately 2.2 billion new cases of myopia worldwide by 2020.

Rapid urbanisation and a growing preference for aesthetic products among the general public have resulted in an increase in the use of trendy and designer sunglasses and spectacles to enhance their appearances while protecting their eyes from damage. The rising sales of luxury and premium eyewear can also be attributed to individuals' changing purchasing habits and a growing desire to assert and elevate their social status. This has compelled manufacturers to release product variants with improved optical designs, materials, and advanced coatings. Several key players are also introducing smart glasses to the market, which are expected to gain widespread popularity among users. These glasses are frequently integrated with augmented reality (AR), which uses internal and external sensors to collect and store various data. They can control or retrieve data from other digital devices while projecting the required information onto the glasses' lens. These glasses are widely used for using navigation apps or checking real-time notifications without having to check their smartphones. These glasses can also be used to track the user's physical fitness by tracking steps, distance travelled, and calories burned in a given time period.

North America, Europe, Asia-Pacific, South America, and Middle East & Africa are the regions into which the global market for Eyewear is divided. North America is the largest market for eyewear markets in the world, United States being the biggest consumers. The North America Eyewear market is expected to grow at more than 5.77% from 2023 to 2028. The region's high per capita incomes, combined with changing fashion trends and preferences for luxury goods, have fueled the region's eyewear market growth. As a result, manufacturers are introducing a diverse range of frames while keeping in mind the various needs and preferences of consumers. Furthermore, changing consumer lifestyles and technological advancements in the industry have resulted in the introduction of novel products such as smart glasses with liquid lenses, removable temples, laser glasses, and paediatric glasses. Aside from that, an increase in the number of optical deficiencies in the geriatric population has increased the region's demand for eyewear products.

Based on product type, the market is bifurcated into spectacles, sunglasses, contact lenses and other product type (eye care). In 2022, the segment that had the biggest market share was spectacles with more than 63.33% of the market share. During the forecast period, the spectacles segment is expected to generate the most revenue. Spectacles are the go-to eyewear option for those with refractive defects such as myopia, hyperopia, and astigmatism, among others. During the forecast period, demand for eyeglasses is expected to rise steadily due to the rising prevalence of eye illnesses and vision-related issues caused by excessive screen time and poor lifestyle choices. These factors are expected to drive the segment's revenue growth. The contact lenses segment is expected to gain the maximum CAGR of the eyewear market globally. Contact lenses are convenient and comfortable because they do not impair vision or daily activities. Contact lens demand is also being fueled by technological advancements such as the development of silicone hydrogel contact lenses with improved breathability and moisture retention properties. Furthermore, in response to the rising prevalence of eye problems, such as dry eye syndrome, among contact lens wearers, specialty contact lenses with extended wear times and improved comfort have been developed. These are some of the key factors driving the segment's revenue growth.

Based on the report, the market is segmented into distribution channel, hypermarket and supermarket, Speciality Stores (Optical Stores), franchises and company/ company outlets, online stores and others (Hospitals and clinics). Among them, Speciality Stores (Optical Stores) holds the largest market share in the global eyewear market. Customers receive personalised service from optical stores, which employ trained professionals who can assist them in selecting the appropriate frames and lenses for their needs. They also provide fittings and adjustments to ensure a proper fit. Optical stores provide a diverse range of eyewear products, such as prescription glasses, sunglasses, and contact lenses, allowing them to serve a diverse customer base. Customers can easily access their products and services because optical stores frequently have multiple locations. Furthermore, many stores now offer online shopping, allowing customers to buy eyewear from the comfort of their own homes. During the anticipated period the online stores is expected to dominate the market of Eyewear globally and expected to gain the maximum CAGR as well. Customers can shop from the comfort of their own homes or offices, which is especially appealing for those who live in remote areas or have demanding schedules. Because they have lower overhead costs, such as rent, utilities, and employee salaries, online stores can often offer lower prices than physical stores. This may make them more appealing to price-conscious customers. With the rise of e-commerce and online shopping in general, consumers are becoming more comfortable purchasing products, including eyewear.

Based on the report, the market is divided into gender type, men, women, unisex and kids. Unisex eyewear designs are frequently gender-neutral, allowing them to appeal to a wider customer base. This means that people of any gender can wear them without feeling as if the glasses are only intended for one gender. Because Unisex eyewear is versatile and can be worn with a variety of outfits, it is a practical and functional option for many people. Unisex eyewear is frequently fashionable and reflects current fashion trends. Many people prefer to wear stylish and fashionable glasses, and unisex designs can help them do so.

The market is divided into price range, premium, medium and low. Low price holds the maximum market share of the global eyewear market and expected to gain the maximum market share in the market. Low-cost eyewear is more affordable for a wider range of customers, making it more accessible to those on fixed incomes or with limited financial resources. Competition in the eyewear market has increased as more companies enter the market, and many companies are offering lower-priced options to attract customers. Low-cost eyewear is frequently on-trend and reflects current fashion trends, making it appealing to customers who want to stay current without breaking the bank. Some customers consider eyewear to be a disposable item and prefer to buy lower-cost options that can be easily replaced when they become damaged or out-dated. Furthermore, the premium segment is expected to gain the growth during the forecast period. Premium eyewear is frequently made of higher quality materials, such as titanium or high-grade acetate, making it more durable and long-lasting. Many premium eyewear brands have built a reputation for quality and luxury, which can attract customers willing to pay more for a product bearing that brand's name. Premium eyewear frequently features one-of-a-kind and innovative designs that are not commonly found in lower-cost products. Customers who want to make a fashion statement with their eyewear may find these designs appealing.

Recent Developments:
• March 2021 - JNS eyewear announced the launch of the JNS&SUN sunglasses brand in the US with 29 different shapes and 84 styles.
• In 2021, Luxottica Group announced the acquisition of GlassesUSA.com, an e-commerce platform for eyewear in the United States. The acquisition is aimed at expanding Luxottica's digital presence and enhancing its direct-to-consumer offerings in the eyewear industry.
• In 2020, Johnson & Johnson Vision Care launched a new line of contact lenses called Acuvue Oasys Multifocal with Transitions Light Intelligent Technology. These lenses use light-adaptive technology to automatically adjust to changing light conditions, providing clear vision in all environments.
• In 2020, Carl Zeiss AG launched a new line of blue light-blocking lenses called DuraVision BlueProtect. These lenses filter out harmful blue light emitted by digital devices, reducing eye strain and improving sleep quality.
• In 2020, Bausch & Lomb Incorporated launched a new line of daily disposable contact lenses called Bio true ONE day for Astigmatism. These lenses are designed to provide a clear, stable vision for people with astigmatism, while also providing comfortable wear and excellent moisture retention.

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

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

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

Regions & Countries Covered in the report:
• North America (US, Canada, Mexico)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia)
• Asia-Pacific (China, Japan, India, Australia, South Korea)
• South America (Brazil, Argentina, Colombia)
• Middle-East & Africa (UAE, Saudi Arabia, South Africa)

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.

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