Global Eyewear Market Overview, 2023-28

Global Eyewear Market Overview, 2023-28

Eyewear is defined as goods and accessories worn on or over the eyes for fashion or ornamentation, environmental protection, and to increase or enhance visual acuity. Glasses (also known as eyeglasses or spectacles), sunglasses, and contact lenses are common types of eyewear. Eyewear can also contain more practical eye protection, such as goggles. Blindfolds are a type of eyewear that is used to limit eyesight for a variety of reasons. The changing lifestyle patterns and increasing adoption of luxurious accessories among millennials strongly favour market growth encouraged by the burgeoning product demand, the eyewear makers focus on developing attractive and affordable eyewear. They are always releasing new designs and patterns in order to adapt fast to current fashion trends and attract fashion fans. The major market companies' ongoing efforts to attract new clients and keep existing ones are favourably influencing industry statistics. Companies are motivated to improve the consumer experience by introducing new services and goods. For example, in July 2021, Essilor launched the My Vision Check app, which allows users to undergo screening at home before scheduling an appointment for a full eye examination with their local practise. During the same time period, Warby Parker redesigned its virtual prescription-renewal service with the release of its new app, Virtual Vision exam, which provides an at-home vision exam similar to what eye professionals perform. It offers a new prescription so that customers can buy glasses or contact lenses. Furthermore, expanded distribution drives market growth through e-commerce websites and the proliferation of social media. The eyewear industry is heavily advertising on popular social media sites like as Instagram, Twitter, and Facebook, which allows them to analyse audience preferences and offer carefully curated products. These platforms assist businesses in incorporating novel marketing tactics such as influencer and affiliate marketing to increase profitability.

According to the research report, ""Global Eyewear Market Overview, 2023-28"", published by Bonafide Research the market is anticipated to reach USD more than 181.27.86 billion by 2028 with a significant CAGR of 6.49% from USD 125.11 billion in 2022. The younger generation's growing use of digital devices and gadgets has led to a growth in the frequency of eye diseases, pushing rising demand for eyewear and vision correction products. Furthermore, in developing countries such as India and Brazil, factors like increased disposable money and a higher standard of living have pushed the acceptance of high-end, branded eyewear leading to rise in demand for eyewear. Also, consumers' proactive attitude is creating chances for eyewear market and retailers to grow their customer base. The significant disparity in access to modern, inexpensive, and effective eye care solutions, especially in marginalized economies, is a major hurdle to the eyewear market's long-term growth. The market includes products such as spectacles, sunglasses, and contact lenses. With several local and foreign companies, the industry is highly fragmented. These items provide vision correction as well as protection from damaging UVA and UVB solar rays. People nowadays prefer to use spectacles because of increased knowledge of ocular disorders and the increasing prevalence of vision abnormalities. Wearing spectacles is often considered a fashion statement in both developing and developed countries. Globally, the prevalence of ocular problems such as myopia, hypermetropia, and astigmatism is increasing. For example, in February 2021, as per World Health Organization (WHO), worldwide, there were at least 2 Billion people who have a near or distance vision impairment. Therefore, a wide variety of product offerings by large and smaller players have propelled eyeglasses usage among the general public.

Many big worldwide corporations have influenced numerous distribution methods, particularly internet retailing, to drive market penetration over the traditional store in recent years. Many products in the women's eyewear industry (heavy stylish eyeglasses, antique round spectacles, and hipster shapes) are trending. Men's eyewear (gold metal eyeglasses, Dark Lenses, Wayfarers, and Classic Aviators) are growing in popularity. Leading international luxury companies such as Giorgio Armani, Cartier, Prada, and Gucci have begun selling their premium eyewear items abroad. The advancement of technology in recent years, such as eye check-ups by medical professionals through computer or smartphone, as well as the increased prevalence of eyesight and visual defects, will fuel eyewear market expansion during the forecast period. Covid-19 tackles the changing problems for the eyeglasses sector as a result of lockdown. People are more concerned about purchasing a product through stores and shopping malls because of shape and size, and other hands have disrupted manufacturing and supply chain management.

Based on the report, the North America region is dominating the market in 2022. North America has a culture that values fashion and personal style, leading to a high demand for trendy and fashionable eyewear. Changing lifestyle trends, including increased screen time and exposure to digital devices, have also contributed to the growing need for eyewear in North America. North America, particularly the United States, has a large population with high disposable income levels. This enables consumers to afford eyewear products and invest in premium eyewear brands, which drives demand in the market. Also, North America has an aging population, and presbyopia, a common age-related vision condition, necessitates the use of reading glasses or multifocal lenses. As the population ages, the demand for eyewear products, such as reading glasses, bifocals, and progressive lenses, increases, contributing to the growth of the eyewear market in North America. There is a growing awareness among consumers in North America about the importance of eye health and the need for regular eye examinations. This has resulted in increased diagnoses of various eye conditions, such as myopia, astigmatism, and presbyopia, leading to higher demand for eyewear products for vision correction.

According to the report, the market is segmented into various product types including spectacles, sunglasses, contact lenses and others. Among them, spectacles are leading the overall market in 2022. Spectacles are primarily used for vision correction, and they offer a safe and effective solution for individuals with refractive errors such as myopia (nearsightedness), hyperopia (farsightedness), astigmatism, and presbyopia. They provide clear vision and help improve visual acuity, making them an essential product for millions of people worldwide. Also, they are generally more affordable compared to other vision correction options, such as contact lenses or refractive surgeries like LASIK. They offer a cost-effective solution for individuals who require vision correction but may have budget constraints or prefer not to undergo surgical procedures. However, the contact lenses segment is expected to register higher market growth by 2028. It is expected to grow significantly over the upcoming years with light-adaptive lenses and multifocal toric lenses. These modern lenses quickly and smoothly change according to different lighting conditions, which reduce irritation and dryness often caused by the contact lenses. The on-going research and development of contact lenses with improved aesthetics and quality will further support the segment growth. Based on the distribution channel, the specialty stores segment accounted for the highest eyewear market share and is further expected to continue dominating the market in the forecast period. The high accessibility of sunglasses and spectacle products in specialty stores of shopping malls, branded stores, and others is a key factor driving the specialty store segment in the industry. However, there is a rise in trend is estimated to propel online store sales in the upcoming years. The ophthalmic clinics segment accounted for the lowest market revenue share owing to the lower preference of the population to purchase eyewear from clinics.

Based on the price range, medium segment is expected to dominate the market by the end of the forecast period. This segment includes eyeglasses and sunglasses that fall in the mid-range price category, offering a balance between quality and affordability. These products are typically made from higher-quality materials, may have more fashionable designs, and may offer additional features such as UV protection, scratch resistance, and anti-glare coatings. They are often sold through optical retailers, department stores, and online marketplaces, and are popular among consumers who are willing to invest a bit more for better quality and style. However, premium segment is growing at a higher CAGR by 2023-28. These products are often made from premium materials such as high-quality metals, acetates, and exotic woods, and may feature high-end designs, brand names, and exclusive collaborations with fashion designers or celebrities. They may also offer advanced technologies such as polarized lenses, customizable frames, and specialized lens coatings. They are typically sold through upscale optical boutiques, luxury retailers, and brand-owned stores, and are targeted towards consumers who prioritize luxury, status, and exclusivity.

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

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 Covered in the report:
• North America
• Europe
• Asia-Pacific
• South America
• Middle-East & 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.