Eyewear Market Analysis and Forecast to 2032: By Product Type (Prescription Glasses/Spectacles, Sunglasses, Contact Lenses), Mode of Sales (Retail Stores, Online Stores), End User (Men, Women), and Region

Eyewear Market Analysis and Forecast to 2032: By Product Type (Prescription Glasses/Spectacles, Sunglasses, Contact Lenses), Mode of Sales (Retail Stores, Online Stores), End User (Men, Women), and Region

The global eyewear market was valued at USD 118 billion in 2022 and it is anticipated to grow up to USD 262.5 billion by 2032, at a CAGR of 8.3% during the forecast period.

The demand for eyewear has increased significantly in recent years, particularly in growing Asia-Pacific nations like China and India. An increase in occurrences of visual impairment and eye problems together with a preference for current fashion trends are the main drivers of the global eyewear market's expansion. The young population is using more digital gadgets and devices, which has increased the number of eye disorders and raised the demand for vision correction solutions. In addition, factors like rising disposable income and rising standards of living in developing nations like Brazil and India have encouraged the use of designer and branded eyewear.

The Eyewear Market Scope and Report Scope

Market Trends and Drivers

Globally, there is a rise in ocular disorders awareness, particularly in emerging nations, which is predicted to enhance consumer demand for eyeglasses. One of the major factors driving the major market trends is thought to be an increase in the number of people with ocular illnesses. According to the World Health Organization's (2015) predictions, by 2020 there will be an estimated 2.2 billion additional cases of myopia worldwide. People who want to improve their aesthetic worth wear colored contact lenses in nations like China, South Korea, and Japan. Additionally, it is predicted that the market would grow during the forecast period as more people in developed and developing countries have access to eyeglasses and sunglasses through retail and online channels. The growing disposable incomes of people in emerging countries have increased the demand for more expensive sunglasses. It is also anticipated that rising brand consciousness will propel the industry internationally.

Additionally, it is anticipated that the rise in the senior population will accelerate the growth of the eyewear market during the forecast period. The prevalence of eye disease in the elderly population is increasing as people live longer. Both developed and emerging countries are exhibiting this trend. The aging population's increased prevalence of myopia and hypermetropia is expected to drive market expansion. As the use of multifocal lenses among the elderly population has increased over time, this development is anticipated to further fuel the expansion of the eyewear industry.

Market Restraints and Challenges

In underdeveloped nations, a variety of neighborhood eyewear retailers and manufacturers create less expensive, accessible frames and eyewear. Additionally, it is anticipated that the market's sales revenue in the following years will be impacted by the restricted use of luxury sunglasses in nations like India and Brazil. The main causes of the restricted product acceptance in these developing countries are the higher costs of luxury sunglasses and contact lenses as a result of high import levies. These previously mentioned elements, along with the lower market penetration of contact lenses in emerging nations, are anticipated to slow market expansion in the short term.

Global Eyewear Market Segmental Overview

The report analyses the global eyewear market based on the product type, mode of sale, end user, and region.

Global Eyewear Market by Product Type

Based on product type, it is segmented into prescription glasses/spectacles, sunglasses, and contact lenses. The professional glasses/spectacles segment gained the highest eyewear market share in 2021, owing to increased rate of education and longer life expectancy across the globe. Which was resulted in growth in demand for prescription glasses.  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 reduces irritation and dryness often caused by the contact lenses. The ongoing research and development of contact lenses with improved aesthetics and quality will further support the segment growth.

Global Eyewear Market by Mode of Sale

Based on mode of sale, it is segmented into retail stores, and online stores. The retail store segment is likely to dominate the market in 2021. The key factors attributing to the growth is the fact that the market players have equipped their eyewear retail stores with the latest technology and services. Coupled with a wide range of local as well as international eyewear brands to meet consumer need. Online services gained massive traction during the pandemic as people were forced to practice social isolation. In addition, heightened adoption of smart devices, lucrative discounts offered by the online platforms, and the ability to compare prices and features offered are positively influencing the growth of the e-commerce segment. Besides, the e-commerce websites also allow users to provide reviews about products, which improves the user experience and helps companies understand consumer preferences which, in turn, stimulates the segment expansion.

Global Eyewear Market by End User

By end user, it is segmented into men and women. The men segment is anticipated to dominate the eyewear market with the highest share during the forecast period. The key factors such as preference towards superior quality and designer sunglasses, while according to them determine social status.

Geographical Analysis of Global Eyewear Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The North America region is accounted for the majority of market share during the forecast period. The key factors such as increasing acceptance of vision care products is estimated to boost the growth rate of the market in the region. Additionally, the factors such as preference for premium eye care products, higher awareness of ocular disorders, and increasing affordability to buy expensive sunglasses are likely to boost the market growth. Europe dominated the market in 2022 by accounting for a revenue share of over 27%, owing to increasing demand for eyewear such as sunglasses, colored contact lenses, and frames as fashion accessories. The region is a hub for various major fashion brands, such as Guccio Gucci S.p.A., Prada S.p.A., TOM FORD, and Christian Dior, which offers a lucrative space for the market. Moreover, the market is highly regulated, as sunglasses and eyewear products are considered personal protective equipment (PPE) in EU countries, mandating the suppliers to adhere to the directives.

Major Players in the Global Eyewear Market

The major players studied in the market Carl Zeiss AG, Essilor International S.A., Grand Vision, Johnson & Johnson, Inc., Safilo Group S.p.A, Prada S.p.A, Luxottica Group S.p.A, Valeant Pharmaceuticals International, Inc., Cooper Companies, Inc., and Fielmann AG among others.

COVID-19 Impact

The worldwide expansion of the coronavirus has had a considerable impact on contact lens, sunglass, and prescription eyeglass sales. During the early stages of the pandemic's spread, governments all across the world had imposed draconian lockdowns. Due of this, ophthalmology clinics and retail establishments had to close for a while. For instance, the COVID-19 health emergency caused the volume of Retina clinic visits in May 2021 to decline by 62 percent, according to BMC Ophthalmology. The revenue of many market participants has decreased as a result of the cancellation of non-urgent eye examination appointments. For instance, the vision care division of Johnson and Johnson Services, Inc. had sales revenue fall by 11.7% in 2020 compared to 2019. The pandemic's effects on the manufacturing and distribution of sunglasses, contact lenses, and eyeglasses have also contributed to the market for eyewear contracting in 2020.

Recent Developments

• March 2021, JINS Eyewear announced the launch of the JINS & SUN sunglasses brand in the US with 29 different shapes and 84 styles.
• February 2021, Johnson and Johnson Services, Inc., announced that the company received a CE mark for ACUVUE OASYS MULTIFOCAL contact lens for individuals with presbyopia.
• August 2020, Bausch Health Companies Inc. announced the launch of Bausch + Lomb Infuse silicone hydrogel daily disposable contact lens.

Frequently Asked Questions

Q1.

How big is the Eyewear market?

Ans.

The global Eyewear market size was USD 118 Billion in 2022 and is anticipated to reach USD 262 Billion in 2032, growing at a rate of 8.3% from 2023 to 2032.

Q2.

What is the Eyewear market growth rate?

Ans.

The growth rate of the Eyewear market is 8.3%.

Q3.

Which region holds a major market share for the Eyewear market?

Ans.

North America holds a major market share of the Eyewear market in 2022.

Q4.

Which segment accounted for the largest Eyewear market share?

Ans.

By end user, men segment accounted for the largest Eyewear market share.

Q5.

Who are the key players in the Eyewear market?
Ans. The global Eyewear market report includes players such as Carl Zeiss AG, Essilor International S.A., Grand Vision, Johnson & Johnson, Inc., Safilo Group S.p.A, Prada S.p.A, Luxottica Group S.p.A, Valeant Pharmaceuticals International, Inc., Cooper Companies, Inc., and Fielmann AG among others.

Q6.

What are the factors driving the Eyewear market growth?

Ans.

The major factors driving the growth of the market are the growing healthcare market in emerging countries.

Q7.

What are the key growth strategies of Eyewear market players?

Ans.

The key growth strategies of Eyewear market players are product launch and product approval.

Q8.

Which region will provide more business opportunities for the Eyewear market during the forecast period?

Ans.

The Asia-Pacific region will provide more business opportunities for the Eyewear market during the forecast period.

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