Eyewear Market, Size, Share, Global Forecast 2022-2027, Industry Trends, Growth, Impact of COVID-19, Opportunity Company Analysis

Eyewear Market, Size, Share, Global Forecast 2022-2027, Industry Trends, Growth, Impact of COVID-19, Opportunity Company Analysis

Global Eyewear Market is projected to reach US$ 171.3 Billion by 2027, as per a new research report by Renub Research. Today the eyewear market has become a big business and is driven by increasing defects in vision, aging population, use of eyewear as a fashion statement, and increasing awareness about eye care. Moreover, in recent years, new eyewear design and production ideas have led to a variety of conventional spectacles hitting the market. Consumers exposed to harmful radiation from digital devices such as computers, televisions, and smartphones can benefit from innovations in eyewear, such as anti-fatigue lenses, the integration of sunglasses that block U.V. rays with the assistance of blue light technology, and others.

Worldwide Eyewear Industry Severely Influenced the COVID-19

The coronavirus's geographic reach has immensely influenced the sales of spectacle Lenses, Eyewear frames, Sunglasses, and Contact Lenses. Government bodies worldwide had enforced stringent lockdowns in the initial phase of the pandemic's spread leading to the closure of retail stores and ophthalmic clinics for an extended duration. The reschedulling of non-urgent eye examination appointments has also yielded a dip in the sales volume of numerous players operating in the industry.

The disruptions in manufacturing & transportation of spectacle lenses, contact lenses, and sunglasses owing to the pandemic also affect the decline of the market for eyewear in 2020. However, the global eyewear industry coped up in 2021 and expanded its market. As per our analysis, Global Eyewear Market Size was US$ 123.62 Billion in 2021.

Global Eyewear Market Is Expected to Expand at A CAGR of 5.6% During 2021-2027

Gradual surge in visual impairment and eye defects cases coupled with an inclination toward the latest fashion trends are the prominent factors driving the evolution of the global eyewear industry. Further, the younger generation's rise in uses of digital devices and gadgets has also led to grow in the number of eye disorders, thereby augmenting the demand for vision correction eyewear products.

Remarkably, the market has witnessed increased demand from female consumers, particularly for trendy and branded eyewear globally. The peak in the number of female professionals and women's economic independence are the key elements that foster the adoption of eyewear products amongst women. Endorsement by celebrities has increased the demand for designer and premium eyewear. Increased preference for contact lenses has boosted the overall growth of the eyewear market.

Spectacles Segment Dominates the Market in Terms of Market & Volume Share

Our report has segmented the market into Spectacle Lenses, Eyewear Frame, Sunglasses, and Contact Lenses based on the product type. As per our analysis, the spectacles segment held a significant market and volume share in the overall market in 2021. In addition, the segment is projected to maintain its dominating position at the end of the forecast period. The trend is being carried forward due to the increasing prevalence of myopia and hypermetropia. Additionally, significant players' rising lucrative product offering in the market is estimated to augment the segment's growth further.

Distribution Channel Analysis Offline Segment Hold the Leading Position in The Market

The global eyewear industry is segregated online and offline based on the distribution channel. As per our analysis, the offline segment account for a significant eyewear market share. The increased consumer accessibility is a crucial factor driving the offline segment in the industry. However, the popularity of purchasing eyewear products through online channels is estimated to propel online sales in the upcoming years.

North America dominates the Highest Market Share

By Region, North America is projected to hold the highest market share in future. Remarkably, the increasing acceptance of vision care products is estimated to boost the market's growth rate in the North American region. Moreover, factors such as the choice for premium eye care products, higher awareness of ocular ailments, and supplementing affordability to purchase expensive sunglasses are projected to push the market in European countries, Germany, France, the U.K., and others. In addition, the spurring trend of the adoption of spectacles and fashionable frames is also projected to propel market growth in Europe.

Key Industry Players of Global Eyewear Market

The global eyewear industry is highly fragmented due to local and international participants. Prominent eyewear companies are segmented into the contact lens and spectacles and sunglasses markets. The major companies covered in our report include Burberry, Carl Zeiss Group's, De Rigo Vision S.P.A., Essilor International S.A., Fielmann, Hoya Corporation, LVMH Group, Prada, and Tesco Group.

Moreover, these companies embrace newer technologies such as 3D printing to improve the differential of spectacle lenses and capture more market share. The competition in price range is one of the critical eyewear market tendencies observed in this competitive market terrain. Strategic partnerships and collaborations are a few of the many strategies adopted by key players to enhance product offerings.

Renub Research report titled “Global Eyewear Market, Forecast by Product Type (Spectacle Lenses, Eyewear Frame, Sunglasses, Contact Lenses), Channel (Offline and Online), End User (Men, Women and Unisex), Region (North America, Europe, Asia-Pacific, ROW), Key Players (Burberry, Carl Zeiss Group's, De Rigo Vision S.P.A., Essilor International S.A., Fielmann, Hoya Corporation, LVMH Group, Prada, and Tesco Group)"". The report provides key trend analysis of the key players, growth drivers and restraining factors, demand, and their projections for the upcoming years.

Product Type - Market and Volume has been covered from 4 viewpoints:

1. Spectacle Lenses
2. Eyewear Frame
3. Sunglasses
4. Contact Lenses

Channel - Market has been covered from 2 viewpoints:

1. Offline
2. Online

End User - Market has been covered from 3 viewpoints:

1. Men
2. Women
3. Unisex

Region - Market has been covered from 4 viewpoints:

1. North America
2. Europe
3. Asia-Pacific
4. ROW

Company Insights:

• Overview
• Recent Development
• Revenue

Key Players:

1. Burberry
2. Carl Zeiss Group's
3. De Rigo Vision S.p.A.
4. Essilor International S.A.
5. Fielmann
6. Hoya Corporation
7. LVMH Group
8. Prada
9. Tesco Group