Eyewear Market to Reach USD 262.5 Billion by 2032, driven by the growth in medical application across the globe: Global Insight Services
New York, April 2023: According to a new research study by Global Insight Services (GIS), the global eyewear market is expected to grow rapidly over the next 10 years to reach a value of more than USD 262.5 billion by 2032.
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.
Request Sample Pages of this Research Report
Eyewear Market: Key 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.
Eyewear Market: 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.
Eyewear Market Report Findings
The professional glasses/spectacles segment gained the highest eyewear market share in 2021
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.
The retail store segment is likely to dominate the market in 2021
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.
The men segment is anticipated to dominate the eyewear market with the highest share during the forecast period
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.
The North America region is accounted for the majority of market share during the forecast period
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.
Have a question for our analyst:
The major players studied in the market are Carl Zeiss AG, Essilor International S.A., GrandVision, 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.
Recent Developments in the Eyewear Market:
- 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.
Eyewear Market Report Coverage
- The report offers a comprehensive quantitative as well as qualitative analysis of the current global Eyewear market outlook and estimations from 2021 to 2031, which helps to recognize the prevalent opportunities.
- A thorough analysis of market trends and restraints is provided.
- Region-wise, as well as country-wise conditions, are broadly evaluated in this report.
- The forecasts in this report are made by examining the recent trends along with future Eyewear market potential from 2021 to 2031 in terms of revenue.
- Porter’s five forces analysis, SWOT analysis, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the Eyewear market are also analyzed.
- Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the global Eyewear industry.
Global Eyewear Market Segmentation
By Product Type
- Prescription Glasses/Spectacles
- Contact Lenses
By Mode of Sale
- Retail Stores
- Online Stores
By End User
- The U.S.
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
Rest of World
- Latin America
- Middle East
- 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.
- Fielmann AG