Global Eyewear Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Product (Spectacles, Sunglasses, and Contact Lenses), End User (Men, Women, and Children), Distribution Channel (Retail Store, Online Store, and Ophthalmic Clinics), and Region (North America, Europe, Asia Pacific, Latin America Middle East and Africa (LAMEA))

Market Overview

Eyewear is considered an accessory or a product that is worn over the eyes for protection against surrounding environmental conditions such as dust, or sunlight, and is even considered for adornment. Growing teen eye problems as well as cataract issues among the elderly, particularly those with presbyopia and myopia, are driving up the growth of the Eyewear Market globally. It is being increasingly adopted among men, women, and children end users.

According to Ken Research Analysis, the Global Eyewear Market is expected to record a positive CAGR of ~6% during the forecast period (2022-2028) and is expected to reach approximately US$ 180 billion by 2028.

Increasing adoption of luxurious accessories among millennials, surge in visual impairment among children, and increasing geriatric population is positively impacting the market     

• It is predicted that the rise in the geriatric population would accelerate the expansion of the eyewear market over the forecast period. Risks of eye issues and diseases are increasing among the elderly population as individuals live longer which is evident in both developed and developing countries. Like, myopia and hypermetropia in older adults are expected to rise, which will propel market expansion. As the use of multifocal lenses among the elderly population has increased over time, this development is predicted to further fuel the expansion of the eyewear market.

The increasing availability of cheaper products, limited awareness regarding eyesight problems, and stigma around wearing glasses limits the market growth

• In low and low-middle-income countries, demand for eyeglasses is an underfunded zone as a smaller number of individuals are aware of their poor vision and seek treatment. In actuality, despite a firmly established supply in a region, the demand for glasses is still low since there is less knowledge of vision problems, the therapies that are accessible, and the level of acceptability of the eyeglasses on the market.

The COVID-19 pandemic's emergence has also had a favorable effect on the market. People spent more time on cell phones, laptops, and desktop computers as a result of the adoption of remote working models and online learning because of the lockdown constraints. Longer screen time encouraged consumers to purchase anti-fatigue and vision correction eyewear, which helped the Eyewear Market boost sales of anti-fatigue and blue light-canceling lenses.

Scope of the Report

The Eyewear Market is segmented by product, end-user, and distribution channel. In addition, the report also covers market size and forecasts for the four major regions’ Eyewear Market. The revenue used to size and forecast the market for each segment is US$ billion.

Key Trends by Market Segment

By Product: The spectacles product segment held the largest market share in the Global Eyewear Market in 2021.

• The expansion of the spectacles segment can be attributed to higher consumer demand for the products brought on by the rising incidence of computer vision syndrome (CVS). This is mostly because more people use mobile phones and digital devices worldwide. The use of anti-glare and anti-fatigue glasses has been prompted by the rise in cases of CVS among youngsters due to the growing trend of online learning, particularly during the pandemic. Additionally, the demand for spectacles has increased as clear and colorful translucent glasses gain in popularity.
• The contact lenses market is expected to experience a high growth rate in the coming years. With the introduction of light-adaptive and multifocal toric lenses, it is anticipated to experience rapid growth in the ensuing years. These contemporary lenses adapt fast and seamlessly to various lighting situations, which lessens the irritation and dryness that contact lenses frequently cause. The continued study and creation of contact lenses with better looks and quality will boost the market's expansion even more.

By End User: The women end user segment held the largest share of the Global Eyewear Market in 2021.

• According to the Vision Council of America, 64% of women worldwide who are adults wear vision correction items, from about 75% of the adult population.
• There has been an increase in the proportion of people who wear glasses occasionally or always. According to the college of optometrists, more women than men wear glasses (72% versus 66%) and contact lenses (16% versus 11%), and they also place higher importance on eye exams, with 59% of women rating them as "very important," compared to 45% of men.

By Distribution Channel: The online store distribution channel segment held the largest share of the Global Eyewear Market in 2021.

• As a result of people being obliged to practice social seclusion during the pandemic, online services experienced tremendous growth. The increased use of smart devices, the generous discounts provided by online marketplaces, and the ability to compare features and pricing are all contributing to the e-commerce market's expansion. Additionally, e-commerce websites enable users to write product reviews, which enhances the user experience and aids businesses in understanding consumer preferences, which in turn encourages sector growth.

By Geography: Europe accounted for the largest market share in 2021 within the total Global Eyewear Market.

• Europe has the largest eyeglass market, making up the bulk of the global market. This can be attributed to the region's growing taste for high-end eyewear products as well as the manufacturers' increasing attention to the creation of novel eyewear product styles, shapes, and sizes.

Competitive Landscape

The Global Eyewear Market is highly competitive with ~500 players which include globally diversified players, regional players as well as a large number of country-niche players.

Large global players hold the highest market share of 40% which is followed by the regional players holding a 35% share. Some of the major players in the market include Johnson & Johnson Vision Care, Inc., EssilorLuxottica, Bausch & Lomb Inc., CooperVision, Carl Zeiss AG., CIBA VISION, Safilo Group S.p.A., De Rigo Vision S.p.A, Fielmann AG, Marcolin SpA., HOYA Corporation, and others.

Recent Developments Related to Major and Emerging Companies

• In July 2021, Essilor introduced a new at-home screening software to encourage the general population to schedule an eye exam with their nearby independent practice. The My Vision Check app enables users to perform a quick eye exam at home before directing them to their local practice for a comprehensive eye exam.
• In July 2021, Warby Parker updated its online prescription renewal service. It has released an app, Virtual Vision Exam, which provides an at-home vision test that offers a refreshed prescription so that users can buy eyeglasses or contact lenses.
• In August 2021, as part of its well-known JINS&SUN brand, JINS Eyewear introduced a fresh range of biodegradable sunglasses. The newest collection of sunglasses from JINS&SUN debuted in the USA and featured sophisticated frame designs made of biodegradable, bioplastic materials.

Conclusion

The Global Eyewear Market is forecasted to continue a gradual growth that is witnessed during the forecast period. Key trends driving market expansion include the increasing adoption of luxurious accessories among millennials, the surge in visual impairment among children, and an increasing geriatric population. The market is highly competitive with ~500 participants concentrating on expansion strategies through product innovations as well as acquisitions and mergers.

Note: This is an On-Demand/Planned report, so the figures quoted here for a market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for Pre-booking clients, and the report delivered within a maximum of two working weeks.

Key Topics Covered in the Report

• Snapshot of the Global Eyewear Market
• Industry Value Chain and Ecosystem Analysis
• Market size and Segmentation of the Global Eyewear Market
• Historic Growth of the Overall Global Eyewear Market and Segments
• Competition Scenario of the Market and Key Developments of Competitors
• Porter’s 5 Forces Analysis of the Global Eyewear Market
• Overview, Product Offerings, and SWOT Analysis of Key Competitors
• COVID-19 Impact on the Overall Global Eyewear Market
• Future Market Forecast and Growth Rates of the Total Global Eyewear Market and by Segments
• Market Size of Product/ End User Segments with Historical CAGR and Future Forecasts
• Analysis of the Eyewear Market in Major Regions
• Major Production / Consumption Hubs in the Major Regions
• Major Country-wise Historic and Future Market Growth Rates of the Total Market and Segments
• Overview of Notable Emerging Competitor Companies within Each Major Country

Major Players Mentioned in the report

• Johnson & Johnson Vision Care, Inc.
• EssilorLuxottica
• Bausch & Lomb Inc.
• CooperVision
• Carl Zeiss AG.
• CIBA VISION
• Safilo Group S.p.A.
• De Rigo Vision S.p.A
• Fielmann AG
• Marcolin SpA.
• HOYA Corporation.

Notable Emerging Companies Mentioned in the Report

• Allure Eyewear L.L.C.
• Eyeking, LLC
• Optical Express Ltd.
• Norville Optical
• Pearle Vision
• Mister Spex

Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report

• Spectacles Manufacturers
• Lenses Manufacturers
• Sunglasses Manufacturers
• Spectacles Frame Manufacturers
• Spectacles Frame Designers
• Sunglasses Frame Designers
• Health and Medical Authorities
• Environmental Protection Authorities
• Investors interested in Healthcare Industry
• Eyewear Exporters
• Optical Engineering Companies
• Lens Designer Companies
• Eyewear Brands Distributors
• Eyecare Research Institutes
• Government Ministries and Departments of Healthcare

Time Period Captured in the Report

• Historical Period: 2017-2021
• Forecast Period: 2022E-2028F

Frequently Asked Questions

• What is the Study Period of this Market Report?

The Global Eyewear Market is covered from 2017-2028 in this report, which includes a forecast for the period 2022E-2028F.

• What is the Future Growth Rate of the Global Eyewear Market?

The Global Eyewear Market is expected to witness a CAGR of ~6% over the next six years.

• What are the Key Factors Driving the Global Eyewear Market?

Increasing adoption of luxurious accessories among millennials, surge in visual impairment among children, and increasing geriatric population are expected to be key drivers of this market.

• Which is the Largest Product Segment within the Global Eyewear Market?

The spectacles product segment held the largest share of the Global Eyewear Market in 2021.

• Who are the Key Players in Global Eyewear Market?

Johnson & Johnson Vision Care, Inc., EssilorLuxottica, Bausch & Lomb Inc., CooperVision, Carl Zeiss AG., CIBA VISION, Safilo Group S.p.A., De Rigo Vision S.p.A, Fielmann AG, Marcolin SpA., HOYA Corporation, among others are the major companies operating in Global Eyewear Market.