Eyewear Market Size Worth USD 185 Billion by 2024: Top Companies are Carl Zeiss AG, Fielmann AG, GrandVision, Marchon Eyewear Inc. and Rodenstock GmbH

Global eyewear market is growing worldwide due to changing consumer preferences and increasing purchasing power. The global eyewear market size expected to expand and reach a market value of USD 185 Billion by 2024 at a CAGR of 5.5% during the period of 2019 and 2024. A variety of eyewear have been introduced by companies with different characteristics to cater to the demand for convenient, durable, and innovative products. The global eyewear market is monopolistically competitive in nature due to the presence of several vendors and customers in the market and limited barriers for the entry of new players. To overcome the challenges in the global eyewear market outlook, prominent players are focusing on product launches, partnerships, mergers & acquisitions, and expansions in terms of production capacity and geographic reach. This is expected to drive the demand for eyewear among consumers across the world.

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Key Developments

In 2016, Safilo Group S.p.A. expanded its business in India by strengthening its presence in the top 60 cities of the country. The company made 24 of 31 brands, of its portfolio, avaliable in the country
In 2018, Marcolin SpA signed an exclusive global licensing deal to manufacture, design, and market sunglasses and optical eyewear for luxury brand Bally.

In 2018, Marchon Eyewear, Inc., manufacturer and distributor of eyewear and sunwear, and Cutler and Gross Ltd., British eyewear brand, entered into an agreement for the distribution of Cutler and Gross sun and optical eyewear throughout the US.
In 2018, Johnson & Johnson Vision Care, Inc. launched contanct lenses with Transitions Light Intelligent Technology named Acuvue Oasys under its brand Acuvue. The contact lens provided vision correction to the wearer, along with a dynamic photochromic filter that helped to constantly balance the amount of light entering the eye.
Segmentation

The global eyewear market report has segmented the market by type, distribution channel, and region.

Based on product type, the global eyewear market has been segmented into spectacles, sunglasses, contact lenses, and others. The spectacles segment is projected to be the largest during the forecast period. Increasing concerns about eyesight-related issues and increasing cases of eye disorders are expected to boost the eyewear market growth. Additionally, the increasing aging populations is widely preferring the prescription-based spectacles to tackle visual deficiencies and cure refractive errors. The sunglasses segment is expected to register the highest growth rate during the review period owing to the presence of new and advanced products in the market. For instance, prescription sunglasses is expected to be a more convenient option for outdoors. Prescription sunglasses help with visual deficiency as well as protection from UV rays.

By distribution channel, the global eyewear market report has segmented the market into store-based and non-store-based. The store-based segment has further been divided into supermarkets and hypermarkets, specialty stores, and others. The store-based segment is projected to account for the larger market share due to the widespread availability of variety of eyewear in supermarkets and hypermarkets. Moreover, there is a higher preference for store-based channels as they provide a one-stop shopping experience where the consumers can try out the products and then purchase them. However, the non-store-based segment is projected to register the higher CAGR due to the increasing adoption of e-commerce in the retail sector.

Key Players

Some of the key players in the global eyewear market are The Cooper Companies Inc. (US), Carl Zeiss AG (Germany), Bausch Health Companies Inc. (Canada), Safilo Group S.p.A. (Italy), Fielmann AG (Germany), Luxottica Group S.p.A. (Italy), Johnson & Johnson Vision Care, Inc.(US), GrandVision (Netherlands), Alcon Vision LLC (US), Marchon Eyewear Inc. (US), De Rigo Vision S.p.A. (Italy), Essilor International (France), Rodenstock GmbH (Germany), Marcolin SpA (Italy), and Charmant Inc. (US).

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Regional Analysis

The global eyewear market has been segmented, on the basis of region, into North America, Europe, Asia-Pacific, and the rest of the world.

The market in Europe is expected to dominate the global eyewear market owing to the growing preference for premium eyewear, changing eyewear trends, and availability of wide range of options. The growing preference of the consumers for branded eyewear products is expected to pave the way for the market players to capitalize on lucrative prospects. Also, due to the changing trends regarding the use of various types of eyewear in countries including Italy and France, there has been a rise in the creation of new products, to meet the growing market demands, which have been successfully marketed in other regions.

The market in the Asia-Pacific, as per the Asia-Pacific eyewear market outlook, is expected to be the fastest-growing due to the expanding consumer goods industry, increasing prevalence of visual deficiency, and growing consumer awareness of consumers regarding eye protection from UV rays.

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