Eyewear Market Set to Witness Huge Growth by 2020-2027 Focusing on Leading Players

Eyewear is intended to wear over the eyes for protection against environmental factors or for improving vision impairment. Eyeglasses or spectacles, sunglasses, goggles, and contact lenses are common types of eyewear. Eyewear is also used as a fashion statement due to a rising sense of fashion among people and people are adopting trendy and designer sunglasses due to the latest trend emerging in market.

The global eyewear market is projected to reach around US$ 461.6 billion by the end of 2027, in terms of revenue, growing at CAGR of 6.0% during the forecast period (2019-2027).

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Based on distribution channel, the global eyewear market is segmented into e-commerce & online, company franchises, hospitals, clinics, and multi-brand stores. Among these segments, the company franchises dominated the global eyewear market in 2018, owing to the rising number of branded company outlets and franchises which allows discounts on prices across the world.

It elucidates potential revenue opportunity across different segments and explains attractive investment proposition matrix for this market. It provides valuable insights about market drivers, restraints, opportunities, new product launches or approval, eyewear products, regional outlook, and competitive strategy adopted by the leading players.

Market Taxonomy

Global Eyewear Market, By Product Type:
Spectacles
Plano Sunglasses
Contact Lenses
Sportswear
Eye Care

Global Eyewear Market, By Price Range:
Premium
Mid
Low

Global Eyewear Market, By Distribution Channel:
E-Commerce/Online
Company Outlets/Franchises
Hospitals
Clinics
Multi-brand Stores

Increasing spending of the people on medical equipment such as contact lenses and spectacles is projected to accelerate the market growth of eyewear. For instance, in 2015, according to the “Centers for Medicare & Medicaid Services”, (a federal agency in the U.S. Dept. of Health & Human Services), the retail spending of individuals in the U.S on durable medical equipment such as eyeglasses, contact lenses and hearing aids experienced an increase of 3.9% in comparison to 2014.

Market Opportunities

Increasing penetration of digital devices around the globe that expose eyes to artificial lights which are harmful is raising demand for eyeglasses, in turn, propelling the market growth of eyewear. Continuous exposure of the eye to digital screen such as mobile and tablets can affect human eyes and causes visual strain, thus growing digitalization is demanding eyewear products across the world and open new opportunities to the market over the forecast period.

Market Trends

The rising trend of diversifying eyewear products in terms of frames and shapes with the latest design in order to match with the ongoing fashion is expected to foster the market growth of eyewear. Shifting preference of consumers towards diversified eyewear designs and increasing adoption of iconic fashion styles by celebrities is influencing customers to a great extent which is further anticipated to raise the demand for eyewear products, in turn, stimulating the market growth.

Competitive Section

Key players operating in global eyewear market are Luxottica Group SpA, Essilor International S.A, Carl Zeiss AG, Hoya Corporation (Life Care), Johnson & Johnson Vision Care, Inc., Cooper Companies Inc., Fielmann AG., Safilo Group Spa, Marcolin S.p.A., De Rigo S.p.A.

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