3 Key Insights on US$ 180 Bn Opportunity in the Global Eyewear Market: Ken Research

Driven by the increasing adoption of luxurious accessories among millennials, the surge in visual impairment among children, and the increasing geriatric population, the Global Eyewear Market is Forecasted to reach US$ 180 Bn by 2028 says Ken Research Study.

Demand and supply for eyewear are rising in different parts of the world as people become more aware of vision problems as well as various styles of spectacles, lenses, and sunglasses available. The growing accessibility of a wide variety of eyewear through both online and offline distribution channels is causing a healthy market growth rate.

Ken Research shares 3 key insights on this high-opportunity market from its latest research study.

1. Technological Advancements have Increased the Market's Growth Rate

According to Research estimates, the Global Eyewear Market - which was valued from around US$ 90 Bn in 2017 to nearly US$ 120 Bn by 2022 - is expected to grow further to more than US$ 180 Bn opportunity by 2028.

Innovations in technology and increased spending on R&D by eyewear makers have been major factors affecting the growth of companies that specialize in eyeglasses. It took centuries for glasses to be developed, but modern eyewear technologies are enabling perfect vision for those with vision impairments.

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2. Increasing Vision Problems in Children are Pushing up the Demand for Spectacles and Contact Lenses

As more schools embraced digital learning tools and virtual learning settings, children's screen usage increased dramatically over the past year. Routine activities for kids were cut back, which resulted in more time spent online chatting and playing games. Now that the effects are beginning to show, eye health has suffered significantly.

Many kids who spend a lot of time on screens develop eye strain, which exacerbates future vision problems. There is a direct link between greater screen time and less outdoor activity and the rise in children with myopia progression, or nearsightedness, during the pandemic. These rising issues are thus increasing the demand for power glasses and lenses to artificially correct the damage.

3. Low Acceptability and Stigma Around Glasses to Stagnate the Market Growth 

Parents test their children to confirm the presence of vision loss and sought advice from other family and community members due to their beliefs regarding the benefits of treatment. The stigma associated with wearing glasses led parents to object to their child's treatment, believing that maintaining "normality" was frequently more essential than receiving medical counsel. Parents' choices are affected by a combination of their personal health beliefs, stigma, and the necessity of going to appointments with their children.

Uncorrected refractive error is a significant contributor to avoidable vision impairment. A significant number of individuals who are considered visually impaired because they lack access to corrective care are estimated to have refractive errors that cause poor vision. The chart below shows findings of a 2019 survey on reasons for unwillingness to use eyeglasses.

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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

For More Information on the Research Report, refer to below links: -

https://www.kenresearch.com/business-research/global-eyewear-market-outlook-2028/

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Ken Research is a Market Research and Consulting Firm, based out of India, Indonesia and UAE. Since 2011, we have been assisting clients globally with our Syndicate and Bespoke Market Research and Advisory Services.

This release was published on openPR.