Press release
Eyewear Market Size To Reach USD 237,051.1 Million By 2030
The global eyewear market size was valued at USD 110,900.0 million in 2020 and is projected to reach USD 237,051.1 million by 2030, registering a CAGR of 8.4%.
Major Factors Driving The Growth Of The Eyewear Market Are
The global eyewear market is being driven by an increase in occurrences of visual impairment and eye problems, as well as a desire to follow the newest fashion trends.
The increased use of digital devices and gadgets by the younger generation has resulted in an increase in the frequency of eye illnesses, driving up demand for vision correction goods. This scenario is expected to drive the eyewear market.
Furthermore, factors such as greater disposable income and a better standard of living in developing nations such as India and Brazil have prompted the adoption of high-end, branded eyewear.
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TRENDS INFLUENCING THE GROWTH OF THE EYEWEAR MARKET
Fashion's growing appeal among millennials is prompting eyewear designers to create affordable and stylish eyewear. This, in turn, is projected to propel the eyewear market forward. Designers of eyeglasses create new styles and patterns on a regular basis in order to adapt rapidly to fast fashion trends and attract fashion enthusiasts. Companies can generate new revenue streams by acquiring new consumers and maintaining long-term business relationships with existing clients. To improve the customer buying experience and develop stronger business relationships, eyewear companies are broadening their service offerings.
People are spending more time on their laptops, desktops, and mobile phones for work and enjoyment as a result of nationwide lockdowns and the deployment of Work From Home (WFH) models by various companies. The increased usage of vision correction and anti-fatigue glasses has been assisted by longer screen sessions and the associated increase in eye fatigue. As a result, eyewear firms have been able to increase sales of anti-fatigue and blue-light-blocking lenses, resulting in overall eyewear market growth.
In order to alleviate eye-related disorders, conscious efforts are currently being made to standardize medical and visual care facilities in rural areas. Various governments, in collaboration with various organizations, are launching programs to provide affordable eye care to rural people. Rural communities are likely to gain from efficient healthcare and eye care facilities as a result of these initiatives. Thus, these collaborations with different institutions are anticipated to drive the growth of the eyewear market.
To increase their geographical reach, many corporations are proactively opening new retail shops, particularly in developing countries like India and China. To strengthen their online presence and consumer base, many firms have bought top regional online eyeglasses companies. Intensive marketing campaigns by well-known firms have raised brand awareness in the global market, resulting in eyewear market growth.
Longer life expectancy and an aging population are also driving the eyeglasses market forward. As people get older, they are more likely to develop visual disorders including presbyopia and cataracts, which leads to a rise in demand for eyewear.
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EYEWEAR MARKET SHARE ANALYSIS
Based on product type, prescription glasses/spectacles commanded the biggest eyewear market share in 2020, due to rising rates of education and greater life expectancy around the world.
Based on mode of sale, the retail store's segment led the market in 2020. This is due to market players equipping their eyewear retail locations with cutting-edge technology and services, as well as a diverse choice of local and international eyewear brands to fulfill consumer demands. However, during the forecast period, the online retail segment is expected to increase at the fastest CAGR of 9.0 percent.
Based on end-user, the men's segment is expected to lead the market during the forecast period. This is due to men's preference for high-end designer sunglasses, which they believe determine their social position.
Based on region, In 2020, North America generated the most revenue, and it is likely to continue to lead the market during the forecast period. However, the market is dominated by Asia-Pacific and is predicted to grow at a CAGR of 9.3% over the forecast period.
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Eyewear Market By Company
• 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.
• Fielmann AG
BY REGION
• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa
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