Eyewear Market Set to Reach USD 340.89 Billion by 2032, Fueled by Rising Demand for Fashionable and Vision-enhancing Products.

The global eyewear market size was USD 170.53 Billion in 2022 and is expected to reach USD 340.89 Billion in 2032, and register a revenue CAGR of 8% during the forecast period. Rising instances of visual impairments and a growing aging population are expected to drive the growth of the market revenue in the future. Additionally, there is an anticipated increase in demand for contact lenses due to the growing adoption of daily disposable lenses and technological innovations.

The eyewear industry is experiencing growth due to various reasons, including the growing awareness of the harmful impact of blue light emitted from electronic devices like smartphones, laptops, and tablets. To cater to this need, specialized eyewear that protects eyes from blue light and reduces digital eye strain has been developed. Moreover, the rising concern for environmental degradation has led to a greater demand for eco-friendly and sustainable eyewear. Manufacturers are utilizing materials like bamboo, recycled plastic, and biodegradable substances to create eco-friendly eyewear, resulting in a specialized sector for sustainable eyewear.

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Key Players covered in this report are

Luxottica Group S.p.A., Safilo Group S.p.A., EssilorLuxottica S.A., Johnson & Johnson Vision Care, Inc., Bausch & Lomb Incorporated, Alcon Vision LLC, Hoya Corporation, CooperVision, Inc., Carl Zeiss AG, Seiko Optical Products Co., Ltd., and Nikon Corporation.

Some Key Highlights from the Report

The spectacles industry is expected to generate the highest revenue over the forecast period. People with refractive problems such as myopia, hyperopia, and astigmatism usually opt for spectacles as their primary eyewear solution. Due to the increasing prevalence of eye disorders and vision-related issues caused by excessive screen time and unhealthy lifestyle choices, the demand for eyeglasses is expected to gradually increase during the forecast period. These factors are anticipated to drive the growth of this industry segment.
During the forecast period, the brick-and-mortar segment is predicted to generate the most revenue.

In the retail industry, brick-and-mortar stores have long been the primary distribution channel. Yet, due to the increased usage of e-commerce and digital platforms, firms are increasingly adopting a multichannel distribution strategy. This means combining both physical stores and internet channels to reach a broader audience and provide customers with a simple shopping experience. These factors are projected to boost the segment's revenue growth throughout the forecast period.
As per geographic research, the European eyewear market is expected to hold the largest share of revenue during the projected period. The market growth is primarily driven by the rising demand for coloured contact lenses, sunglasses, and frames as fashionable accessories. Furthermore, the market is likely to be fueled by the prominent presence of major industry players like Prada S.p.A., Guccio Gucci S.p.A., Christian Dior, and TOM FORD.

The North American market is projected to have a substantial share of revenue growth in the coming period. This is due to the region's strong e-commerce infrastructure, which is a primary driver of market revenue growth. Additionally, the adoption of technology by regional enterprises and the rapid technological advancements are expected to further boost revenue growth in the region.

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Product Outlook (Revenue, USD Billion; 2022 - 2032)

Contact Lenses
Spectacles
Sunglasses

Distribution Channel Outlook (Revenue, USD Billion; 2022 - 2032)

E-Commerce
Brick & Mortar

Key Regional Markets Covered in the Report:

North America (U.S., Canada, Mexico)
Europe (U.K., Italy, Germany, Spain, France, BENELUX, Rest of Europe)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of Asia Pacific)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
The Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)

Major Points covered in this report are as below:

• The Eyewear industry development trends and marketing channels are analyzed. The feasibility of new investment projects are assessed and overall research conclusions offered.

• With the tables and figures, the report provides key statistics on the state of the industry and is a valuable source of guidance and direction for companies and individuals interested in the market.

• Development policies and plans, manufacturing processes and cost structures are also analyzed. This report also states import/export consumption, supply and demand figures, cost, price, revenue and gross margins.

• The Eyewear Market report provides key statistics on the market status of the Eyewear manufacturers and is a valuable source of guidance and direction for companies and individuals interested in the industry.

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