Press release
Eyewear Market To Boost Incredible Growth: 2022, Share Valuation and Industry Size
Market Size and Growth
In 2021, the global eyewear market was valued at approximately US$ 171.1 Mn. It is projected to reach US$ 300.9 Bn by 2031, growing at a CAGR of 6.0% during the forecast period.
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Market Drivers and Challenges
Drivers:
• Rising Vision Impairments: An increasing number of individuals are experiencing vision problems due to factors like aging and prolonged screen time, leading to higher demand for corrective eyewear.
• Fashion and Lifestyle Trends: Eyewear has become a fashion accessory, with consumers seeking stylish and customizable options.
• Technological Advancements: Innovations such as smart glasses with AR capabilities and health monitoring features are attracting tech-savvy consumers.
Challenges:
• Counterfeit Products: The market faces issues with counterfeit eyewear, which affects brand reputation and consumer trust.
• Price Sensitivity: High costs associated with premium eyewear products can deter price-sensitive consumers, especially in developing regions.
Market Trends
• Smart Eyewear: The integration of AI and AR in eyewear is gaining momentum. For instance, EssilorLuxottica's partnership with Meta has led to the development of Ray-Ban Meta smart glasses, featuring livestreaming capabilities and AI assistants.
• Sustainable Materials: Brands are increasingly using eco-friendly materials like recycled plastics and bamboo to produce sustainable eyewear.
• E-commerce Expansion: The rise of online shopping platforms, coupled with virtual try-on technologies, has made purchasing eyewear more convenient for consumers.
Competitive Landscape
• Johnson & Johnson Vision Care, Inc.
• Bausch & Lomb Inc.
• Marchon Eyewear, Inc.
• Fielmann AG
• Luxottica Group S.p.A.
• Essilor International
• Zeiss International
• Hoya Corporation
• Safilo Group S.p.A.
• De Rigo S.p.A.
Emerging indie brands are also making significant strides by focusing on inclusivity, design, and functionality.
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Future Outlook
The eyewear market is poised for continued growth, driven by technological innovations, increasing health awareness, and fashion trends. The integration of smart technologies and sustainable practices will likely shape the future landscape of the industry.
Key Market Study Points
• Technological Integration: The adoption of smart features in eyewear is expected to revolutionize user experience.
• Sustainability: Eco-friendly materials and sustainable manufacturing processes are becoming essential.
• Customization: Personalized eyewear options are gaining popularity among consumers seeking unique styles.
Market Segmentation
By Service Type:
• Prescription Eyewear
• Non-Prescription Eyewear
By Sourcing Type:
• In-House Manufacturing
• Outsourced Manufacturing
By Application:
• Vision Correction
• Fashion and Lifestyle
• Protective Eyewear
By Industry Vertical:
• Healthcare
• Fashion
• Sports
By Region:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa
Regional Analysis
• Asia Pacific: Leading the market with significant growth in countries like India and China, driven by increasing vision problems and fashion consciousness.
• North America: High adoption of smart eyewear and strong presence of key market players.
• Europe: Focus on sustainable eyewear and technological advancements.
Recent Developments
• EssilorLuxottica and Meta launched Ray-Ban Meta smart glasses with livestreaming and AI features.
• Pair Eyewear partnered with National Vision Inc. to offer customizable and affordable eyewear bundles.
• Marchon Eyewear announced plans to manufacture frames from castor beans, emphasizing sustainability.
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Summary
WiseGuyReports.com adds “Eyewear Market 2017 Global Analysis, Growth, Trends and Opportunities Research Report Forecasting to 2022”reports to its database.
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