Eyewear Market Scope:
Eyewear Market Size was valued at USD 168.4 million in 2021. The eyewear market industry is projected to grow from USD 182.8 Million in 2022 to USD 325.82 million by 2030, exhibiting a compound annual growth rate (CAGR) of 8.60% during the forecast period (2022 - 2030).
Growth Inducers and Deterrents:
Different types of sunglasses, contact lenses, and spectacles have become highly popular among consumers, in view of rising visual deficiencies, such as myopia, astigmatism, presbyopia and hypermetropia/hyperopia. Corrective contact lenses enjoy substantial demand, given the rise in visual inaccuracies across the globe, thereby augmenting the market position. On top of this, the demand for soft contact lenses has been picking up speed as well, since these contain soft, flexible plastics such as silicone hydrogel, which provides easy adaptability and comfort to eyes. In short, MRFR experts deem the heightened demand for corrective contact lenses and soft contact lenses to be great opportunities for major brands in the worldwide Eyewear Market.
Heightened consciousness about style and image enhances the demand for sunglasses and different types of spectacles among the youth. The demand is also high among the expanding middle-class consumer population, who are spending considerably on products that up their fashion statements.
Strong efforts related to research development activities in the optometry and optic fields could facilitate market growth too. A few important advancements over the years have been the emergence of contact lenses, and spectacles integrated with innovative technologies, for improved quality and higher appeal. Meanwhile, daily disposable contact lenses have been enjoying widespread popularity among consumers, which is touted to be a huge opportunity in the next several years.
Market Segmentation:
The global Eyewear Market is segmented by Product Type, Distribution Channel, Region.
By Product Type: (Spectacles, Sunglasses, Contact Lenses and others)
By Distribution Channel: [Store-Based (Hypermarkets and Supermarkets, Specialty Stores and others) and Non-Store-Based]
By Region (North America, Europe, Asia-Pacific and Rest of the World) - Forecast till 2030
Regional Analysis:
Europe, due to the booming sales of a variety of eyewear in conjunction with the alarming rise in eye-related disorders, is currently the global market leader. Cosmetic lenses, and sunglasses are especially popular among the youth in the region, adding significantly to the market strength. Besides, companies, as well as researchers are frequently exploring new manufacturing technologies for more product innovation while conducting extensive RD activities. Demand for optimized and premium quality eyewear products along with the emergence of lucrative designs will bolster the demand for the latest designs in the near future across the region.
Asia Pacific will be gaining ground at the fastest pace in the coming years, resulting from the growing cases of eye disorders, booming sales of colored lenses and the latest designer sunglasses. Additionally, with numerous international multinational vendors shifting their base to emerging countries in the region, the eyewear market is likely to thrive in the future.
Leading Companies:
Fielmann AG (Germany), The Cooper Companies Inc. (US), Bausch Health Companies Inc. (Canada), Luxottica Group S.p.A. (Italy), Carl Zeiss AG (Germany), Safilo Group S.p.A. (Italy), GrandVision (Netherlands), Alcon Vision LLC (US), Johnson Johnson Vision Care, Inc. (US), Marcolin SpA (Italy), Marchon Eyewear Inc. (US), De Rigo Vision S.p.A. (Italy), Essilor International (France), Rodenstock GmbH (Germany), Charmant Inc. (US) are the top manufacturers of a variety of Key Eyewear Market Players.
Majority of these brands are working diligently on bolstering their worldwide reach by emphasizing on introducing cutting-edge products. These companies use competitive measures including partnerships, acquisition, agreement, and collaborations for a higher business position in the global industry.
Industry News:
To cite a reference, in January 2022, Mojo Vision, the augmented reality contact lens manufacturer, teamed up with Adidas and numerous other fitness brands to put forward its advanced data-tracking contact lens in the consumer market. The company further announces USD 45 million funding, which has brought its overall investment to around USD 205 million. The company’s eye-controlled smart contact lenses contain a built-in display that monitors the fitness-based data along with AR graphics.
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