The global eyewear market size reached US$ 149.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 222.1 Billion by 2028, exhibiting a growth rate (CAGR) of 6.9% during 2023-2028.
The latest research study, “Eyewear Market Report: Global Industry Trends, Size, Growth, Opportunity and Forecast 2023-2028” has been added by IMARC Group. The global eyewear market size reached US$ 149.3 Billion in 2022. Looking forward, the market expects to reach a value of US$ 222.1 Billion by 2028, exhibiting a CAGR of 6.9% during 2023-2028.
COVID-19 Impact Analysis
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Products worn over the eyes to protect them and enhance vision are referred to as eyewear. These corrective accessories are used for objectives other than vision correction, including as environmental protection and aesthetics. Eyewear products are manufactured in the form of contact lenses, sunglasses, and spectacles. The increasing usage of electronic devices or gadgets has led to the rising prevalence of eye-based ailments. Besides this, aging and prolonged exposure to UV rays have also led to a rise in visual problems amongst consumers of all demographics.
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Global Eyewear Industry Trends and Drivers:
The growth of the global eyewear market can be attributed to the rising instances of visual impairment, the requirement for vision correction, and rising sales of prescription contact lenses and spectacles. Apart from this, rapid technological advancements have led to a global rise in the usage of smart devices, which is causing several eye problems amongst the young demographic, such as astigmatism, hyperopia and myopia.
Moreover, there has been an escalated demand for designer and trendy eyeglasses and sunglasses amongst consumers to improve their appearance, which is supporting the market growth. Furthermore, governments of several nations are undertaking initiatives for spreading awareness regarding the availability of advanced eye treatment methods, driving the growth of the market further.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global eyewear market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on product, gender and distribution channel.
Breakup by Product:
- Spectacles
- Sunglasses
- Contact Lenses
Spectacles represent the most commonly owned eyewear product, accounting for around three-fourths of the total global market. The increasing dependence of the masses upon electronic devices has led to a rise in eyesight disorders, thereby resulting in an increased demand for spectacles.
Breakup by Gender:
- Men
- Women
- Unisex
Currently, unisex eyewear products represent the leading segment, accounting for a share of around two-thirds of the total market size. This can be attributed to the availability of product designs that suit the preferences of all genders.
Breakup by Distribution Channel:
- Optical Stores
- Independent Brand Showrooms
- Online Stores
- Retail Stores
Amongst these, optical stores represent the most popular distribution channel in the global eyewear market as they offer both branded and generic eyewear products, depending upon the purchasing power of the consumers. They also offer a vast array of product designs in multiple colors and shapes to meet the preferences of the customer.
Regional Insights:
- Europe
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
On the geographical front, Europe represents the biggest eyewear market, accounting for majority of the total global market. This can be accredited to the growing preference for premium eyewear products in the region, as well as the rising focus of manufacturers on the development of new designs, shapes and sizes of eyewear products.
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Luxottica Group S.p.A., Essilor International SAS, Johnson & Johnson Vision Care, Inc., Safilo Group S.p.A. and Alcon Vision LLC.
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