The global eyewear market was worth US$ 120 Billion in 2018, registering a CAGR of 3.4% during 2011-2018. The market is further projected to cross US$ 141 Billion by 2024, at a CAGR of 2.6% during 2019-2024. Eyewear products are generally worn for vision correction and protecting the eyes from excessive light, debris or harmful radiation. The frames and lenses of these products are mainly produced using plastic and glass. Currently, the global demand for good-quality eyewear products is being augmented by increasing prevalence of hypermetropia and myopia at young ages. In developing nations, improving lifestyles, urbanization and availability of advanced eyewear products are positively impacting the market growth. On the other hand, increasing exports and product innovations are supporting eyewear market across developed regions.
Global Eyewear Market Drivers:
Breakup by Product:
Spectacles represent the most commonly owned eyewear product, accounting for around three-fourths of the total market share. Technological advancements and increasing dependence upon gadgets and electronic devices have led to a rise in eyesight disorders, thereby resulting in an increased demand for spectacles.
Breakup by Gender:
Currently, unisex eyewear products are the leading segment and account for a share of two-thirds of the total market. Generally, sunglasses are more popular in unisex styles as compared to regular prescription eyeglasses.
Breakup by Distribution Channel:
Amongst these, retail stores represent the most common distribution channel as they offer both branded and generic eyewear products, depending upon the purchasing power of the consumers.
On a geographical front, Europe represents the biggest eyewear market, accounting for the majority of the total market share. This can be accredited to growing preference for premium eyewear products as well as rising focus of manufacturers on the development of new designs, shapes and sizes of eyewear products.
The global eyewear market is fragmented in nature with the presence of several small and large manufacturers. Some of the leading players operating in the market are:
Key Questions Answered in This Report:
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