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Eyewear Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Market Overview:

The global eyewear market size reached US$ 140 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 209.5 Billion by 2027, exhibiting a CAGR of 6.96% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.

Eyewear refers to products used for vision correction or protecting the eyes from various external factors, including light, harmful radiation, debris, and extreme environmental changes. It includes sunglasses, spectacles, contact lenses, and a wide variety of frames and lenses usually made from carbon fiber, plastic, and glass. It aids in improving visual acuity and preventing ultraviolet (UV) rays from damaging the retina and lens of the human eyes. Besides this, it is used to minimize the risk of developing several visual ailments and eyesight-related problems, such as myopia, hypermetropia, and presbyopia.

 

 
 

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Increasing Incidences of Ocular Diseases Impelling Market Growth

The market is primarily driven by the increasing prevalence of ocular diseases on the global level. There has been a considerable rise in the cases of partial and severe vision impairment among adults and rising incidences of myopia and hypermetropia among children, which is contributing to the increasing demand for eyewear as an appropriate measure to prevent further damage. In addition to this, there has also been a significant increase in the occurrence of other eyesight related disorders, such as eye irritation, dry eyes, computer vision syndrome (CVS) and double vision, especially among working professionals. This can be accredited to the strain caused on the eyes due to the prolonged use of laptops, smartphones and tablets. This, in turn, is escalating the demand for advanced glare-free prescription eyewear with enhanced durability. The growing geriatric population across the globe is acting as another major growth-inducing factor. The elderly population is more commonly diagnosed with fatal ocular disorders, such as cataract and age-related macular degeneration (AMD). Numerous government and non-government organizations are consequently organizing informative initiatives and programs to spread awareness regarding the preventive measures and treatments available for these eyesight problems. This has led to an increase in the uptake of several eyewear products.

Introduction of Smart Glasses to Facilitate Market Growth

Rapid urbanization and the rising preference for aesthetic products among the masses have led to the increasing adoption of trendy and designer sunglasses and spectacles as a means to enhance their appearances while protecting their eyes from damage. The escalating sales of luxury and premium eyewear can also be attributed to the evolving purchasing patterns of individuals and the growing preference for asserting and uplifting their social status. This has impelled players to introduce product variants with improved optical designs, materials and advanced coatings. Numerous key players are also launching smart glasses in the market that are expected to gain widespread prominence among users. These glasses are commonly integrated with augmented reality (AR) that employs internal and external sensors to collect varied information and store them. They have the capability to control or retrieve data from other digital devices while projecting the required information on the lens of the glasses. These glasses are widely used for conveniently using navigation apps or checking real-time notifications without the hassle of checking their smartphones for the same. These glasses can also be utilized to track the physical fitness of the user by tracking steps, distance covered and calories burned in a given period.

Integration of Advanced Technologies with Online Channels to Create Positive Outlook

There has been a considerable increase in the preference for purchasing eyewear through online channels over the past few years. Significant improvements in the e-commerce supply chain and the growing confidence of customers regarding online transactions have further strengthened the growth in this segment. Several online players are now offering improved shopping experiences to users by leveraging advanced technologies in their applications. They are integrating their services with product virtualization and facial analysis to recommend apt eyewear designs that suit the facial features of individual customers. They are also employing bot guides to assist buyers in navigating the product choices, thus enhancing their overall experience. Multiple vendors are now venturing into the brick-and-mortar business model to expand their consumer-base, whereas others are utilizing 3D printing technology to produce tailored frames for their customers. Additionally, the growing popularity of targeted ads and the mandatory lockdowns imposed by the government of numerous countries in the light of the rapid outbreak of the coronavirus disease (COVID-19) are facilitating the market growth in the online segment. Some of the other factors contributing to the market growth include the growing awareness regarding advancements in medical technology and the continual launch of innovative products.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global eyewear market, along with forecasts at the global and regional level from 2022-2027. Our report has categorized the market based on product, gender and distribution channel.

Breakup by Product:

 

 
 

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  • 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:

 

 
 

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  • 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, Johnson & Johnson Vision Care, Inc., Safilo Group S.p.A. and Alcon Vision LLC.

Report Coverage:

Report Features Details
Base Year of the Analysis 2021
Historical Period 2016-2021
Forecast Period 2022-2027
Units US$ Billion
Segment Coverage Product, Gender, Distribution Channel, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Companies Covered Luxottica Group S.p.A., Essilor International, Johnson & Johnson Vision Care, Inc., Safilo Group S.p.A. and Alcon Vision LLC
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

1   Preface
2   Scope and Methodology

    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3   Executive Summary
4   Introduction

    4.1    Overview
    4.2    Key Industry Trends
5   Global Eyewear Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Market Breakup by Product
    5.5    Market Breakup by Gender
    5.6    Market Breakup by Distribution Channel
    5.7    Market Breakup by Region
    5.8    Market Forecast
    5.9    SWOT Analysis
        5.9.1    Overview
        5.9.2    Strengths
        5.9.3    Weaknesses
        5.9.4    Opportunities
        5.9.5    Threats
    5.10    Value Chain Analysis
        5.10.1    Overview
        5.10.2    Research and Development
        5.10.3    Raw Material Procurement
        5.10.4    Manufacturing
        5.10.5    Marketing
        5.10.6    Distribution
        5.10.7    End-Use
    5.11    Porters Five Forces Analysis
        5.11.1    Overview
        5.11.2    Bargaining Power of Buyers
        5.11.3    Bargaining Power of Suppliers
        5.11.4    Degree of Competition
        5.11.5    Threat of New Entrants
        5.11.6    Threat of Substitutes
6   Market Breakup by Product
    6.1    Spectacles
        6.1.1    Market Trends
        6.1.2    Market Forecast
    6.2    Sunglasses
        6.2.1    Market Trends
        6.2.2    Market Forecast
    6.3    Contact lenses
        6.3.1    Market Trends
        6.3.2    Market Forecast
7   Market Breakup by Gender
    7.1    Men
        7.1.1    Market Trends
        7.1.2    Market Forecast
    7.2    Women
        7.2.1    Market Trends
        7.2.2    Market Forecast
    7.3    Unisex
        7.3.1    Market Trends
        7.3.2    Market Forecast
8   Market Breakup by Distribution Channel
    8.1    Optical Stores
        8.1.1    Market Trends
        8.1.2    Market Forecast
    8.2    Independent Brand Showrooms
        8.2.1    Market Trends
        8.2.2    Market Forecast
    8.3    Online Stores
        8.3.1    Market Trends
        8.3.2    Market Forecast
    8.4    Retail Stores
        8.4.1    Market Trends
        8.4.2    Market Forecast
9   Market Breakup by Region
    9.1    Europe
        9.1.1    Market Trends
        9.1.2    Market Forecast
    9.2    North America
        9.2.1    Market Trends
        9.2.2    Market Forecast
    9.3    Asia Pacific
        9.3.1    Market Trends
        9.3.2    Market Forecast
    9.4    Middle East and Africa
        9.4.1    Market Trends
        9.4.2    Market Forecast
    9.5    Latin America
        9.5.1    Market Trends
        9.5.2    Market Forecast
10   Eyewear Manufacturing Process
    10.1    Product Overview
    10.2    Raw Material Requirements
    10.3    Manufacturing Process
    10.4    Key Success and Risk Factors
11   Competitive Landscape
    11.1    Market Structure
    11.2    Key Players
    11.3    Profiles of Key Players
        11.3.1    Luxottica
            11.3.1.1    Company Overview
            11.3.1.2    Description
            11.3.1.3    Product Portfolio
            11.3.1.4    Financials
            11.3.1.5    SWOT Analysis
        11.3.2    Essilor
            11.3.2.1    Company Overview
            11.3.2.2    Description
            11.3.2.3    Product Portfolio
            11.3.2.4    Financials
            11.3.2.5    SWOT Analysis
        11.3.3    Johnson & Johnson Vision Care
            11.3.3.1    Company Overview
            11.3.3.2    Description
            11.3.3.3    Product Portfolio
        11.3.4    Safilo
            11.3.4.1    Company Overview
            11.3.4.2    Description
            11.3.4.3    Product Portfolio
        11.3.5    Alcon
            11.3.5.1    Company Overview
            11.3.5.2    Description
            11.3.5.3    Product Portfolio

List of Figures

Figure 1: Global: Eyewear Market: Major Drivers and Challenges
Figure 2: Global: Eyewear Market: Sales Value (in Billion US$), 2016-2021
Figure 3: Global: Eyewear Market: Breakup by Product (in %), 2021
Figure 4: Global: Eyewear Market: Breakup by Gender (in %), 2021
Figure 5: Global: Eyewear Market: Breakup by Distribution Channel (in %), 2021
Figure 6: Global: Eyewear Market: Breakup by Region (in %), 2021
Figure 7: Global: Eyewear Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 8: Global: Eyewear Industry: SWOT Analysis
Figure 9: Global: Eyewear Industry: Value Chain Analysis
Figure 10: Global: Eyewear Industry: Porter’s Five Forces Analysis
Figure 11: Global: Spectacles Market: Sales Value (in Million US$), 2016 & 2021
Figure 12: Global: Spectacles Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 13: Global: Sunglasses Market: Sales Value (in Million US$), 2016 & 2021
Figure 14: Global: Sunglasses Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 15: Global: Contact lenses Market: Sales Value (in Million US$), 2016 & 2021
Figure 16: Global: Contact lenses Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 17: Global: Men Eyewear Market: Sales Value (in Million US$), 2016 & 2021
Figure 18: Global: Men Eyewear Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 19: Global: Women Eyewear Market: Sales Value (in Million US$), 2016 & 2021
Figure 20: Global: Women Eyewear Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 21: Global: Unisex Eyewear Market: Sales Value (in Million US$), 2016 & 2021
Figure 22: Global: Unisex Eyewear Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 23: Global: Eyewear Market: Sales through Optical Stores (in Million US$), 2016 & 2021
Figure 24: Global: Eyewear Market Forecast: Sales through Optical Stores (in Million US$), 2022-2027
Figure 25: Global: Eyewear Market: Sales through Independent Brand Showrooms (in Million US$), 2016 & 2021
Figure 26: Global: Eyewear Market Forecast: Sales through Independent Brand Showrooms (in Million US$), 2022-2027
Figure 27: Global: Eyewear Market: Sales through Online Stores (in Million US$), 2016 & 2021
Figure 28: Global: Eyewear Market Forecast: Sales through Online Stores (in Million US$), 2022-2027
Figure 29: Global: Eyewear Market: Sales through Retail Stores (in Million US$), 2016 & 2021
Figure 30: Global: Eyewear Market Forecast: Sales through Retail Stores (in Million US$), 2022-2027
Figure 31: Europe: Eyewear Market: Sales Value (in Million US$), 2016 & 2021
Figure 32: Europe: Eyewear Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 33: North America: Eyewear Market: Sales Value (in Million US$), 2016 & 2021
Figure 34: North America: Eyewear Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 35: Asia Pacific: Eyewear Market: Sales Value (in Million US$), 2016 & 2021
Figure 36: Asia Pacific: Eyewear Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 37: Middle East and Africa: Eyewear Market: Sales Value (in Million US$), 2016 & 2021
Figure 38: Middle East and Africa: Eyewear Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 39: Latin America: Eyewear Market: Sales Value (in Million US$), 2016 & 2021
Figure 40: Latin America: Eyewear Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 41: Eyewear Manufacturing: Process Flow

List of Tables

Table 1: Global: Eyewear Market: Key Industry Highlights, 2021 and 2027
Table 2: Global: Eyewear Market Forecast: Breakup by Product (in Million US$), 2022-2027
Table 3: Global: Eyewear Market Forecast: Breakup by Gender (in Million US$), 2022-2027
Table 4: Global: Eyewear Market Forecast: Breakup by Distribution Channel (in Million US$), 2022-2027
Table 5: Global: Eyewear Market Forecast: Breakup by Region (in Million US$), 2022-2027
Table 6: Eyewear Manufacturing: Raw Material Requirements
Table 7: Global: Eyewear Market: Competitive Structure
Table 8: Global: Eyewear Market: Key Players


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Key Questions Answered in This Report

The global eyewear market was valued at US$ 140 Billion in 2021.

We expect the global eyewear market to exhibit a CAGR of 6.96% during 2022-2027.

The high prevalence of ocular diseases, along with the growing demand for advanced glare-free
prescription eyewear with enhanced durability, is currently catalyzing the global eyewear market.

The sudden outbreak of the COVID-19 pandemic has led to the increasing consumer inclination towards
online retail platforms for the purchase of eyewear, as numerous key players are integrating their
services with product virtualization and facial analysis to remotely recommend apt eyewear designs for
individuals.

Based on the product, the global eyewear market can be segmented into spectacles, sunglasses, and
contact lenses. Among these, spectacles hold the majority of the total market share.

Based on the gender, the global eyewear market has been divided into men, women, and unisex.
Currently, unisex eyewear exhibits a clear dominance in the market.

Based on the distribution channel, the global eyewear market can be categorized into optical stores,
independent brand showrooms, online stores, and retail stores. Among these, optical stores currently
hold the largest market share.

On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin
America, and Middle East and Africa, where Europe currently dominates the global market.

Some of the major players in the global eyewear market include Luxottica Group S.p.A., Essilor
International, Johnson & Johnson Vision Care, Inc., Safilo Group S.p.A., and Alcon Vision LLC.

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