According to the latest report by IMARC Group, titled “Eyewear Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the global eyewear market size reached US$ 140 Billion in 2021. Eyewear refers to products worn over the eyes to provide protection and improve visual acuity. Other than vision, these correctional accessories are used for protection against the environment and adornment purposes. 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.
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.
Global Eyewear Market Trends
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. Looking forward, the market value is projected to reach US$ 209.5 Billion by 2027, expanding at a CAGR of 6.96% during 2022-2027.
- On the basis of the product, spectacles represent the most popular eyewear product. Other major product types include sunglasses and contact lenses.
- Based on gender, unisex eyewear products dominate the market, accounting for majority of the market share. These products are followed by products for women and men.
- Based on the distribution channel, the market has been divided into optical stores, independent brand showrooms, online stores and retail stores. Amongst these optical stores represent the most extensive distribution channel.
- Region-wise, Europe exhibits a clear dominance in the market. Other major regions are North America, Asia Pacific, Latin America, and Middle East and Africa.
- The competitive landscape of the eyewear industry has also been examined, with some of the market players being 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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