Global Eyewear Market to Reach US$ 222.1 Billion by 2028, Stimulated by Rising Need for Vision Correction

IMARC Group’s latest report, titled “Eyewear Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global eyewear market size reached US$ 149.3 Billion in 2022. Eyewear comprises various corrective and protective devices or accessories, such as spectacles, sunglasses, and contact lenses, worn over the eyes. These products are usually manufactured from carbon fiber, plastic, and glass. They help improve visual acuity and protect the eyes against external factors, including light, debris, harmful ultraviolet (UV) rays, and extreme environmental conditions. They also aid in reducing the risk of developing numerous visual ailments and eyesight-related problems, such as presbyopia, myopia, and hypermetropia. As a result, eyewear is gaining immense popularity among the masses for visual correction and adornment purposes. 

Global Eyewear Market Trends:

The rising need for vision correction due to the widespread prevalence of ocular disorders represents the primary factor driving the market growth. Moreover, the increasing strain caused on the eyes owing to the prolonged use of laptops, smartphones, and tablets has led to a rise in eye-related disorders, such as eye irritation, dry eyes, computer vision syndrome (CVS), and double vision. Along with this, the surging instances of visual impairment and other eye problems, such as astigmatism and hyperopia, among the elderly and young population has augmented the demand for eyewear to prevent further damage. In addition, the aging population is another major growth-inducing factor, as the elderly are more prone to developing severe ocular conditions, including cataracts and age-related macular degeneration (AMD). Besides this, several favorable initiatives taken by various government and non-government organizations (NGOs) to spread awareness about preventive measures and treatments available for eyesight problems are contributing to the sales of eyewear products. Furthermore, the leading players are introducing smart glasses integrated with augmented reality (AR) that can control or retrieve data from other digital devices to display the required information on the glass lens. In line with this, the launch of innovative product variants with enhanced optical designs, materials, and advanced coatings has propelled market growth. Other factors, including the expanding working population, escalating demand for premium and trendy eyeglasses and sunglasses, inflating sales of prescription contact lenses and spectacles, and continual technological advancements, are creating a favorable market outlook. Looking forward, IMARC Group expects the market value to reach US$ 222.1 Billion by 2028, growing at a CAGR of 6.9% during 2023-2028.

Market Summary:

• Based on the product, the market has been categorized into spectacles, sunglasses, and contact lenses. Currently, spectacles represent the largest market segment. 
• On the basis of gender, unisex eyewear products dominate the market. Other major segments are men, and women.
• The market has been divided based on the distribution channel into optical stores, independent brand showrooms, online stores, and retail stores. Amongst these, optical stores account for the majority of the market share. 
• Region-wise, Europe holds the leading position in the market. Other major regions include North America, Asia Pacific, Middle East and Africa, and Latin America. 
• The competitive landscape of the market has also been analyzed, with some of the key players being Luxottica Group S.p.A., Essilor International SAS, Johnson & Johnson Vision Care, Inc., Safilo Group S.p.A., and Alcon Vision LLC.

Report Scope:

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