Eyewear Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Global eyewear market is segmented by Product Type into Spectacles, Sunglasses, Contact Lenses, and Other Product Types; by End User into Men, Women, and Unisex, by Distribution Channel into Offline Channel and Online Channel, and Geography.

Market Snapshot

Eyewear Market Overview
Study Period: 2016 - 2026
Base Year: 2021
Fastest Growing Market: Asia Pacific
Largest Market: North America
CAGR: 4.69 %
Eyewear Market Major Players

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Market Overview

The global eyewear market is forecasted to grow at a CAGR of 4.69% during the forecast period (2019 - 2024).

  • The proactive approach of consumers is providing opportunities for eyewear manufacturers and retailers to expand their consumer base. A major roadblock in the sustainable growth of the eyewear industry is the stark divide in the access of advanced, affordable, and effective eye care solutions, especially in the marginalized economies.
  •  E-retailing and online advertising are gaining huge popularity across the world as the key players are aggressively implementing their online marketing and promotional activities. Online marketing and promotion does not only provide customers with easy access but also helps vendors reduce operational costs. This factor is likely to boost the sales of eyewear through an online platform in the upcoming years.

Scope of the Report

The eyewear market includes products, such as spectacles, sunglasses, contact lenses, and other protective eyewear that comprises of different lens materials. Also, the scope of the study includes specific to end user men, women, and unisex eyewear and by sales channel as online and offline retail stores.

By Product Type
Spectacles
Sunglasses
Contact Lenses
Other Product Types
By End User
Men
Women
Unisex
By Distribution Channel
Offline Channel
Online Channel
Geography
North America
United States
Canada
Mexico
Rest of North America
Europe
Spain
United Kingdom
Germany
France
Italy
Russia
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
Rest of Asia-Pacific
South America
Brazil
Argentina
Rest of South America
Middle East & Africa
South Africa
Saudi Arabia
Rest of Middle East & Africa

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Key Market Trends

Spectacles Segment to Witness Significant Growth

The growth of the corrective glasses segment is mainly driven by the increasing population suffering from refractive errors, raising awareness, and the cost-effectiveness of eye care devices over refractive surgeries. Moreover, the occurrence of myopia is higher, around 70-90%, in some Asian countries. Compared to men, females are at a higher risk of developing refractive errors. All these factors are together responsible for driving the growth of the corrective glasses industry all over the world. Increasing acute myopia among young consumers and growing awareness about eye health are likely to drive the growth of the market during the forecast period. The significant growth in smartphone and computer users is intensifying the cases of computer vision syndrome (CVS), which is caused due to focusing the eyes on a laptop or other display devices for a long time. This factor has also been influencing the sales of corrective eyewear from the past few years.

Eyewear Market Key Trends

Asia-Pacific is Likely to Experience the Highest Growth Rate

A paradigm shift has been observed in the Asia-Pacific region where the consumer perception for eyewear is changing from function to fashion. Attributed to the growing economy and increasing purchasing power, the consumers in the region are buying eyewear as a fashion statement as well. By country, China emerges as the world’s leading manufacturer of spectacles along with the largest potential consumer base. They also have the highest population rate with myopia, which suggests a huge potential for the spectacles market. Some of the major players in the market are Luxottica, Johnson and Johnson, Hoya Corp, and others who are competing on the basis of the number of in-house and licensed brands, price range, product variants of each brand, type of glasses, and other parameters. 

Eyewear Market Growth Rate

Competitive Landscape

The market is fragmented, however key players such as Luxottica Group SpA, Safilo Group, and Essilor International are witnessing gain in revenue share across developing economies. The most adopted strategies of the key players are product innovation and development, followed by partnerships/joint ventures, and expansion. Moreover, companies are investing significantly in technology-based innovative solution through new ventures, partnerships, or acquisitions. For instance, Fielmann Ventures GmbH’s recent acquisition of the shares (20%) in augmented reality specialist, FittingBox SA, as part of a capital increase.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables & Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Product Type

      1. 5.1.1 Spectacles

      2. 5.1.2 Sunglasses

      3. 5.1.3 Contact Lenses

      4. 5.1.4 Other Product Types

    2. 5.2 By End User

      1. 5.2.1 Men

      2. 5.2.2 Women

      3. 5.2.3 Unisex

    3. 5.3 By Distribution Channel

      1. 5.3.1 Offline Channel

      2. 5.3.2 Online Channel

    4. 5.4 Geography

      1. 5.4.1 North America

        1. 5.4.1.1 United States

        2. 5.4.1.2 Canada

        3. 5.4.1.3 Mexico

        4. 5.4.1.4 Rest of North America

      2. 5.4.2 Europe

        1. 5.4.2.1 Spain

        2. 5.4.2.2 United Kingdom

        3. 5.4.2.3 Germany

        4. 5.4.2.4 France

        5. 5.4.2.5 Italy

        6. 5.4.2.6 Russia

        7. 5.4.2.7 Rest of Europe

      3. 5.4.3 Asia-Pacific

        1. 5.4.3.1 China

        2. 5.4.3.2 Japan

        3. 5.4.3.3 India

        4. 5.4.3.4 Australia

        5. 5.4.3.5 Rest of Asia-Pacific

      4. 5.4.4 South America

        1. 5.4.4.1 Brazil

        2. 5.4.4.2 Argentina

        3. 5.4.4.3 Rest of South America

      5. 5.4.5 Middle East & Africa

        1. 5.4.5.1 South Africa

        2. 5.4.5.2 Saudi Arabia

        3. 5.4.5.3 Rest of Middle East & Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Market Share Analysis

    2. 6.2 Most Active Companies

    3. 6.3 Most Adopted Strategy

    4. 6.4 Company Profiles

      1. 6.4.1 Fielmann AG

      2. 6.4.2 Safilo Group SpA

      3. 6.4.3 Luxottica Group SpA

      4. 6.4.4 Essilor International S.A.

      5. 6.4.5 The Cooper Companies Inc.

      6. 6.4.6 De Rigo Vision S.p.A.

      7. 6.4.7 Carl Zeiss AG

      8. 6.4.8 Charmant Group

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability

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Frequently Asked Questions

The Eyewear Market market is studied from 2016 - 2026.

The Eyewear Market is growing at a CAGR of 4.69% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2020.

Luxottica Group SpA, Safilo Group S.p.A., Essilor International S.A., De Rigo Vision S.p.A., Fielmann AG are the major companies operating in Eyewear Market.

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