Global Eyewear Market Analysis
The global eyewear market is projected to experience substantial growth, with an estimated value of US$270.03 billion in 2032, representing a significant increase from US$151.92 billion in 2023. This growth is anticipated to be driven by a compound annual growth rate (CAGR) of 6.60% from 2024 to 2032. The market expansion is attributed to various factors such as changing fashion trends, increasing awareness about eye health, technological advancements in Eyewear, and the growing prevalence of vision-related issues.
Eyewear, also known as spectacles, encompasses various accessories and devices worn in front of or on the eyes for different purposes. This includes eyeglasses for vision correction, sunglasses for eye protection from sunlight, contact lenses for vision correction without glasses, and protective eyeshields for safety. Eyewear enhances vision, provides sun protection, ensures safety, and meets fashion needs. Eyeglasses, for example, consist of lenses set in a frame with a bridge for placement over the nose and temples for placement over the ears. Sunglasses are designed with tinted or polarized lenses to reduce glare and shield the eyes from bright light. Contact lenses are worn directly on the eye to correct refractive errors.
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Additionally, protective Eyewear safeguards the eyes from debris, fluids, and other potential hazards, particularly in sports, certain occupations, and specific medical practices. The number of blind people globally is roughly 43.2 million, with 23.9 million being women. Greater unity is needed within the industry due to numerous domestic and foreign businesses.
Driving Factor in the Global Eyewear Market
Rising UV ray concerns significantly expand the global eyewear market: The global eyewear market is experiencing robust growth due to the increasing concern over the potential damage caused by ultraviolet rays. Within this market, the eyeglasses segment of the sunglasses market is anticipated to demonstrate the highest Compound Annual Growth Rate (CAGR). This growth is attributed to the rising awareness of the harmful effects of ultraviolet A and B rays on the eyes. Additionally, the sales of fashionable sporty sunglasses are on the rise, particularly among the general population in developed economies. Overall, the wide range of available products is the primary growth driver for manufacturers operating in the global sunglasses market. This includes prescription sunglasses for individuals needing vision correction and those seeking protection from UV rays.
Social media and virtual try-ons enhance trend implementation, engaging and expanding reach, effectively driving the Eyewear industry: In today’s digital age, social media and virtual try-ons have revolutionized the eyewear industry, effectively driving its growth and reach. With the widespread use of social media platforms, eyewear brands have found new ways to engage with their audience, showcase their products, and stay ahead of the latest trends. Virtual try-on technology has further enhanced this trend implementation by allowing consumers to “try on” different eyewear styles in the comfort of their homes. This increases engagement and expands the reach of eyewear brands to potential customers who may need access to physical stores. As a result, the combination of social media and virtual try-ons has become a powerful tool in driving the eyewear industry forward, offering consumers a new and immersive way to experience and purchase eyewear.
Growing Influence of Fashion and Trends on Women’s Eyewear Selection: The growing influence of fashion and trends on women’s eyewear selection is undeniable. Women today increasingly use eyewear not just as a vision aid but also as a fashion statement. With the rise of social media and fashion influencers, eyewear has become a key accessory that can make or break an outfit. From oversized retro frames to sleek and modern minimalist designs, women now have a wide array of styles to choose from, and they often seek eyewear that reflects their style and keeps up with the latest fashion trends. As a result, eyewear brands pay more attention to design, aesthetics, and overall appeal, catering to the demand for trendy and fashion-forward eyewear options. This shift signifies a significant overlap between the fashion and eyewear markets, highlighting the importance of style and trends in women’s eyewear selection.
Asia Pacific Eyewear Market
The Asia-Pacific region is experiencing a surge in demand for eyewear products such as prescription glasses and contact lenses. This increase is fueled by a growing population and a high incidence of vision problems. With rising disposable incomes, there is a growing desire for high-quality eyewear, and people are becoming more aware of the importance of protecting their eyes. Eyewear products like sunglasses and refractive glasses are being used to shield the eyes from harmful radiation, excessive screen time, and the effects of prolonged use of electronic devices.
Furthermore, the depletion of the ozone layer has resulted in heightened levels of UV rays entering the atmosphere, posing risks to people’s vision. This has led to an increased need for protective eyewear, consequently driving growth in the Asia-Pacific eyewear industry. Notably, Reliance Retail has expanded its presence in the eyewear business through acquisitions, offering premium and luxury eyewear products in over 30 cities in India.
Eyewear Market Company Overview
The prominent players in the Global Eyewear Market include Burberry Group, Essilor Luxottica, Hoya Corporation, Carl Zeiss Group, Prada, Tesco, Louis Vuitton, and Cooper Vision.
Global Eyewear Market News
In December 2023, Carl Zeiss Meditec AG acquired the Dutch Ophthalmic Research Center (International) B.V. from Eurazeo SE. This enhances ZEISS Medical Technology’s range of digitally connected workflow solutions and ophthalmic treatments, solidifying its position in addressing eye conditions like glaucoma, cataracts, retinal disorders, and refractive errors.
In October 2023, Bausch & Lomb introduced SeeNa, an ocular diagnostic device for refractive cataract patients that is fully linked with Eyetelligence surgical planning software.
Alcon introduced the monthly Water Gradient multifocal contact lens, TOTAL30 Multifocal, in October 2023. The lenses are now available in some overseas markets and the United States.
In September 2023, SVS Vision was acquired by the Fielmann Group. The German family firm is pursuing internationalization through its Vision 2025 growth strategy, and these purchases mark a significant milestone in that endeavor.
Product – Global Eyewear Market breakup in 3 viewpoints:
- Spectacles
- Sunglasses
- Contact Lenses
End User – Global Eyewear Market breakup in 3 viewpoints:
- Men
- Women
- Children
Distribution Channel – Global Eyewear Market breakup in 4 viewpoints:
- Optical Stores
- Independent Brand Showrooms
- Online Stores
- Retail Stores
Country – Global Eyewear Market breakup in 25 viewpoints:
North America
1. United States
2. Canada
Europe
1. France
2. Germany
3. Italy
4. Spain
5. United Kingdom
6. Belgium
7. the Netherlands
8. Turkey
Asia Pacific
1. China
2. Japan
3. India
4. Australia
5. South Korea
6. Thailand
7. Malaysia
8. Indonesia
9. New Zealand
Latin America
1. Brazil
2. Mexico
3. Argentina
Middle East & Africa
1. South Africa
2. Saudi Arabia
3. United Arab Emirates
All the Key players have been covered from 4 Viewpoints:
- Overview
- Recent Development & Strategies
- Product Portfolio & Product Launch in Last 1 Year
- Revenue
Company Analysis:
- Burberry Group
- Essilor Luxottica
- Hoya Corporation
- Carl Zeiss Group’s
- Prada
- Tesco
- Louis Vuitton
- Cooper Vision
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