The new report by Expert Market Research titled, ‘Global Eyewear Market Report and Forecast 2021-2026’, gives in-depth analysis of the global eyewear market, assessing the market based on its segments like product, gender, distribution channel, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2026): –
- Historical Market Size (2020): USD 124.7 Billion
- Forecast CAGR (2021-2026): 1%
- Forecast Market Size (2026): USD 150 Billion
The growth of the eyewear market is expected to be stimulated by an increase in the number of visual defects and increased awareness of eye exams. The rise in the number of ophthalmic disorders such as myopia, presbyopia, and hypermetropia among the elderly is a major driver of the eyewear market’s expansion. Visual disorders affect a large percentage of the population in developing countries like India, Brazil, and Mexico, and are mostly undetected and uncorrected. As a result, these economies’ governments and private companies are launching eye-care marketing programs, which are expected to fuel the eyewear industry even further.
Industry Definition and Major Segments
Glasses (also known as eyeglasses or contacts), sunglasses, and contact lenses are all popular types of eyewear. Further utilitarian types of eye protection, such as spectacles and goggles, can also be used in eyewear. Typically, eyewear is worn to correct vision and protect the eyes from glare, dirt, and harmful radiation. These objects’ frames and lenses are often made of plastic and glass.
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Based on product, the eyewear market can be divided into:
- Contact Lenses
Based on gender, the industry can be segmented into:
The eyewear market can be broadly categorised based on distribution channel into:
- Optical Stores
- Independent Brand Showrooms
- Online Stores
- Retail Stores
Based on region, the market is segmented into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Increased demand for eyewear has resulted from rising visual impairment and the need for vision correction. The younger generation is increasingly reliant on digital devices, spending the majority of their time on cell phones, desktop computers, and video games. Furthermore, health issues such as diabetes impair people’s vision, resulting in blindness. As a result, diabetics should have their eyes checked on a regular basis to prevent vision issues. As a result, during the forecast period, rising visual defects and vision impairments will have an impact on the eyewear market’s development. People have been encouraged to purchase high-quality eyewear that is in perfect sync with their rising living standards as their disposable income has increased. Furthermore, people are now opting for fashionable and designer sunglasses in line with current market trends. Young people tend to use contact lenses to enhance their overall look. As a result, the living standards and heightened fashion awareness would lead to the growth of the eyewear industry, positively impacting market growth. In order to minimize eye-related problems, conscious attempts are now being made to standardize medical and vision care services in rural areas. Various governments, in collaboration with various organizations, are launching initiatives to provide affordable eye care to the rural population. Rural residents would benefit from accessible healthcare and eye care services if such measures were implemented. As a result of these partnerships with various organizations, the eyewear market is expected to expand. Longer life expectancy and an aging population are two main factors driving the eyewear industry forward. When people get older, they are more likely to develop vision issues like presbyopia and cataracts, which leads to an increase in the market for eyewear.
Key Market Players
The major players in the market are Luxottica Group S.p.A., Essilor of America, Inc., Johnson & Johnson Vision Care, Inc. (Johnson & Johnson Medical GmbH), Safilo Group S.p.A, Alcon Vision LLC, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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