Eyewear Market Analysis, Share, Industry, Opportunities 2031

Report Description

Eyewear Market Outlook 2031

The global eyewear market size was valued at USD 173.05 Billion in 2022 and is anticipated to reach USD 360.61 Billion by 2031, expanding at a CAGR of 8.5% during the forecast period, 2023–2031. The growth of the market is attributed to the increasing preference of fashion in the young population along with high number of eyewear manufacturers in the market. 

Eyewear are lenses, spectacles, and sunglasses used to correction of vision along with protection of eyes from harmful dust particles and UV lights. The eyewear manufacturer are using innovative technology and process to improve the buyers experience and to construct business relation better. Organizations such as Coolwinks and Vision Express are offering an eye check-up service for free or in homes to their customers.

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The companies also offers customers choice of their frames coupled with real-time trial. The fast pace growth of social media is a key factor for the eyewear market growth. The social media platforms allows the companies to perform an analysis of customers’ choices and demands. This enables them to develop the products as per the needs of the buyer.

The large number of population on platforms such as Instagram, Twitter, and Facebook allows the companies to pierce the market more precisely. The social media platforms permit companies to implement innovative marketing strategies such as affiliate marketing, and influencer marketing.

The COVID-19 pandemic has impacted the market as it has changed in acceptance of eyewear in 2020. The nationwide lockdowns, travel restrictions, and the application of work from home (WFH) models by various organizations has led to increase in screen time of the working people as well as increased stress on the eyes.

The increase in eye fatigue have raised the requirement for the use of anti-fatigue and glasses vision correction. This has enabled the companies to attract higher revenue of anti-fatigue and blue light canceling lenses. This shows that the pandemic has positively impacted the global market.

Eyewear Market Trends, Drivers, Restraints, and Opportunities

• Online advertising and E-retailing are propelling the sales of eyewear around the globe. As the major market players are extensively executing their online promotional and marketing strategies. This enables the customers to access various options with ease. This factor is set to push the market sales in the near future.
• High investments or funding by the key market players fir innovative techniques or methods for high quality glasses manufacturing is boosting the market in the coming years.
• The proactive approach of the buyers is proving to generate opportunities for providers to extend the customer base. This is boosting the market during the forecast period.
• The fast respond to changing fashion trends and increase in fashion enthusiasts, the organizations are constantly brining in new and innovative products. This allows high revenue generation opportunities for the organizations during the forecast period.

Scope of Eyewear Market Report

The report on the global eyewear market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Eyewear Market Segment Insights

Product Segment Analysis

Based on products, the global eyewear market is divided into contact lenses, spectacles, and sunglasses. The contact lenses segment further classifies as premium contact lenses and mass contact lenses. The spectacles segment in segregated into spectacle frames and spectacles lenses.

The spectacle frames are segmented as types and styles, the types of spectacle frames are premium spectacle frame and mass spectacle frame and styles are round, square, rectangle, oval, and others. The sunglasses segment is distributed into lens type and lens material. The lens types are polarized sunglasses and non-polarized sunglasses and materials are CR-39, polycarbonate, polyurethane and others.

The spectacles segment is expected to grow at a rapid pace owing to the increased use of digital and smartphones which increases the stress on the eyes and has increased the need of spectacles. Moreover, the rising incidence of computer vision syndrome (CVS) in the world.

The rising acceptance of the online learning has increased incidences of children developing CVS, this is boosting the anti-glare and anti-fatigue glasses market. These factors are boosting the market for fast growth in the near future.

The contact lenses segment is also anticipated to demonstrate good growth in the coming future. As constant ongoing research on the contact lenses for developing of highly advanced and improved product with better aesthetics and user experience. The launch of multifocal toric lenses and light-adaptive lenses are the vital factor for the growth of the segment. The modified lenses offers the quick changing and smooth display for various lighting environments.

The electronic focusing eyeglasses are gaining popularity in the projected time as it is highly advanced with has wide range advantages. The benefits of the product is propelling the demand in the market and is expected to gain considerable market share in the future.

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Distribution Channel Segment Analysis

On the basis of distribution channels, the global market is bifurcated into E-commerce and bricks & mortar. The brick & mortar segment is projected to expand at a considerable CAGR. More than 79% of revenue share was recorded by the segment in year 2020. This is attributed to the factors such as, the high preference of the population to go by the normal trend of eye check up by the optometrist is a strong backbone for the segment.

Various companies such as eyebobs, LLC, Vision Service Plan, and Glassic are boosting the market segment by introducing new tactics and increasing awareness about the new product in the population. The E-commerce segment is projected to grow at a significant rate owing to the impact of COVID-19 which increased the need of online shopping and use of eyewear.

Moreover, increase in use of digital devices and impressive discounts along with access to compare different products by it prices with ease is the key factor for increasing growth of the market. The inclining number of startups in the sector such as Hubble, Ace & Tate, and Eyewa are pushing the segment for new level of success in the future.

Regional Outlook

In terms of regions, the global eyewear market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Europe is anticipated to constitute a key market share owing to the high preference of the population for fashion which increases the use of sunglasses, frames, and contact lenses.

Furthermore, the presence of various fashion companies such as, Christian Dior, Guccio Gucci S.p.A., Prada S.p.A., and TOM FORD are boosting the market of the region. The sunglasses and eyewear products are under personal protective equipment (PPE) in Europe that making it compulsory for providers to maintain the quality and stick to the directives. This makes the market regulated and gives high quality products to the customers.

North America is anticipated to grow at substantial rate due to the presence of highly skilled health professionals and eye experts. The advanced technology gives the improved quality output of the products which increases the demand for the products in the market. The various services such as in person appointments and virtual telemedicine visits along with improved e-commerce system has proved to be the key propelling factor for the market in the region.

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