The Eyewear Market is projected to experience significant growth, estimated at a Compound Annual Growth Rate (CAGR) of 7.9% during the period from 2022 to 2027.
New York, Dec. 11, 2023 (GLOBE NEWSWIRE) — The global Eyewear Market stands as a dynamic sector expected for significant growth due to an array of factors influencing its growth. This market encompasses various products such as eyeglasses, sunglasses, and contact lenses, catering to an increasing demand driven by the rising prevalence of vision-related disorders worldwide. Lifestyle changes, prolonged use of digital devices, and an aging population contribute to the increased need for eyewear, making it a significant segment within the healthcare and fashion industries. Moreover, continuous innovations in product designs, materials, and functionalities further boost the market, catering to diverse consumer preferences and needs. Request Sample report
What growth trajectory is anticipated for the Eyewear Market between 2023 and 2027?
The Eyewear Market is projected to experience significant growth, estimated at a Compound Annual Growth Rate (CAGR) of 7.9% during the period from 2022 to 2027. This growth is expected to yield an approximate increase of USD 76 billion in market size.
What are the primary drivers of the Eyewear Market’s expansion?
The primary drivers fueling the growth of the Eyewear Market include the increasing prevalence of vision-related disorders globally. Lifestyle changes, excessive screen time from electronic devices, and an aging population contribute to the increased demand for eyewear. Roughly three-fourths of individuals in APAC and one-third in Europe and the US experience myopia or hypermetropia. Cataracts, age-related macular degeneration (AMD), diabetic retinopathy, and glaucoma further contribute to this demand, especially among the aging population.
What key trend is influencing the Eyewear Market’s growth?
The global Eyewear Market growth is primarily influenced by the escalating prevalence of vision disorders, linked to shifting lifestyles and extended screen time from video games, television, and computer use at both work and home. Around three-fourths of the population in APAC and one-third in Europe and the US grapple with some form of myopia or hypermetropia. Cataracts represent one of the foremost causes of vision disorders globally, with approximately 5,000 cataract operations performed per million people yearly. As individuals age, susceptibility to eye diseases like age-related macular degeneration (AMD), diabetic retinopathy, glaucoma, and cataracts increases. Uncorrected refractive errors remain a primary cause of vision impairment in both children and adults, contributing significantly to the heightened demand for eyewear. Download the sample report for more insights on market trends.
What challenges does the Eyewear Market face amidst its growth?
Despite its growth, the Eyewear Market encounters challenges such as the proliferation of counterfeit products and the rising adoption of omnichannel distribution systems. Online shopping has gained considerable traction worldwide, with emerging players opting for online platforms to launch their products. This trend necessitates extensive digital marketing strategies and effective online-to-offline strategies to maximize customer reach and enhance the volume and value of eyewear sales. While the online channel offers cost advantages and broader product reach, it also requires companies to adapt to dynamic consumer demands by offering customization services, such as virtual fitting and home product trials, which are both opportunities and challenges for market players.
Which region is expected to contribute significantly to the Eyewear Market’s growth, and what factors drive this contribution?
Europe is anticipated to contribute approximately 31% to the Eyewear Market during the forecast period. This contribution is driven by factors like rising household incomes, increased demand for high-quality healthcare products, and continuous innovations by market leaders. A substantial proportion of European consumers invest in premium eyewear brands. The market in Europe is expected to witness growth due to new product launches, innovative product designs, and efforts by market players to expand their customer base.
What are the significant segments and regions influencing the Eyewear Market’s projected growth?
The Eyewear Market is segmented by distribution channel (offline and online), product types (eyeglasses, sunglasses, and contact lenses), and regions (Europe, North America, APAC, South America, and the Middle East and Africa). Notably, the offline segment, comprising retail stores, specialty stores, hypermarkets, and supermarkets, is expected to exhibit significant growth.
Who are the major companies in the Eyewear Market, and what strategies are they employing for market dominance?
Several key companies dominate the Eyewear Market, including Alcon Inc., Bausch Health Co. Inc., Carl Zeiss AG, EssilorLuxottica SA, Fielmann AG, HOYA Corp., Kering SA, Safilo Group Spa, and Vision Service Plan. These players are implementing various strategies such as strategic alliances, partnerships, mergers and acquisitions, geographical expansions, and product/service launches to strengthen their market presence. Buy the report
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Luxury Eyewear Market: The luxury eyewear market share is expected to increase by USD 3.99 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 4.52%.
Anti-Reflective Coatings Market: The anti-reflective coatings market size is estimated to grow at a CAGR of 9.13% between 2022 and 2027. The market size is forecast to increase by USD 2,618.37 million.
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