The eyewear market size is estimated to grow at a CAGR of 7.9% between 2022 and 2027. The size of the market is forecast to increase by USD 76 billion.
Vendors: 15+, Including Alcon Inc., Bausch Health Co. Inc., Bespoke Inc., Carl Zeiss AG, Charmant Inc., De Rigo Vision Spa, Dealskart Online Services Pvt. Ltd., Essilor Luxottica SA, Fielmann AG, HOYA Corp., JINS Eyewear US Inc., Kering SA, Le petit fils de L.U. Chopard and Cie SA, Marcolin Spa, Safilo Group Spa, Tata Sons Pvt. Ltd., TEK Optical Inc., The Cooper Companies Inc., Vision Express UK Ltd., and Vision Service Plan among others.
Coverage: Parent market analysis; key drivers, major trends, and challenges; customer and vendor landscape; vendor product insights and recent developments; key vendors; and market positioning of vendors.
Segments: distribution channel (offline and online), product (eyeglasses, sunglass, and contact lenses), and geography (Europe, North America, APAC, South America, and Middle East and Africa).
Eyewear market - Vendor Insights
The growing competition in the market is compelling vendors to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their services. Technavio report analyzes the market's competitive landscape and offers information on several market vendors including Alcon Inc., Bausch Health Co. Inc., Bespoke Inc., Carl Zeiss AG, Charmant Inc., De Rigo Vision Spa, Dealskart Online Services Pvt. Ltd., Essilor Luxottica SA, Fielmann AG, HOYA Corp., JINS Eyewear US Inc., Kering SA, Le petit fils de L.U. Chopard and Cie SA, Marcolin Spa, Safilo Group Spa, Tata Sons Pvt. Ltd., TEK Optical Inc., The Cooper Companies Inc., Vision Express UK Ltd., and Vision Service Plan.
The increasing prevalence of vision disorders is the key factor driving the eyewear market growth. The primary factors for the growth are time spent playing video games, watching television, working in front of computers at the workplace and at home, and changing eating habits. Furthermore, Cataracts are one of the leading causes of vision disorders worldwide. There are various problems such as age-related macular degeneration (AMD), diabetic retinopathy, glaucoma, and cataracts with aging people. Approximately 5,000 cataract operations per million people are performed every year globally. Hence, the high prevalence of eyesight or vision-related disorders is expected to drive the demand for eyewear during the forecast period.
Major Trends
The utility of eyewear as a fashion product is a major trend shaping the eyewear market . The development of eyeglasses and sunglasses in new styles, shapes, sizes, colors, and structural orientations has rapidly increased. The eyewear manufacturers are focusing on the new development of these products. Furthermore, prescription sunglasses have gained immense popularity among customers, so they are maintaining two pairs of glasses. Young and baby boomer population bases have caught on to the trend of wearing fashionable and colored contact lenses. The development of special contact lenses that make eyes look bigger and shinier has also attracted a lot of attention among customers. Hence, these factors are expected to drive the demand for sunglasses to grow during the forecast period.
Significant Challenges
Lack of product awareness in low-income regions is a significant challenge restricting the growth of the eyewear market. A large part of the population in rural areas lacks awareness of the benefits of using eyewear. This is particularly in low-income economies, such as parts of Africa and APAC. Furthermore, the lack of players and promotional activities gives rise to a lack of product knowledge among target consumers. Thus, low product visibility and product information about the latest technological products is limited among consumers, which is expected to negatively affect the growth of the eyewear market during the forecast period.
Related Reports
The snow goggles market size is estimated to grow at a CAGR of 6.3% between 2022 and 2027. The market size is forecast to increase by USD 2,064.21 million. Furthermore, this report extensively covers market segmentation by type (ordinary lens, myopia lens, and presbyopia lens), distribution channel (offline and online), and geography (North America, Europe, APAC, South America, and the Middle East, and Africa). The growing awareness of eye protection and the increasing popularity of snow sports and activities across the world are key factors driving the growth of the market.
The sports sunglasses market size is estimated to grow at a CAGR of 7.3% between 2022 and 2027. The market size is forecast to increase by USD 1,511.28 million. Furthermore, this report extensively covers market segmentation by type (polarized and non-polarized), distribution channel (offline and online), and geography (Europe, APAC, North America, South America, and the Middle East and Africa). The growing popularity of sunglasses among the young and middle-aged population is a key factor driving the market's growth.