Eyewear Market size was worth US$ XX million in 2022 and is estimated to reach US$ XX million by 2030, growing at a CAGR of 8.7% within the forecast period (2023-2030).
Eyewear refers to any device worn on the face or head to enhance or correct vision. The most common types of eyewear include glasses and contact lenses. Glasses, also known as spectacles, are worn on the face and consist of lenses mounted in a frame that sits on the nose and ears. Glasses can be used to correct a variety of vision problems, including nearsightedness, farsightedness and astigmatism. Contact lenses are worn directly on the eye's surface and are used to correct the same vision problems as glasses.
Glasses frame products include full-rim, half-rim and rimless. Full-rim frames have a complete rim around the lenses and are the most common frame type. Half-rim frames have a rim around only the top of the lenses. Rimless frames have no rim around the lenses at all. The choice of frame will depend on personal preference and the type of lens being used.
In recent years, there has been an increasing trend towards the use of progressive lenses, which provide a gradual change in prescription from the top of the lens for distance vision to the bottom for reading; this eliminates the need for separate reading glasses. Additionally, lens coatings, such as anti-glare, scratch-resistant and UV protection, can be applied to glasses to improve durability and comfort.
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Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.
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Rising incidence of eye health issues across the globe drives the eyewear market. However, Rising demand for cheap frames and sunglasses hurdles the eyewear market.
Rising incidence of eye health issues across the globe drives the eyewear market
The eyewear market is experiencing significant growth due to the rising incidence of eye health issues. For instance, according to a CDC report, in U.S., 12 million persons aged 40 and older have vision impairment, of which 1 million are blind, 3 million have it after having their vision corrected and 8 million have it because of uncorrected refractive error.
Furthermore, 1.02 million of the 4.2 million Americans aged 40 and older with uncorrectable vision impairment as of 2012 are blind. The number is expected to more than double to 8.96 million by 2050 as a result of the rising prevalence of diabetes and other chronic diseases, as well as the rapidly aging U.S. population.
Factors such as an aging population, increased technology use and lifestyle changes contribute to the growing demand for eyewear products. The incidence of age-related eye diseases, such as cataracts and age-related macular degeneration, increases as the population ages. These conditions often require surgery or the use of corrective lenses, which is driving the demand for eyewear products.
The widespread use of technology, such as smartphones and computers, also contributes to the eyewear market's growth. Prolonged screen time can lead to eye strain, which can cause headaches, blurred vision and dry eyes, increasing the demand for computer glasses and other types of eyewear that can help alleviate these symptoms.
In addition, changes in lifestyle, such as an increase in sedentary behavior and a decrease in physical activity, contribute to the growing demand for eyewear. For example, people who spend a lot of time indoors or have desk jobs are more likely to develop myopia or nearsightedness, which can be corrected with glasses or contact lenses.
The increasing popularity of fashion and lifestyle-related products drives the eyewear market. Many consumers now see eyewear as a fashion accessory rather than just a medical device leading to an increase in the demand for designer frames and other trendy eyewear products.
Rising demand for cheap frames and sunglasses hurdles the eyewear market
The eyewear market faces a significant challenge in the form of cheap frames and sunglasses due to various factors, including the availability of low-cost imports, the rise of counterfeit products and the increasing use of cheaper materials in manufacturing.
The availability of low-cost imports from countries such as China and India is one of the main drivers of this trend. These countries can produce eyewear products at a much lower cost than manufacturers in developed countries due to lower labor and production costs. As a result, consumers are often able to purchase these imported products at a much lower price than comparable products made by domestic manufacturers.
Another factor contributing to the growth of cheap frames and sunglasses is the rise of counterfeit products. Counterfeit frames and sunglasses are often produced using low-quality materials and substandard manufacturing processes, resulting in less durable and less effective products. These counterfeit products are often sold at a fraction of the cost of genuine products, making them more appealing to consumers looking for a bargain.
The trend of cheap frames and sunglasses is not only hampering the growth of the eyewear market but also affecting the reputation and market share of established eyewear brands. Due to the cheaper prices of these products, consumers are more likely to purchase them over more expensive, higher-quality products; this leads to a decrease in sales and revenue for manufacturers of genuine, high-quality eyewear products and hampers the growth of quality products.
The COVID-19 pandemic has had a significant impact on the eyewear market. The outbreak, which began in late 2019, has led to widespread disruption of supply chains, closures of retail stores and a decline in consumer spending.
The pandemic has led to the closure of many retail stores, both online and offline, which has affected the sales of eyewear products, which has been particularly true in countries where strict lockdown measures were put in place to contain the spread of the virus. Consumers have been hesitant to leave their homes to purchase non-essential items, including eyewear products. The pandemic has also led to a decline in consumer spending as job losses and financial insecurity have impacted many people. As a result, consumers are more likely to cut back on non-essential items, including eyewear products, which has affected the market.
However, the e-commerce platform has been a savior for the eyewear market during the pandemic as it allowed consumers to purchase eyewear products online. As a result, many eyewear manufacturers and retailers have shifted their focus to online sales to reach customers who cannot visit physical stores.
The global eyewear market is segmented by product, material, distribution channel, end-user and region.
Due to the improving usage of mobile phones and digital screens among the global population, the spectacles market is growing
Based on product, the global eyewear market is segmented into spectacles, sunglasses and contact lenses. The spectacles hold a major share of the eyewear market due to the global population's improved usage of mobile phones and digital screens. Furthermore, the rising aging population, the prevalence of visual impairments and growing demand for fashionable and technologically advanced eyewear add to the segmental growth.
An aging population is one of the key drivers of growth in the spectacles market. As people age, they are more likely to experience visual impairments, such as nearsightedness and far-sightedness, which require spectacles; this trend is expected to continue as the global population ages, leading to a growing demand for spectacles.
In addition to an aging population, visual impairments are also rising. Factors such as prolonged use of electronic devices and increased exposure to blue light have been linked to a rise in visual impairments, which in turn is driving the demand for spectacles.
The spectacles market is also driven by a growing demand for fashionable and technologically advanced eyewear. Consumers are increasingly seeking spectacles that correct their vision enhance their appearance and offer additional features, such as blue light blocking or polarized lenses.
The market for smart glasses is also on the rise, with companies like Google, Apple and Amazon investing heavily in smart glasses tech. These smart glasses have features like voice assistant, augmented reality and more.
The aging population, increase in the prevalence of visual impairments and presence of key players are boosting the eyewear market in North America
The eyewear market in North America has seen significant growth in recent years, driven by several factors, including an aging population, an increase in the prevalence of visual impairments and a growing demand for fashionable and technologically advanced eyewear.
An aging population is one of the key drivers of growth in the eyewear market in North America. As people age, they are more likely to experience visual impairments requiring eyewear use, such as nearsightedness and far-sightedness. This trend is expected to continue as the population in North America ages, leading to a growing demand for eyewear.
North America's eyewear market is also driven by a growing demand for fashionable and technologically advanced eyewear. Consumers are increasingly seeking eyewear that corrects their vision, enhances their appearance and offers additional features, such as blue light blocking or polarized lenses; this has led to a rise in the demand for premium and luxury eyewear brands.
The market for contact lenses and sunglasses is also increasing in North America, with more and more people preferring contact lenses over glasses and sunglasses becoming more of a fashion accessory.
The e-commerce market for eyewear is also on the rise in North America, with more people opting to purchase eyewear online. Many eyewear retailers now offer virtual try-on features and home-delivery options to make buying more convenient for customers.
The global eyewear market is highly competitive with local and global key players. The key players contributing to the market's growth are Johnson & Johnson Vision Care, Inc, ESSILORLUXOTTICA, CooperVision, Carl Zeiss AG, Bausch & Lomb Inc, Safilo Group S.p.A, Charmant Group, Chemilens (CHEMIGLAS Corp.), CIBA VISION, De Rigo Vision S.p.A, Fielmann AG among others.
The major companies are adopting several growth strategies, such as product launches, acquisitions and collaborations, contributing to the global growth of the eyewear market.
Johnson & Johnson Vision Care, Inc
Overview: Johnson & Johnson Vision Care, Inc. is a subsidiary of Johnson & Johnson, a multinational medical device, pharmaceutical and consumer packaged goods manufacturer. The company produces and distributes contact lenses and contact lens care products. They are among the world's largest manufacturers of contact lenses, with a wide range of products, including daily disposable, extended wear and color-enhancing lenses. The company's most popular brands include ACUVUE, the world's first soft disposable contact lens and 1-DAY ACUVUE, a daily disposable contact lens.
In addition to its contact lens offerings, Johnson & Johnson Vision Care also produces a line of contact lens care products, including solutions, cleaners and disinfectants. They also have a portfolio of ophthalmic pharmaceuticals that includes products for the treatment of glaucoma, inflammation and allergies.
Product Portfolio: ACUVUE OASYS MAX 1-Day: The company introduced the first and only contact lens in combination with TearStable Technology and OptiBlue Light Filter to help deliver MAX comfort and MAX clarity for all-day performance.
The global eyewear market report would provide approximately 69 market data tables,62 figures and 201 pages.
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What is the Eyewear Market growth?
The market is growing at a High CAGR
What is Eyewear Market size in 2021?
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Who are the key players in Eyewear Market?
Essilor, Johnson & Johnson Vision Care, Safilo, and Alcon.