In 2021, the market for Eyewear worldwide was worth $115 billion US dollars. AMR Group projects that the market will reach US$ 175 billion by 2031, growing at a CAGR of 6.4 percent between 2022 and 2031.
Industry Overview
Eyewear refers to any device worn over the eyes to improve vision or protect the eyes from damage. This includes prescription glasses, contact lenses, sunglasses, and safety glasses. Eyewear can correct vision problems such as myopia (nearsightedness), hyperopia (farsightedness), and astigmatism, and can also protect the eyes from UV radiation, dust, and other hazards. Eyewear is available in various styles, materials, and designs to meet the needs and preferences of different users. It is commonly used by people of all ages and occupations, including those who require vision correction, those who work in hazardous environments, and those who enjoy outdoor activities.
Market Dynamics
The global eyewear market is driven by several factors, including: With the rising prevalence of myopia, hyperopia, and other vision disorders, there is a growing demand for eyewear products such as prescription glasses and contact lenses. Increasing awareness about the importance of eye health and the need to protect the eyes from UV radiation and other hazards is driving the demand for protective eyewear such as sunglasses and safety glasses. Eyewear is also used as a fashion accessory, and changing fashion trends are driving the demand for stylish and trendy eyewear products. Advancements in technology have led to the development of new and innovative eyewear products such as photochromic lenses, anti-reflective coatings, and smart glasses, which are driving the growth of the market. Increasing disposable income: Rising disposable income in emerging economies is driving the demand for high-end eyewear products, which is expected to boost the growth of the market.
However, the market is also facing several challenges, including:
The high cost of eyewear products such as prescription glasses and contact lenses is a major challenge, particularly in developing countries. The availability of counterfeit eyewear products is a major challenge, as it not only affects the revenues of genuine manufacturers but also poses a risk to the health of consumers. Growing popularity of corrective eye surgeries: With the growing popularity of corrective eye surgeries such as LASIK and PRK, there is a risk of decreased demand for eyewear products.
COVID Impact
The COVID-19 pandemic has had a significant impact on the eyewear market, with both positive and negative effects. Here are some ways in which the pandemic has affected the market:
Reduced demand for non-essential eyewear products: During the pandemic, consumers were focused on purchasing essential items such as food, medicine, and personal protective equipment, leading to a decrease in demand for non-essential items such as sunglasses and fashion eyewear.
Closure of retail stores: The closure of retail stores during lockdowns and social distancing restrictions has significantly affected the sales of eyewear products, as consumers were unable to shop in-store and try on products.
Increase in demand for protective eyewear: As the pandemic spread, there was a growing demand for protective eyewear such as safety glasses and face shields to protect healthcare workers and other frontline workers from infection.
Shift to online sales: With the closure of retail stores, there has been a shift to online sales channels, with many eyewear manufacturers and retailers focusing on e-commerce to maintain sales.
Delayed production and supply chain disruptions: The pandemic has caused delays in production and supply chain disruptions, which has led to a shortage of certain eyewear products and increased prices. Overall, the impact of the COVID-19 pandemic on the eyewear market has been mixed, with the market experiencing both positive and negative effects. While there has been a decrease in demand for non-essential eyewear products and the closure of retail stores has affected sales, the increased demand for protective eyewear and the shift to online sales channels have presented new opportunities for growth in the market.
Regional Trend
The eyewear market is a global market that is segmented by regions. Here is a regional analysis of the eyewear market: The North American eyewear market is one of the largest in the world, driven by the growing demand for fashion eyewear and sunglasses. The market is dominated by the United States, which has a large number of eyewear manufacturers and retailers. The market is expected to experience moderate growth in the coming years, driven by increased demand for online sales channels and innovative product offerings. The European eyewear market is also a significant market, driven by the growing demand for high-end fashion eyewear and sunglasses. Italy and France are two of the largest markets in Europe, known for their high-quality eyewear products. The market is expected to grow at a moderate pace due to increasing awareness of the importance of eye health and the growing demand for fashionable eyewear products.
The Asia-Pacific region is the fastest-growing eyewear market, driven by the growing demand for eyewear products in emerging economies such as China and India. The market is expected to grow at a rapid pace due to the increasing population, rising disposable income, and growing awareness of the importance of eye health. The region is also home to some of the largest eyewear manufacturers in the world. The Latin American eyewear market is also a growing market, driven by the increasing demand for corrective eyewear products and sunglasses. The market is expected to grow at a moderate pace due to increasing awareness of the importance of eye health and the growing demand for fashionable eyewear products. The Middle East and Africa eyewear market is a relatively small market, but it is expected to grow at a moderate pace in the coming years. The market is driven by the growing demand for corrective eyewear products and sunglasses in the region, along with increasing awareness of the importance of eye health.
Competitive Landscape
The eyewear market is highly competitive, with many established players and new entrants vying for market share. Here are some of the major players in the eyewear market:
Luxottica Group: Luxottica is the world's largest eyewear company, with a strong portfolio of brands such as Ray-Ban, Oakley, and Vogue Eyewear. The company has a global presence and is known for its high-quality products and strong retail operations.
EssilorLuxottica: EssilorLuxottica is a merger of Essilor and Luxottica, creating a global leader in the eyewear industry. The company is known for its strong focus on innovation and technology, and has a wide range of brands such as Varilux, Transitions, and LensCrafters.
Safilo Group: Safilo is a leading manufacturer of high-quality eyewear products, with a portfolio of brands such as Carrera, Smith, and Polaroid. The company is known for its strong design capabilities and has a global presence.
Marchon Eyewear: Marchon is a leading designer and manufacturer of eyewear products, with a strong portfolio of brands such as Calvin Klein, Nike, and Lacoste. The company is known for its innovative designs and has a strong focus on sustainability.
Johnson & Johnson Vision: Johnson & Johnson Vision is a global leader in the contact lens market, with a portfolio of brands such as Acuvue and Johnson & Johnson Vision Care. The company is known for its strong research and development capabilities and commitment to improving eye health. Other notable players in the eyewear market include Carl Zeiss AG, Hoya Corporation, Silhouette International, and Alcon Inc.
Market Segmentation
The eyewear market can be segmented based on several factors, including product type, and distribution channel:
Product Type: The eyewear market can be segmented into prescription glasses, sunglasses, and contact lenses. Prescription glasses can be further divided into single vision lenses, bifocal lenses, and progressive lenses.
Distribution Channel: Eyewear products are typically sold through various distribution channels, such as online retailers, specialty stores, department stores, and optical stores.
Additionally, the market can also be segmented based on the material used to make the eyewear products. For example, frames can be made from plastic, metal, or acetate, while lenses can be made from glass or plastic. Another potential segmentation factor is the target market, such as adults, children, or seniors.
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