The global eyewear market is evaluated at US$26.031 billion for the year 2019 and is projected to growing at a CAGR of 4.59% to reach a market size of US$35.645 billion by the year 2026.
The global eyewear market is expected to increase during the forecast period owing to the Upsurge in demand for prescription spectacles and contact lenses owing to age-related impairment such as presbyopia will drive the global eyewear market. According to WHO, in 2018, around 1.3 billion people were suffering from some form of visual impairment worldwide, of which 188.5 million are prone to distance vision, 217 million have moderate to severe vision impairment, and 826 million people live with a near vision impairment. Furthermore, the market has witnessed a significant shift towards using eyewear as a fashion accessory which is the result of the driven by consumers’ increase consciousness regarding image and style. The global eyewear market is supported by various growth drivers, such as the aging population, urbanization, the rise of middle income, the increasing number of people requiring vision correction, the use of eyewear as a fashion statement, etc. Yet, the market faces certain challenges, such as the sale of illegal decorative lenses, the price difference between branded and non-branded, etc.
Furthermore, the online buying of eyewear products like, spectacles, sunglasses, and contact lenses has been gaining massive traction due to a significant shift of the consumers towards online platforms like e-commerce websites which gives them an increased number of varieties and an expanded product portfolio to opt from. E-retailing and online advertising are gaining huge popularity across the world as the key players are aggressively implementing their online marketing and promotional activities. Online marketing and promotion does not only provide customers with easy access but also helps vendors reduce operational costs. This factor is likely to boost the sales of eyewear through an online platform in the upcoming years. The rising penetration of the internet has been a tailwind to the market as well. This has encouraged the use of smartphones and consequently the use of e-commerce websites to buy the products., Moreover, the rise in online channel sales in recent years has also paved way for online payments making it easier for the end consumer to attain the product which in turn has contributed to the online sales of the eyewear products.
GLOBAL Eyewear market, US$ billion, 2020 to 2026
Source: Knowledge Sourcing Intelligence Analysis
Technological advancements have surged the exposure of the younger generation to smartphones and computers leading to eyesight problems such as hyperopia, myopia, and astigmatism, thereby fuelling the demand for prescription glasses and contact lens. Manufacturers are expected to invest in new product development with reduced glare and improved UV protection. Increasing prevalence of Computer Vision Syndrome (CVS) or digital eye strain with continuously working on a computer system supporting eyewear demand.
The advent of COVID-19 had a diverse impact on the global eyewear market. The immense downturn in several industrial sectors has been a significant reason for the decline in the demand for eyewear at a global level. The global eyewear market witnessed a decline owing to the lockdowns that were imposed in several countries across the globe which resulted in severe disruptions in the supply chain making it difficult for the products to reach the end consumer. The allowance from the government was to only the movement of goods that are necessary, the demand for spectacles took a lighter hit during the period as they are prescribed by the doctors and thus fell into a necessity good. The disruptions lasted for several months initially after which the market showed recovery signs in the second half wherein the movement and the operations in several other industries were allowed. Additionally, countrywide lockdowns and the implementation of Work From Home (WFH) models by several companies resulted in people spending more time on their laptops, desktops, and mobile phones for work and entertainment purposes. The longer screen times and the resulting rise in eye fatigue have facilitated the need to use vision correction and anti-fatigue glasses. With the help of virtual events, companies in the eyewear market are gaining ideas of buoyancy to continue business in a slow-growing market. Even though the growth of the market will be slow in the coming period after the pandemic, it is expected to regain the pace with the upcoming advanced products in the coming years. The gradual growth in the market of Eyewear is expected to start during the initial quarters of 2021.
The segmentation of the global Eyewear market has been done into product type, end-user, distribution channel, and geography. By product type, the classification of the market has been done into Spectacles, Sunglasses, Contact Lenses, and Others. By end-user, the classification of the market has been done into Men, Women, and Unisex. By distribution channel, the classification of the market has been done into Offline Channel & Online Channel. Furthermore, on the basis of geography, the global market has been distributed as North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.
Increasing penetration of the internet, rising use of social media platforms is expected to be a tailwind to the market during the forecast period
The growth of the eyewear market is fuelled by rising economic development supported by a rise in per capita income that has surged consumer spending on fashion products. Geographic expansion of globally renowned sunglasses brands supported by favourable branding strategies is likely to fuel overall eyewear industry revenue. However, increasing adoption of eye corrective surgeries such as LASIK, RLE, PRK, LASEK, epi-LASIK, and PRELEX owing to development in medical technologies can hamper the product demand. Also, significant pricing difference between branded and unbranded eyewear in price-sensitive countries has shifted the preference towards low-cost products, particularly among the middle-class population. Furthermore, the exponential growth of social media is offering new growth avenues for the market. Popular social media platforms offer eyewear companies the opportunity to carefully analyze audience demands and choices, thus enabling them to offer specially curated products according to different geographies. The presence of a sizeable audience on platforms such as Twitter, Instagram, and Facebook enables eyewear companies to penetrate the market more effectively. While creating new channels to market their products, social media platforms enable companies to engage in innovative marketing practices such as influencer marketing and affiliate marketing
Global Eyewear market share, by geography
Source: Knowledge Sourcing Intelligence Analysis
The players in the global eyewear market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. Major market players in the market have been covered along with their relative competitive strategies and the report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the market.