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$35.645 billion by the year 2026.
The global eyewear market is expected to increase during the forecast period owing to the Upsurge in demand for prescription spectacles and contact lenses owing to age-related impairment such as presbyopia will drive the global eyewear market. According to WHO, in 2018, around 1.3 billion people were suffering from some form of visual impairment worldwide, of which 188.5 million are prone to distance vision, 217 million have moderate to severe vision impairment, and 826 million people live with a near vision impairment. Furthermore, the market has witnessed a significant shift towards using eyewear as a fashion accessory which is the result of the driven by consumers’ increase consciousness regarding image and style. The global eyewear market is supported by various growth drivers, such as the aging population, urbanization, the rise of middle income, the increasing number of people requiring vision correction, the use of eyewear as a fashion statement, etc. Yet, the market faces certain challenges, such as the sale of illegal decorative lenses, the price difference between branded and non-branded, etc.
Furthermore, the online buying of eyewear products like, spectacles, sunglasses, and contact lenses have been gaining massive traction due to a significant shift of the consumers towards online platforms like e-commerce websites which gives them an increased number of varieties and an expanded product portfolio to opt from. The rising penetration of the internet has been a tailwind to the market as well. This has encouraged the use of smartphones and consequently the use of e-commerce websites to buy the products., Moreover, the rise in online channel sales in recent years has also paved way for online payments making it easier for the end consumer to attain the product which in turn has contributed to the online sales of the eyewear products.
GLOBAL Eyewear market, US$ 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. 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.
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.
Frequently Asked Questions (FAQs)
Q1. What will be the eyewear market size by 2026?
A1. The global eyewear market is projected to reach a total market size of US$35.645 billion by 2026.
Q2. What are the growth prospects for eyewear market?
A2. The eyewear market is projected to grow at a CAGR of 4.59% during the forecast period.
Q3. What is the size of global eyewear market?
A3. Eyewear Market was valued at US$26.031 billion for the year 2019.
Q4. How is the global eyewear market segmented?
A4. The global eyewear market has been segmented by product type, end-user, distribution channel, and geography.
Q5. What factors are anticipated to drive the eyewear market growth?
A5. The upsurge in demand for prescription spectacles and contact lenses owing to age-related impairment such as presbyopia will drive the global eyewear market.
4.3.Porters Five Forces Analysis
4.3.1.Bargaining Power of End-Users
4.3.2.Bargaining Power of Buyers
4.3.3.Threat of New Entrants
4.3.4.Threat of Substitutes
4.3.5.Competitive Rivalry in the Industry
4.4.Industry Value Chain Analysis
5.Eyewear Market Analysis, by Product type
6.Eyewear Market Analysis, by End-user
7.Eyewear Market Analysis, by Distribution channel
8.Eyewear Market Analysis, by Geography
8.2.1.North America Eyewear Market, By Product Type, 2021 to 2026
8.2.2.North America Eyewear Market, By End-user, 2021 to 2026
8.2.3.North America Eyewear Market, By Distribution channel, 2021 to 2026
8.3.1.South America Eyewear Market, By Product Type, 2021 to 2026
8.3.2.South America Eyewear Market, By End-user, 2021 to 2026
8.3.3.South America Eyewear Market, By Distribution channel, 2021 to 2026
8.4.1.Europe Eyewear Market, By Product Type, 2021 to 2026
8.4.2.Europe Eyewear Market, By End-user, 2021 to 2026
8.4.3.Europe Eyewear market, By Distribution channel, 2021 to 2026
8.5.Middle East and Africa
8.5.1.Middle East and Africa Eyewear Market, By Product Type, 2021 to 2026
8.5.2.Middle East and Africa Eyewear Market, By End-user, 2021 to 2026
8.5.3.Middle East and Africa Eyewear market, By Distribution channel, 2021 to 2026
8.6.1.Asia Pacific Eyewear Market, By Product Type, 2021 to 2026
8.6.2.Asia Pacific Eyewear Market, By End-user, 2021 to 2026
8.6.3.Asia Pacific Eyewear market, By Distribution channel, 2021 to 2026
9.Competitive Environment and Analysis
9.1.Major Players and Strategy Analysis
9.2.Emerging Players and Market Lucrativeness
9.3.Mergers, Acquisitions, Agreements, and Collaborations
9.4.Vendor Competitiveness Matrix
10.2.Safilo Group SpA
10.3.Luxottica Group SpA
10.4.Essilor International S.A.
10.5.The Cooper Companies Inc.
10.6.De Rigo Vision S.p.A.
10.7.Carl Zeiss AG
10.9.Bausch & Lomb Inc
Safilo Group SpA
Luxottica Group SpA
Essilor International S.A.
The Cooper Companies Inc.
De Rigo Vision S.p.A.
Carl Zeiss AG
Bausch & Lomb Inc.
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