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Report Overview: Eyewear MarketThe global eyewear market size was valued at USD 127.6 billion in 2020 and looks set to grow at a compound annual growth rate (CAGR) of 7.9% from 2021 to 2027. Increasing focus of premium optical brands on quality materials and classic designs is expected to offer growth potentials for the eyewear industry. Moreover, advancements in the shape and color of eyeglasses are expected to increase investments in the market for eyewear over the forecast period 2021-2027. The emergence of new players, due to low entry barriers, offers more buying options to consumers, and increases brand competitiveness. The new players have disrupted the market by offering handcrafted eyewear, which adds a premium touch to the product and offers more buying options to the customer. For instance, Wires Eyewear provides handcrafted eyewear to the customers by using metal wires for frames and 3D printing technology for the lens rims. Furthermore, companies such as Pixel Eyewear provides an innovative line-up of lenses where the blue light filtering pigment is baked into the lens, in spite of applying light filtering coating, thus offering attractive products to individuals. Furthermore, consumer buying preferences have changed considerably, forcing providers to keep up with the changing trends. For instance, thin metal frames were preferred in the 80s and 90s, but nowadays, wearers prefer thin metal-framed round glasses, for casual and business looks. Moreover, acetate frames are still in fashion, but the thin-rimmed glasses are in more acceptance, as they have an added advantage of durability and are lightweight as compared to the thick-rimmed glasses. Furthermore, digital commerce for enhanced shopping experience is expected to drive the market for eyewear. The bots guide the buyers to select products based on popular frames and lenses. Also, product virtualization and facial analysis are the key components for a recommendation engine designed for eyewear selection. Incorporating customer assistant’s feedback, past purchase/search history, and customer preferences are expected to provide precise and personalized recommendations to the customers.
Product Insights: Eyewear MarketThe spectacle segment lead the eyewear market in terms of revenue share in 2019. The technical improvements have added to the new levels of comfort and durability in the spectacle manufacturing. Reforms in the spectacle lens making technology have enabled manufacturers to produce lenses with higher indexes for wider ranges of spherical power (SPH), which improves the functionality and aestheticism of the spectacles. Emerging eyewear companies, including Dresden Optics Pty. Ltd., are leveraging a new type of business model, which enables customers to customize their frames. This strategy has enabled the company to start mass-production of spectacles, which are sold at very low prices, hence offering promising growth prospects to the market for eyewear. The contact lenses segment accounted for a revenue share of approximately 9.0% in 2019. The transition towards silicone incorporated polymer for making contact lenses, owing to better oxygen breathability is encouraging spectacle users to switch towards contact lenses. General notion regarding better aesthetic features and enhanced functionality offered by contact lenses as compared to spectacles and higher functionality capabilities are the primary growth factors for the contact lenses segment.
Distribution Channel Insights: Eyewear MarketThe brick and mortar segment lead the market for eyewear in terms of revenue share in 2019. Eyewear players, including Warby Parker, having only online business models have started venturing into brick and mortar stores to diversify and generate new revenue channels. The rising adoption of the drive-to-store model amongst eyewear manufacturers offers consumers a blend of the latest digital technology and expert optician feedback. Online players, such as eyebobs, LLC, have also started offering the facility to place orders online and collect products from their physical stores to increase footfall and generate awareness about the ergonomics and aesthetics of new product launches. Furthermore, the e-commerce segment has gained significant share owing to large discounts offered and a large number of styles to choose from. Furthermore, online websites enable users to test the aesthetics of eyewear, using specially built features and online tools. The adoption of affiliate marketing amongst eyewear providers is another factor resulting in market growth. Additionally, the integration of chatbots into e-commerce platforms helps users with prescription-related queries and navigate facets, resulting in enhanced user experience.
Regional Insights: Eyewear MarketAsia Pacific lead the market for eyewear in 2019. The rising number of cases registered against myopia in China is facilitating the need to use corrective eyewear. Additionally, key market players, such as PRADA, operate manufacturing centers in China, to access better technology and low-cost labor. Furthermore, the adoption of buy one, give one business model by emerging labels, such as Mantra Eyewear, and province-based textile-inspired designs are further encouraging growth of the market for eyewear. North America captured a significant amount of revenue share in 2019. Government regulations by several federal bodies such as the Federal Trade Commission (FTC) and the U.S. Customs and Border Protection have resulted in the effective and safe use and distribution of eyewear products. The regulators make sure to counter sales and distribution of fake products, thus promoting companies to practice profitable, safe, and accountable business models. Furthermore, data published by the FTC showcases a rising trend of independent Eyecare Professionals (ECPs) out-performing other retail chains owing to the availability of cheaper products and cost-effective services, which is driving the market for eyewear in the region.
Key Companies & Market Share Insights: Eyewear MarketCompanies are constantly improvising their current product offerings as well as developing innovative products to meet user demand. For instance, Johnson and Johnson Vision, a subsidiary of Johnson and Johnson, Inc. launched a new contact lens in 2019, ACUVUE OASYS with Transitions Light Intelligent Technology, a photochromatic contact lens that changes colors according to lighting conditions. Furthermore, international players have started partnering with national governments to form business partnership platforms to generate commercial and social returns in developing countries. For instance, Essilor International S.A. recently partnered with the Government of Australia to provide affordable vision care to low-income consumers in the rural areas of Bangladesh. The initiative further trains people to become vision care providers. Furthermore, the company has also opened up a new innovation and technology center in China to accelerate eye optometry advancements in the market and drive the Groups improvement with developments catered explicitly to the necessities of local customers. Some of the prominent players in the eyewear market include: Key companies profiled
Product Outlook (Volume, Million Units; Revenue, USD Million, 2016 - 2027)
- Contact Lenses
- Premium Contact Lenses
- Mass Contact Lenses
- Spectacle Frames
- Premium Spectacle Frames
- Mass Spectacle Frames
- Lens Type
- Polarized Sunglasses
- Non-Polarized Sunglasses
Distribution Channel Outlook (Volume, Million Units; Revenue, USD Million, 2016 - 2027)
- Brick & Mortar
Table of Contents Chapter 1 Methodology and Scope 1.1 Information Procurement 1.1.1 Purchased Database(Statista, FactSet, Bloomberg, SDC Platinum) 1.1.2 GVR's internal database 1.1.3 Secondary sources 1.1.4 Third-party perspective 1.1.5 Primary Research 1.2 Information Analysis & Data analysis models 1.3 Market Formulation & Data Visualization 1.4 Research Scope & AssumptionsChapter 2 Executive Summary | read more...