Eyewear Market Research Report - Forecast to 2029 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Eyewear Market 
Industry / Sector Trends

Global Eyewear Market size was valued at over USD 120 billion in 2018 and is anticipated to grow at over 5% in the forecast timespan.

North America Eyewear Market Statistics, By 2018 & 2025, (USD Million)

Upsurge in demand for prescription spectacles and contact lenses owing to age-related impairment such as presbyopia will drive global eyewear market size. 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. Increasing geriatric population as a result of better life expectancy at birth and advanced health care systems will provide a positive outlook for industry expansion.

Technological advancements have surged the exposure of 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.

Economic development supported by a rise in per capita income has surged consumer spending on fashion products. Geographic expansion of globally renowned sunglasses brands supported by favourable branding strategies is likely to fuel overall 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.

Market Segmentation, Outlook & Regional Insights: Eyewear Market

Eyewear Market, By Product

Spectacles dominated the global eyewear market share, accounting at over 55% of the global volume demand in 2018. Growing demand for spectacle frames owing to the introduction of innovative designs supported by growth in online distribution segment is propelling the industry share. The surge in real incomes will support demand for designer & branded frames over the forecast timeline. Further, transformation in the spectacle lenses technology including development of lenses with resistance to fog, smudge, scratch and UV rays will generate new growth opportunities.

Plano sunglasses is anticipated to witness significant gains at over 6.5% annually up to 2025. Factors such as rapid urbanization, economic growth, expansion in the distribution network, increasing influence social media, innovations in design and lens of sunglasses fostering segment growth. Strong investments in online marketing & advertising are also among the primary drivers for business expansion. Further, celebrity endorsements are among the key branding strategies adopted by the key manufacturers. Shifting preferences toward multipurpose sunglasses, need for anti-glare and ultraviolet radiation, and changing consumer lifestyles is supporting will drive the plano sunglasses industry expansion.

Eyewear Market, By Material

Metal-based eyewear market is expected to surpass USD 52 billion by 2025. Product availability in varied metallic material options such as titanium, nickel, stainless steel, and beryllium offers flexibility in design and contributes to achieving the required characteristics. Key features such as slimness along with lightweight properties, premium designer look, superior product finishing and better aesthetic appearance with enhanced durability fuelling this segment growth.  Monel is the most widely used metal in the spectacle frames production, accounting for over 20% of the global metal spectacles industry in 2018.

Eyewear Market, By Distribution Channel

UK Eyewear Market Statistics, By Distribution Channel, 2018, (USD Million)

Optical stores accounted at over 23% of the global eyewear market size in 2018. Shifting consumer preference towards after-sales service is among the key aspects driving the product sales through the segment. In addition, the optical stores provide product variety ranging from economical brands to premium products, thus influencing the consumer buying decision. Many optical stores provide free or low-cost check-ups from trained optometrists. Henceforth, these stores are expected to be the most preferred distribution channel by customers to procure eyeglasses as they can receive a wide range of services including eye examinations and consultation services.

Online stores are projected to witness around 6% CAGR up to 2025. Shifting preference towards online shopping owing to busier lifestyles is propelling the industry share. Technological advancements in the industry such as the launch of visualization tools to try on products online are driving the product sales through online stores. Online websites offer convenience and are working on reducing the delivery time which is anticipated to propel the industry landscape. Also, these stores offer products at low prices and promote their products through the digital network by offering large discounts.

Eyewear Market, By Region

North America accounted for more than 37% of the overall eyewear market revenue share in 2018. High disposable incomes accompanied by the existence of leading brands in the region are among the key factors augmenting the industry growth. Inclination towards for premium eyewear products is high among the consumers. Leading manufacturers in the region offer designer frames and high-end glasses. Further, prolonged usage of gadgets along with hectic lifestyle is the major driving factor propelling product penetration.

Asia Pacific Spectacles Market, By Country, 2025, (USD Million)

Asia Pacific is the fastest growing region observing over 5.5% CAGR from 2019 to 2025. Increase in preference for branded products along with product availability at lower costs is fuelling the business development. Growing youth population and improved standard of living will boost demand for fashionable eyewear products. Also, countries such as China and India observe an increasing count of people suffering from eye defects such as myopia and hypermetropia. Product innovation in designs, as well as improved optical solutions, will boost the regional share over the projected timeline.

Key Players, Recent Developments & Sector Viewpoints: Eyewear Market

Global eyewear market share is highly fragmented owing to the presence of a large number of regional and multinationals players. However, the spectacles lenses, contact lenses, and Plano sunglasses industry share is dominated by a few multinational corporations. The key players include Essilor International S.A., Luxxotica, Johnson & Johnson, Alcon, Bausch & Lomb, Cooper Vision, Hoya Corporation, Fielmann AG, Carl Zeiss, Rodenstock, Safilo Group SpA, De Rigo SpA, and Marcolin. The foremost strategies observed among the industry participants include new product launches, merger & acquisitions, collaborations, production capacity expansions, and product innovations. For instance, in October 2018, Essilor, the leading spectacle lenses manufacturer merged with Luxxotica, a major player in the sunglasses market to gain competitive edge and enhance their geographic presence.

Industry Viewpoint

The global eyewear market is driven through spectacles and prescription contact lenses owing to rise in the count of patients suffering from visual inaccuracies particularly myopia, hyperopia, presbyopia, and astigmatism. The key dynamics leading to visual impairment include rapid urbanization-related to high stress, aging population causing age-related macular degeneration, diabetic retinopathy, vitamin deficiencies, as well as prolonged exposure of eyes to sunlight and dust. Whereas, urbanization is resulting in improved demand for branded eyewear, thus enhancing the plano sunglasses business expansion. Further, rise in eye concerns among consumers supported by the development of premium eye protection lenses for sunglasses is positively influencing the product demand.

Key Insights Covered: Exhaustive Eyewear Market

1. Market size (sales, revenue and growth rate) of Eyewear industry.
2. Global major manufacturers operating situation (sales, revenue, growth rate and gross margin) of Eyewear industry.
3. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Eyewear industry.
4. Market size (sales, revenue) forecast by regions and countries from 2019 to 2025 of Eyewear industry.

Research Methodology: Eyewear Market

  
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
  
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
  
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among others.