The global eyewear market size was USD 105.56 billion in 2020. The market is projected to grow from USD 114.95 billion in 2021 to USD 172.42 billion in 2028 at a CAGR of 6.0% in the 2021-2028 period. This information is published by Fortune Business Insights™ in its report titled, “Eyewear Market, 2021-2028.”
As per our expert analysts, in the present situation, people desire to utilize eyeglasses owing to the increasing consciousness about optical conditions, pooled with the rising occurrence of vision irregularity. For example, in 2020, as per the Lancet Global Health, it is anticipated that approximately 43.3 million people were blind, out of which 23.9 million were evaluated to be female.
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Drivers and Restraints
Rising Occurrence of Eye Health Concerns to Bolster Market Growth
On a global foundation, there is an upsurge in the alertness linked with optical conditions in emerging nations, which is anticipated to inflate the acceptance of eyeglass products. A greater population of individuals undergoing ocular ailments is projected to be one of the significant factors impacting the eyewear market growth.
On the basis of predictions given by the World Health Organization in the year 2015, by 2020, there will be around 2.2 billion novel frequencies of myopia worldwide. In nations such as South Korea, Japan, and China, individuals embrace colored contact lenses for augmented aesthetic intention.
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Buying Rate of Glasses and Sunglasses Sternly Affected by COVID-19 Pandemic
The regional spread of the coronavirus has considerably impacted the sales of eyewear, such as sunglasses, contact lenses, and prescribed eyeglasses, and sunglasses. Moreover, government organizations across the world had inflicted stringent lockdown regulations in the early phase of the pandemic spread. This resulted in the shutdown of ophthalmic clinics, as well as retail stores selling glasses for a prolonged period. These factors have hampered the demand for eyewear amid the pandemic.
Segmentation
On the basis of product type, the market can be segregated into spectacles, sunglasses, and contact lenses. The spectacles segment was anticipated to hold the largest share in the overall market in 2020. The segment is estimated to uphold its dominating position at the end of the forecast period. It generated 79.1% in terms of share in 2020.
By distribution channel, the market is classified into retail stores, online stores, and ophthalmic clinics. In terms of region, the market is categorized into North America, Asia Pacific, Latin America, the Middle East & Africa, and Europe.
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Regional Insights
North America to Lead Backed by Surging Approval of Vision Care Products
North America held the maximum eyewear market shares and formed an income worth USD 30.87 billion in 2020. The growing approval of vision care products is assessed to increase the growth of the market in this region.
Europe held the second-largest market share. Aspects such as the inclination towards superior eye care products, greater consciousness of ocular conditions, and surging ability to buy exclusive sunglasses are expected to fuel the market in European nations.
On the contrary, Asia Pacific is expected to follow the lead after North America in the global market for eyewear in terms of income by 2028.
Competitive Landscape
Key Players such as Johnson and Johnson Services, Inc. and Alcon to Hold Major Market Shares
The market is greatly fragmented owing to the existence of both regional as well as international players. Principal companies are branched into the contact lens market and spectacles and sunglasses market. Moreover, Johnson and Johnson Services, Inc. owns the maximum share in the global contact lens market, tailed by Alcon.
Industry Development
March 2021: JINS eyewear declared the unveiling of the JINS&SUN sunglasses brands, especially in the U.S., with 29 diverse designs as well as 84 styles.
List of Key Players Covered in the Report
- Alcon (Part of Novartis AG) (Switzerland)
- EssilorLuxottica (France)
- CooperVision (U.S.)
- Johnson & Johnson Services, Inc. (U.S.)
- Bausch Health Companies Inc. (U.S.)
- Carl Zeiss (Germany)
- Fielmann AG (Germany)
- Safilo Group S.p.A (Italy)
- Other Prominent Players
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Table Of Contents :
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Introduction of New Products / Approvals (by Major Players)
- Epidemiology of Ocular Disease – For Key Countries
- Key Industry Developments – Mergers, Acquisitions, and Partnerships
- Snapshot: U.S. Reading Glasses Market
- Key Trends in the Eyewear Market
- Impact of COVID-19 on the Global Market
- Global Eyewear Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product Type
- Spectacles
- Frames
- Lens
- Sunglasses
- Plano
- Prescription
- Contact Lens
- Toric
- Multifocal
- Sphere
- Spectacles
- Market Analysis, Insights and Forecast – By Distribution Channel
- Retail Store
- Online Store
- Ophthalmic Clinics
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Eyewear Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis – By Product Type
- Spectacles
- Frames
- Lens
- Sunglasses
- Plano
- Prescription
- Contact Lens
- Toric
- Multifocal
- Sphere
- Spectacles
- Market Analysis – By Distribution Channel
- Retail Store
- Online Store
- Ophthalmic Clinics
- Market Analysis – By Country
- U.S.
- By Product Type
- Canada
- By Product Type
- U.S.
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