Eyewear Market to be Valued Around USD111 Billion by 2026
Rising
consumer awareness for eye protection and an increasing eye disorders and
diseases are the driving factors for the growth of eyewear globally.
According to TechSci Research report, “Global Eyewear Market
By Product Type (Sunglasses,
Spectacles, Contact Lenses, Sports Eyewear, Others (Safety & Protection
Eyewear)), By End User (Women,
Men, and Unisex), By Distribution Channel (Specialty Stores, Supermarkets/Hypermarkets,
Multi-Brand Stores, Online Channels and Others (Counter shops, Make-up &
Beauty Stores)), By Region, Competition, Forecast & Opportunities, 2026, the global eyewear
market is forecast to grow at a rate of over 5.83% to reach USD111.12 billion
by 2026. The market growth is stimulated by various factors such as a rise in
demand for luxury eyewear, consumers are increasingly preferring high quality
and unique eyewear to safeguard their vision. Eyewear is worn by individuals
for vision correction and to protect eyes from ophthalmic disorders. Eyeglasses
have become more popular than ever before, due to a wider variety of colors,
updated styles, and affordability. If one does not have a clear vision, glasses
can help to solve the problem by focusing the light onto the right places of
the retina. Rising eye problems among teenagers and cataract problems for aged
people, including elders with presbyopia and myopia are driving the value
growth for the eyewear market across the globe. Asian countries such as India
and China are leading the global eyewear marketplace. Adoption of the digital
screen for work among adults and for studies among teenagers and children has
given a boom to the eyewear market. The increasing population and eye disorders
passing from one generation to another are also raising the demand for the
eyewear market around the world. Moreover, economic factors such as increasing
disposable income of consumers, rising per capita income had helped consumers
to increase their purchasing power. Increasing eye disorders such as cataracts,
refractive errors, night blindness, etc. have made individuals more active in
the usage of eyewear.
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The global eyewear
market is segmented into by product type, by end user, by distribution channel,
by region and by company. Based on product type, the global eyewear market is
further divided into sunglasses, spectacles, contact lenses, sports eyewear,
and others. Among these, sunglasses have accounted for the majority of the market
share due to increasing fashion trend and changing consumer lifestyle. While
contact lenses is witnessed to be fastest growing segment with a CAGR of 7.25%
in the forecast period owing to increasing concerns over appearance as they offer a good alternative to eyeglasses. Furthermore,
with the increasing penetration of social media, the demand for colored contact
lenses has been growing.
Based on end user segment,
the global eyewear market is further bifurcated into women, men and unisex. Among
these, the women segment is expected to dominate the market due to increasing
working female population as they are significantly more proactive than men
when it comes to preventive measures. In terms of distribution channel, the
global eyewear market is divided into specialty stores, supermarkets/hypermarkets,
multi-brand stores, online channels and others. Among these, specialty stores
have accounted for the lion’s share of around 37% in 2020 in the global eyewear
market as they are prominently purchased from the optical stores. Online
distribution channel is observed to be the fastest growing segment due to the
emerging trend of online shopping as it offers 3D review of face with the selected
frame by the customers.
In terms of
region, the global eyewear market is segmented into North America, Europe,
Asia-Pacific, South America and Middle East & Africa. Among these, the
North America region has accounted for the majority of market share in global
eyewear market in 2020 and will continue to dominate the market throughout the
forecast period due to the strong purchasing power, increasing population,
rising disposable income, changing consumer taste and preferences and growing ophthalmic
problems.
Some of the major
players in the global eyewear market are EssilorLuxottica, Johnson &
Johnson Services, Inc., The Cooper Companies Inc., Alcon Vision LLC, Fielmann
AG and others.
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“Due to the sudden outbreak and spread of the COVID-19 pandemic across
the globe and implementation of strict nationwide lockdown as a measure to
curtail the spread of pandemic affected the eyewear market drastically. The
sales of major companies went down due to decreased operations and lack of
demand from the consumers. Although, the market is recovering and it is
expected that the eyewear industry will witness growth in the forecast period
and the demand for eyewear products will again increase especially the
disposable contact lenses.” said
Mr. Karan Chechi, Research Director with TechSci Research, a research based
global management consulting firm.
Global Eyewear Market By Product Type (Sunglasses,
Spectacles, Contact Lenses, Sports Eyewear, Others (Safety & Protection
Eyewear)), By End User (Women,
Men, and Unisex), By Distribution Channel (Specialty Stores,
Supermarkets/Hypermarkets, Multi-Brand Stores, Online Channels and Others
(Counter shops, Make-up & Beauty Stores))” has evaluated
the future growth potential of eyewear in globe and provides statistics and information on
market structure, size, share and future growth. The report is intended to
provide cutting-edge market intelligence and help decision makers take sound
investment decision. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges and opportunities
present in global eyewear market.
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