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The eyewear market size is estimated to grow at a CAGR of 7.9% between 2022 and 2027. The size of the market is forecast to increase by USD 76 billion. The growth of the market depends on several factors, the increasing prevalence of vision disorders, rising demand for eyewear from emerging economies, and product innovation and differentiation through functional features. Vision disorders are becoming more prevalent due to factors such as changing eating habits and prolonged use of electronic devices at work and home, leading to myopia or hypermetropia. Myopia or hypermetropia affects approximately three-fourths of people in APAC and one-third each in Europe and the US. Cataracts are also a leading cause of vision disorders globally, with around 5,000 cataract operations performed per million people every year. Age-related macular degeneration (AMD), diabetic retinopathy, glaucoma, and cataracts are some of the eye diseases that people become more susceptible to as they age.
This report extensively covers market segmentation by distribution channel (offline and online), product (eyeglass, sunglass, and contact lenses), and geography (Europe, North America, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The increasing prevalence of vision disorders is notably driving the market growth, although factors such as the presence of counterfeit products may impede the market growth Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increasing prevalence of vision disorders is the key factor driving the global eyewear market growth. The factors such as changing eating habits, time spent playing video games, watching television, and working in front of computers at the workplace and at home are the key reasons to fuel the eyewear market growth. About three-fourths of the people in APAC and one-third of the population both in Europe and the US suffer from some form of myopia or hypermetropia.
Cataracts are one of the leading causes of vision disorders worldwide. Approximately 5,000 cataract operations per million people are performed every year globally. With the increase in age, people become more susceptible to eye diseases such as age-related macular degeneration (AMD), diabetic retinopathy, glaucoma, and cataracts. Uncorrected refractive error is still the most common factor in vision impairment among children worldwide, similar to that among the adult population. Such a high prevalence of eyesight or vision-related disorders will lead to a significant rise in demand for eyewear during the forecast period.
The global eyewear market growth is primarily driven by the increasing prevalence of vision disorders, with factors such as changing eating habits, and excessive screen time from video games, television, and computers at work and home fueling the trend. In APAC, about three-fourths of the population and one-third in both Europe and the US suffer from some form of myopia or hypermetropia.
Cataracts are among the leading causes of vision disorders worldwide, and there are approximately 5,000 cataract operations per million people performed globally every year. As people age, they become more susceptible to eye diseases such as age-related macular degeneration (AMD), diabetic retinopathy, glaucoma, and cataracts. Uncorrected refractive errors remain the most common factor in vision impairment among children worldwide, similar to that of the adult population. The high prevalence of vision-related disorders will drive significant demand for eyewear during the forecast period. Additionally, product innovation and differentiation through functional aspects will contribute to the growth of the eyewear market.
The global eyewear market growth will be driven by the increasing adoption of omnichannel distribution systems and digital marketing. Online shopping has gained a strong foothold worldwide, with emerging players increasingly choosing online platforms to launch their products. To expand their customer reach and increase the volume and value of eyewear sales, vendors are aggressively executing online marketing and promotional activities. The adoption of the online channel not only helps vendors reduce operational costs but also increases product reach.
In response to dynamic customer demand, market players are offering customization services for online purchases, including virtual fitting and free product trials at home. The popularity of eyewear customization is driving vendors to increase customer satisfaction rates by offering expert advice and suggestions on product choices based on customer needs. Leading marketers like Essilor offer online services for purchasing contact lenses, vision care products, and surgical products. With growing internet penetration and the high number of consumers making online purchases, this trend is expected to significantly impact the market growth during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Eyewear Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Charmant Inc- The company offers company provides a variety of glasses from various brands, including AD Lib, Aristar, Charmant Blue Label, Charmant Titanium Perfection, and Line Art Charmant.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the offline segment will be significant during the forecast period. The segment mainly comprises the sale of eyewear in retail stores such as speciality stores, malls, and branded stores. It is dominated by speciality stores that specifically offer different types of eyewear. In addition, hypermarkets and supermarkets are other major constituents of the offline distribution channel segment. A marked increase in business expansion, complemented by a steady rise in the number of stores offering eyewear, is a major contributor to the growth of the offline segment.
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The offline segment showed a gradual increase in market share from USD 101.67 billion in 2017 and continued to grow by 2021. Walmart Inc., Tesco Plc (Tesco), and Wayfair Inc. (Wayfair) are some of the major hypermarket and supermarket chains that offer eyewear. Therefore, the presence of various speciality stores, hypermarkets, and supermarkets in different regions allow consumers to choose from a wide range of eyewear, depending on the price, quality, and other aspects, thereby driving the growth of the market during the forecast period. This growth in the offline distribution channel segment can also be attributed to the growth of online-to-offline marketing, which enables users to choose eyewear online before purchasing it offline
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Europe is projected to contribute 31% by 2027. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Rising household income, increasing demand for high-quality healthcare products, and product advancements by leading vendors are the major factors driving the market in Europe. A large proportion of European consumers invest in premium brands. New product launches and innovations by market players to enhance their product designs and expand their customer base will drive the growth of the market in Europe during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. The market has been segmented by type, product, distribution channel, and region.
Eyewear Market Scope |
|
Report Coverage |
Details |
Page number |
161 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.9% |
Market growth 2023-2027 |
$ 76 billion |
Market structure |
Fragmented |
YoY growth (%) |
7.0 |
Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
Performing market contribution |
Europe at 31% |
Key countries |
US, Canada, China, Italy, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Alcon Inc., Bausch Health Co. Inc., Bespoke Inc., Carl Zeiss AG, Charmant Inc., De Rigo Vision Spa, Dealskart Online Services Pvt. Ltd., EssilorLuxottica SA, Fielmann AG, HOYA Corp., JINS Eyewear US Inc., Kering SA, Le petit fils de L.U. Chopard and Cie SA, Marcolin Spa, Safilo Group Spa, Tata Sons Pvt. Ltd., TEK Optical Inc., The Cooper Companies Inc., Vision Express UK Ltd., and Vision Service Plan |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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