The eyewear market is expected to grow USD 234.60 billion at a CAGR of 3.56% by 2030, says market research future (MRFR). On a global scale, there is an increase in knowledge of ocular problems in developing nations, which is expected to boost the acceptance of eyeglass goods. Increased prevalence of ocular illnesses is projected to be a major factor driving key market trends.
Additionally, the increasing availability of eyeglasses and sunglasses in retail and online channels in emerging and developed economies is expected to drive the market during the forecast period. Individuals' increasing disposable incomes in developing countries have fueled the demand for more expensive sunglasses. Globally, the eyewear market is expected to be driven by growing brand consciousness.
The fashion sector has a huge impact on the trends in this area. With the introduction of 3-D printing, spectacles can now be customized quickly and easily. Fast fashion trends in accessories such as sunglasses have been fueled by the growth of social media platforms such as Instagram and TikTok. Businesses are aggressively engaging with social media influencers to expand their brand's visibility and customer reach globally. Additionally, prominent competitors in the eyeglasses industry are working on mergers and acquisitions to expand the geographic reach of their products.
Covid-19 Analysis of Eyewear Market
COVID-19 was more than just another virus. It made global headlines last year. This virus was so dangerous and so contagious that people caught it quickly and some were hospitalized/died because of it. Governments around the world reacted by imposing quarantines and lockdowns. These were temporary because they had limited effect.
Many industries and markets were adversely affected. The eyewear market was one of these. Sales began to slump worldwide since people were not seeing their eye doctors or making the appointments needed to order glasses. What further compounded this was the fact that many of those companies that made raw materials for eyewear manufacturers were forced to shut down. The prices of these raw materials went up substantially and this raised the price of the end products substantially.
More and more people in developing nations are becoming aware of sight problems and eye diseases and disorders. They are seeing the eye doctor more often. These people are also buying eyewear more often. This is a major driver of growth in the eyewear market.
Social media platforms like Instagram and Tik Tok have also played a part in fueling growth by popularizing various types of designer sunglasses. This has led to an increase in demand and sales for these items worldwide.
There were at least 2.2 million new cases of people with eye problems that were severe enough to need to buy and use eyewear last year alone. Most of these people were in Japan, China, and South Korea. What is becoming increasingly popular in these nations is wearing colored contact lenses. The wearers believe that this enhances their overall looks, social appeal, and social status
The CAGR may be lower, but the market is starting off from a high base in terms of value eyewear market manufacturers are realizing that there are opportunities to make a lot of money in this market. They are investing heavily in research and development to develop and market a new generation of eyewear that protects the wearer’s eyes and enhances his or her eyesight better.
Most of the demand for eyewear comes from developing nations. People in these nations prefer to use inexpensive frames for their eye-enhancing items. Also, many people in India, China, and other major developing nations are not into designer sunglasses. These two factors are restraining the growth eyewear market
Perhaps the greatest challenge that those in the global eyewear market face lies in finding the ability to continue to make more effective and technologically advanced versions of eyewear while keeping the price at an affordable level for the consumer.
Cumulative Growth Analysis
The CAGR is 3.56%. The eyewear market is expected to be worth USD 237.60 billion during the forecast period.
Cooper Vision is a major American player eyewear market. It has managed to retain its position by creating a sustainable competitive advantage. Heavy investment in research and development allowed it to do that. This allowed it to come up with a newer generation of products that are technologically advanced and better than their predecessors. Good examples of these are Clariti Day and Clariti Day Toric.
By Product Type
The eyewear market can be broken down as follows by product type:
The spectacles subsegment is expected to have the highest market share of all of the sub-segments in this segment.
By Distribution Channel
The eyewear market can be broken down as follows by distribution channel:
The store-based sub-segment can be further classified into:
The store segment is expected to make more money than the non-store segment for the time being analyzed and studied. That said, the non-store segment is expected to have the highest CAGR until 2024.
The eyewear market can be broken down as follows by region:
The North American segment can be further broken down into Mexico, Canada, and the United States of America. The European Union can be further broken down into the United Kingdom, France, Germany, Italy, Spain, and the rest of Europe. The Asia-Pacific market can be further broken down into China, India, Japan, Australia, the rest of Asia, and New Zealand. The rest of the world can be further categorized into South America, Africa, and the Middle East.
The European Union has the highest regional eyewear market t share. Most Europeans are aging, and their eyesight is deteriorating. Thus, they need eyewear that will enhance their natural seeing abilities. This is a major driving factor behind the larger market share and increased sales in this region.
Europeans also prefer to have more technologically advanced eyewear products. This is part of what accounts for the high regional market share and CAGR.
The Asia-Pacific region is expected to have the highest CAGR of all of the regions being studied. What accounts for this is the fact that many nations (India and China especially) have a growing middle class. There is increased awareness about eye problems and sight problems and the many ways in which the different types of eyewear can correct these
The Asia-Pacific market is also a huge income generator in terms of revenue for eyewear products. The reason for this is that eyewear market in this region is very lucrative. More people in Japan, India, and China have a need for eyewear because of eye and sight problems than people in any other part of the world.
The middle classes in the Asia-Pacific region also have higher purchasing power. This accounts for their increased demand for eyewear. The same is true in Latin America. The preference for people to wear eyewear to enhance their perceived social status is also driving market growth and growth in market share in Latin America.
Many companies are developing and marketing newer generations of eyewear that are more effective and technologically advanced. This eyewear has more innovative uses and applications.
The North American region has a high market share and will see respectable growth in the eyewear market for the time period being studied. The reason for this is that more and more people in America, Mexico, and Canada are becoming aware of the many eye problems and sight problems that exist. They are also becoming more accepting of the concept of using eyewear to fix these issues.
The global eyewear market is highly competitive. The reason for this is that there are few to no barriers to entry. Many companies can and do enter the market. They are driven by the high revenue-generating potential and the smaller but steady CAGR. companies are finding that they must do one or more of the following to stay competitive enough to survive:
Companies invest in their futures and expand their horizons when they invest heavily in research and development. They can develop better products that are more effective in terms of improving the wearer’s sight. These products also have more innovative and useful applications than their predecessors did. Incidentally, companies that develop better and more innovative products in terms of eyewear can also justify charging more for these products.
When companies enter into strategic partnerships with other companies, they increase their resource pool. This allows them to do more research and development. It also gives them access to markets that may have previously been inaccessible. In general, companies are able to justify charging more for their products. They can also increase their customer share in existing markets, solidify their customer base, and turn prospects into new and loyal customers. Mergers and acquisitions accomplish the same purpose.
Cooper Vision is a major American company. It has invested heavily in marketing to increase awareness of its brands in both the American and the eyewear markets.
List of Companies
The CAGR for the eyewear market is 3.2%. The European Union dominates in terms of regional market share.
Frequently Asked Questions (FAQ) :
The eyewear market would reach a valuation of USD 234.60 billion by 2030.
eyewear market CAGR would be 3.56% by 2030.
The non-store-based segment would register higher growth in the eyewear market.
The spectacles segment would lead the eyewear market.
Europe would dominate the eyewear market.