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Global Eyewear Market Report 2022: Rising Adoption of Luxury Accessories by Millennials Strengthens Industry - ResearchAndMarkets.com

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DUBLIN–(BUSINESS WIRE)–The report “Global Eyewear Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Product, End-User, Distribution Channel, and Region” has been added to from ResearchAndMarkets.com offer.

According to this analysis, the global eyewear market is expected to register a positive CAGR of around 6% during the forecast period (2022-2028) and is expected to reach around US$180 billion by 2028.

Growing adoption of luxury accessories among millennials, rise in visual impairment among children, and increase in geriatric population are positively impacting the market

It is expected that the increase in the geriatric population will accelerate the expansion of the eyewear market during the forecast period. The risks of eye problems and diseases increase among the elderly population as individuals live longer, which is evident in both developed and developing countries. For example, nearsightedness and farsightedness in the elderly are expected to increase, which will propel the expansion of the market. As the use of multifocal lenses among the elderly population has increased over time, this development is expected to further fuel the expansion of the eyewear market.

Growing availability of cheaper products, limited awareness of sight problems, and stigma attached to wearing glasses are limiting the market growth

In low- and middle-income countries, the demand for eyeglasses is an underfunded area as fewer individuals are aware of their poor vision and seek treatment. In reality, despite a solidly established offer in a region, the demand for glasses is still low because we know less well about vision problems, accessible therapies and the level of acceptability of glasses on the market.

The emergence of the COVID-19 pandemic has also had a favorable effect on the market. People have been spending more time on cellphones, laptops and desktops due to the adoption of remote work models and e-learning due to lockdown constraints. Longer screen time has encouraged consumers to purchase anti-fatigue and vision-correcting glasses, which has helped the eyewear market increase sales of anti-fatigue and anti-blue light lenses.

Report scope

The eyewear market is segmented by product, end user and distribution channel. In addition, the report also covers the market size and forecast for the eyewear market of the four major regions. The revenues used to size and forecast the market for each segment are billions of US dollars.

By product

  • Glasses

  • Sun glasses

  • Contact lenses

Per end user

By distribution channel

  • Retail store

  • Online shop

  • Ophthalmic clinics

By geography

  • North America (United States, Canada and Mexico)

  • Europe (Germany, United Kingdom, France, Spain and Italy)

  • Asia-Pacific (China, Japan, South Korea, India, Indonesia and Australia)

  • LAMEA (Latin America, Middle East and Africa)

Key players

  • Johnson & Johnson Vision Care, Inc.

  • EssilorLuxottica

  • Bausch & Lomb Inc.

  • Cooper Vision

  • Carl Zeiss AG

  • CIBA-VISION

  • Safilo Group SpA

  • From Rigo Vision SpA

  • Fielmann SA

  • Marcolin SpA

  • HOYA Company

Key trends by market segment

By product: The eyewear product segment held the largest market share in the global eyewear market in 2021

The expansion of the eyewear segment can be attributed to increased consumer demand for the products brought on by the rising incidence of Computer Vision Syndrome (CVS). This is mainly due to the fact that more and more people are using mobile phones and digital devices around the world. The use of anti-glare and anti-fatigue glasses has been encouraged by the increase in cases of CVS among young people due to the growing trend of online learning, especially during the pandemic. Additionally, the demand for eyewear has increased as clear and colored translucent lenses gain popularity.

The contact lens market is expected to witness a high growth rate in the coming years. With the introduction of toric light-adaptive and multifocal lenses, rapid growth is expected in the coming years. These contemporary lenses adapt quickly and seamlessly to a variety of lighting situations, reducing the irritation and dryness that contact lenses frequently cause. The continued study and creation of better looking and better quality contact lenses will further drive the expansion of the market.

Per end user: The female end-user segment held the largest share of the global eyewear market in 2021.

There has been an increase in the proportion of people who wear glasses occasionally or always. According to the College of Optometrists, more women than men wear glasses (72% vs. 66%) and contact lenses (16% vs. 11%), and they also place greater importance on eye exams, 59% of women rating them as ‘very important’, compared to 45% of men.

By distribution channel: The online store distribution channel segment held the largest share of the global eyewear market in 2021.

Due to the requirement to practice social isolation during the pandemic, online services have seen tremendous growth. The increased use of smart devices, generous discounts offered by online marketplaces, and the ability to compare features and prices are all contributing to the expansion of the e-commerce market.

Additionally, e-commerce websites allow users to write product reviews, which improves user experience and helps companies understand consumer preferences, which in turn encourages the growth of the industry.

By geography: Europe accounted for the largest market share in 2021 in the total global eyewear market.

Europe has the largest eyewear market, making up the bulk of the global market. This can be attributed to the region’s growing taste for high-end eyewear products as well as the increasing focus of manufacturers on creating new styles, shapes and sizes of eyewear products.

Main topics covered in the report

  • Overview of the global eyewear market

  • Industry value chain and ecosystem analysis

  • Market size and segmentation of the global eyewear market

  • Historical growth of the overall global eyewear market and segments

  • Market competition scenario and key competitor developments

  • Porter’s 5 Forces Analysis of the Global Eyewear Market

  • Key Competitor Overview, Product Offerings and SWOT Analysis

  • Impact of COVID-19 on the Global Global Eyewear Market

  • Future market forecast and growth rate of the global eyewear market total and by segments

  • Product/End User Segment Market Size with Historical CAGR and Future Forecast

  • Analysis of the eyewear market in major regions

  • Main poles of production/consumption in the major regions

  • Key historical and future market growth rates by country of total market and segments

  • Overview of notable emerging competitor companies in each major country

For more information about this report visit https://www.researchandmarkets.com/r/p10idt

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, top companies, new products and the latest trends.

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