Global Eyewear Market is estimated to account for US$ 461.60 Bn by end of 2027, Says Coherent Market Insights (CMI)

SEATTLE, March 17, 2021 (GLOBE NEWSWIRE) — Eyewear consists of items and accessories worn on or over the eyes to enhance or improve visual acuity. It is a corrective or protective device for the eyes. Contact lenses, sunglasses, and glasses are some common forms of eyewear. Eyewear is also used as a fashion statement as people are adopting fashionable and designer sunglasses. Eyewear products are used for vision correction and protection from some environmental factors such as UV rays, sunlight, and pollution. Moreover, these products are receiving great demand from the aging population as older people are at risk of developing a wide range of vision-related problems.

The global eyewear market is estimated to account for 461.60 Bn in terms of value by the end of 2027, witnessing CAGR of 6.0% during the forecast period (2020-2027).

Market Drivers:

1. Increasing incidence of eye diseases or eye problems (such as myopia, glaucoma, cataract, etc.) and growing awareness among people about eye health is expected to augment growth of the global eyewear market.

According to the World Health Organization (WHO), around 2.2 billion people worldwide have near or distance vision impairment, of which around 1 billion have a vision impairment that can be prevented or has yet to be addressed. Moreover, according to the American Academy of Ophthalmology, around 24 million people in the United States are affected by cataract, and the number is expected to reach 38.7 million by 2030.

2. Growing geriatric population, demand for prescription eyewear, changing lifestyle trends, and increasing disposable income is expected to propel growth of the global eyewear market. According to the WHO, the world’s population aged 60 years and older is expected to total 2 billion by 2050, up from 900 million in 2015.

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Market Opportunities:

1. Increasing demand for innovative eyewear products and increasing popularity of Internet-based sales transactions due to the widespread adoption of e-commerce is expected to generate significant growth opportunities for the eyewear market. For instance, in January 2020, Rodenstock launched new collection of spectacles to take advantage of the opportunity provided by the increasing demand for innovative products in Europe.

2. The emergence of COVID-19 and stringent government regulations are also expected to offer some lucrative growth opportunities for players in the market. For instance, in EU-regulated countries, eyewear products come under Personal Protective Equipment (PPE), making it mandatory for suppliers to follow the instructions.

Market Trends:

1. Increasing adopting of trendy and designer eyewear products and rising sense of fashion among people is a major trend in the eyewear market. For instance, in November 2020, Question What’s Real (QWR) launched its first Make in India smart audio eyewear ‘AURL’ to offer a hands-free experience where a user does not need to reach out to his/her smartphone for everything, saving 30% screen time per day over 10% use.

2. Major players in the market are adopting various inorganic strategies, such as partnership and collaboration, to strengthen their market position. For instance, in February 2021, Kering Eyewear teamed up with China Duty Free Group (CDFG) to reveal a Lunar New Year sunglasses special edition from Gucci; available in Chinese travel retail through CDFG stores.

Competitive Landscape:

Major players involved in the global eyewear market are De Rigo S.p.A., Marcolin S.p.A., Safilo Group Spa, Fielmann AG., Cooper Companies Inc., Johnson & Johnson Vision Care, Inc., Hoya Corporation (Life Care), Carl Zeiss AG, Essilor International S.A, and Luxottica Group SpA.

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Recent Developments:

In February 2021, Perfect Corp. announced the newest addition to its Augmented Reality (AR) virtual try-on services: AR 3D eyeglasses. The new service allows consumers to virtually try on the 3D AR glasses through true-to-life digital try-ons, turning online product catalogues into virtual fitting rooms for eyewear.

In January 2019, Safilo Group S.p.A and Levi Strauss & Co announced their multi-year global licensing agreement for the design, manufacture, and distribution of Levi’s branded eyewear.

Market segmentation:

By Product Type:

  • Spectacles
  • Plano Sunglasses
  • Contact Lenses
  • Sportswear
  • Eye Care

By Price Range:

  • Premium
  • Mid
  • Low

By Distribution Channel:

  • E-Commerce/Online
  • Company Outlets/Franchises
  • Hospitals
  • Clinics
  • Multi-brand Stores

By Region:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

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Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide.

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