Eyewear Market to Propel at a Robust CAGR of 6% From 2022-2032 Due to Increasing Eye Health Awareness Around the Globe - Future Market Insights, Inc.
Sunglasses made from ocean plastic waste are environment-friendly, and the eyewear industry is taking numerous efforts to offer sustainable products. The U.S. currently leads the global eyewear landscape. In terms of value, sales in the US account for approximately 27% of global sale.
NEWARK, Del., Aug. 11, 2022 /PRNewswire/ -- The global eyewear market is anticipated to create an absolute dollar opportunity during the forecast period the demand for eyewear is expected to increase at a CAGR of 6%, from US$ 114.95 billion in 2021 to US$ 205.86 Mn by 2032.
In the digitally driven world, the younger generation's growing use of digital devices and gadgets has led to a growth in the frequency of eye diseases, pushing demands for eyewear and vision correction products. In addition to that, due to rise in disposable income in developing countries like Brazil and India, is one of the vital factors driving growth in the market. Attributing factors like increased disposable income and higher standards of living have pushed the acceptance of high-end, branded eyewear resulting in high demand for eyewear.
The customer base for the eyewear market is increasing due to the proactive attitude of potential customers which is creating chances for the eyewear market and retailers to grow at a fast pace. Online marketing and advertising tactics are driving growth in the eyewear market. Promotional operations and e-retailing are gaining tremendous popularity around the world.
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Key Takeaways
- Quick access to online marketing and advertising is promoting sales in the eyewear market. Vendors are benefitting from lower operational costs through a rise in sales of eyewear. In the coming years, this aspect is anticipated to improve eyewear market sales via an online platform.
- Eyewear is an accessory that one wears to protect the eyes or to correct vision. It could be of different types depending on the quality, size, material, and frame. Children's inclination towards the growing use of digital devices is accelerating eye-related diseases which are propelling the market growth.
- The demand for eyewear is surging globally. People are increasingly becoming more aware of their eye health and have realized the importance of regular eye checkups/ examinations. As a result, there is a surge in the demand for eyewear such as contact lenses and spectacles is increasing. Also, a number of people wear it just to make a fashion statement or because it looks good on them.
- Lifestyle changes and growing urbanization are some of the leading factors expected to drive eyewear market growth. There is a rise in acceptance of eyewear products, a high number of individuals using corrective eyewear, increased usage of silicone hydrogel, and a growing aging population is among the factors that are fueling the market growth.
- A significant expansion in the global eyewear market is witnessed in the Asia Pacific region particularly. Developing countries like India and China have witnessed an increased number of visual impairment cases and other eye issues which is propelling growth in the eyewear market.
Competitive Landscape
ESSILORLUXOTTICA; CooperVision; Safilo Group S.p.A.; Bausch & Lomb Inc; Johnson & Johnson Vision Care, Inc.; Carl Zeiss AG are some of the key companies profiled in the full version of the report.
Established manufacturers and major key players in the eyewear market are continuously investing in R&D and increasing their eyewear market share. These companies' R&D operations encourage competitors and newcomers to improve their product functionality and service offerings.
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More Insights into Eyewear Market
The North American region is expected to have a strong demand for eyewear on a global scale. The eyewear market is predicted to see skyrocketing sales coming from European and Asia Pacific regions during the forecast period.
Leading regional internet eyeglasses companies have been acquired by many organizations in order to expand their digital presence and customer base. Intensive marketing initiatives by well-known companies have increased product awareness in the worldwide market, resulting in increased growth in the eyewear business.
In order to expand the geographical approach in the eyewear market, many corporations are proactively opening new retail shops, particularly in rising countries like India and China.
The global eyewear market is segmented into spectacles, contact lenses, and sunglasses. Spectacles, which include frames as well as lenses, are the preferred choice for visual inaccuracies such as hyperopia and myopia.
Frames fall under a significantly higher price range as compared to lenses, but their replacement rate is lesser. Frames can be made of different materials like nylon, plastic, metal, etc. Contact lenses can be of two types, soft contact lenses: which are easily adaptable to the eyes, and rigid gas permeable lenses: which are mainly used for correcting astigmatism.
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How is Social Media Revolutionizing the Eyewear Space?
Popular social media platforms are giving the opportunity to eyewear companies to carefully analyze the needs and choices of consumers by allowing them to sell products that are specially designed for different geographies. Due to huge presence of users on media platforms such as Instagram, Facebook, and Twitter, it is enabling eyewear companies to penetrate the market more efficiently. Since millennials are known as the digital generation, they spend more time on social media sites, where they are drawn to their favorite celebrities and then begin looking for products that they are wearing. As a result, social media is revolutionizing the dynamics of the eyewear industry.
How is Millennial Interest in Sports & Recreation Activities Driving Adoption of Sports Eyewear in Germany?
Despite a busy lifestyle, when it comes to fitness and health, millennials are always a step forward. In the past few years, millennials have considerably extended their interest in sports activities. Rising sports activities such as mountain biking, snow skiing, shooting, etc., are driving demand for sports eyewear in Germany. Besides this, offerings by the top sports brands such as Adidas are further expected to play a key role in facilitating growth in sports eyewear in the country over the coming years.
Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter's Analysis
4. Global Eyewear Market Analysis 2017-2021 and Forecast, 2022-2032
4.1. Historical Market Size Value (US$ Mn) & Volume (Units) Analysis, 2017-2021
4.2. Current and Future Market Size Value (US$ Mn) & Volume (Units) Projections, 2022-2032
5. Global Eyewear Market Analysis 2017-2021 and Forecast 2022-2032, By Product Type
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Mn) & Volume (Units) Analysis By Product Type, 2017-2021
About Consumer Product Division at Future Market Insights
The consumer product team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
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