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The global eyewear market size was USD 105.56 billion in 2020. The global impact of COVID-19 has been unprecedented and staggering, with eyewear products witnessing a negative impact on demand across all regions amid the pandemic. Based on our analysis, the global market exhibited a lower growth of -13.3% in 2020 compared to the average year-on-year growth during 2017-2019. The market is projected to grow from USD 114.95 billion in 2021 to USD 172.42 billion in 2028 at a CAGR of 6.0% in the 2021-2028 period. The rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.
The market includes products, such as spectacles, sunglasses, and contact lenses. This industry is highly fragmented, with many local and international players. Eyewear products offer vision correction and protection from harmful ultraviolet A (UVA) and ultraviolet B (UVB) sun rays. In the current scenario, people prefer using spectacles owing to the rising awareness regarding ocular diseases, combined with the increasing prevalence of vision abnormality. Moreover, wearing spectacles is considered to be a fashion statement in both developing and developed nations. Globally, there is a surge in the ocular disorder incidence such as myopia, hypermetropia, and astigmatism, among others. A wide variety of product offerings by large and smaller players have propelled eyeglasses usage among the general public.
In the current market landscape, the contact lens segment is estimated to experience an increase in acceptance in Asia Pacific and Latin American countries, owing to the aesthetic value offered by the product type. However, in developed countries of North America and Europe, the contact lens segment is estimated to witness a dip in the adoption rate due to the higher cost and maintenance associated with the product. Moreover, unfavorable reimbursement policies related to vision correction in these developed countries may affect the contact lens segment's growth during the forecast period.
Purchase Rate of Spectacles and Sunglasses Severely Impacted by COVID-19 Pandemic
The coronavirus's geographic spread has significantly affected the sales of contact lenses, sunglasses, and prescription eyeglasses. Government bodies across the globe had enforced strict lockdowns in the initial phase of the pandemic's spread. This led to the closure of ophthalmic clinics and retail stores for an extended period. The postponement of non-urgent eye examination appointments has also caused a dip in sales revenue of many players operating in the market. For instance, Johnson and Johnson Services, Inc.’s vision care business segment witnessed a sales revenue decrease of 11.7% in 2020 when compared to 2019. Additionally, disruptions in the manufacturing and transportation of spectacle lenses, contact lenses, and sunglasses owing to the pandemic have also influenced the decline of market growth in 2020.
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Emergence of 3D Printing is a Prominent Trend in Market
The fashion industry significantly influences the trends in this business. The advent of 3-D printing has enabled quick and easy customization of eyeglasses. For instance, in March 2020, Stratasys launched a multi-material 3-D printer that can easily print customizable spectacles and sunglass frames. Fast fashion changes in accessories such as sunglasses have gained traction from the increasing social media applications, namely, Instagram and TikTok. Companies are actively collaborating with social media influencers to increase their brand presence, and customer reach across the globe. Combined with this, major players operating in the market are focusing on mergers and acquisitions to improve their products' geographical presence.
Rising Incidence of Eye Health Issues to Propel Market Growth
On a worldwide basis, there is an increase in the awareness related to ocular disorders in developing countries, which is estimated to surge the eyeglass products' acceptance. A higher population of individuals suffering from ocular diseases is estimated to be one of the key drivers influencing the eyewear market trends. Based on the projections given by the World Health Organization (2015), by 2020, there will be around 2.2 billion new incidences of myopia globally. In countries such as Japan, South Korea, and China, individuals adopt colored contact lenses for increased aesthetic value.
Additionally, the rising availability of spectacles and sunglasses in retail and online channels in developing and developed nations is anticipated to boost the market during the forecast period. The increasing disposable incomes of individuals in developing nations have further spurred the demand for higher-value sunglasses. The increasing brand consciousness is also projected to drive the market globally.
Furthermore, the geriatric population's increase is estimated to augment the eyewear market growth during the forecast period. As people live longer, there is a rise in the risk of ocular disease among the geriatric population. This trend can be witnessed in developed as well as developing nations. An increase in the geriatric population suffering from myopia and hypermetropia is anticipated to fuel the market growth. There is a surge in the adoption of multifocal lenses among the geriatric population over the years, and hence, this trend is estimated to further propel the market growth rate.
Increasing Awareness in Emerging Countries Regarding Harmful Effects of UV Rays to Augment Growth
The sunglasses segment is anticipated to grow at the fastest CAGR due to the increasing awareness regarding the harmful effects of UVA and UVB rays on vision. Additionally, in developed countries, there is a surging acceptance of sportswear sunglasses among the general public. The wide product offering by manufacturers is bolstering the demand for sunglasses globally. Combined with this, the public is also adopting prescription sunglasses for vision correction and protection from UV rays.
The high unmet demand for sunglasses in emerging nations of Latin America and Asia Pacific is projected to impact the overall market growth in the forthcoming years positively. Owing to the advanced sunray protection offered by polarized lenses, there is an increase in the adoption of sunglasses in countries of North America and Europe. Additionally, according to the analysis by the Vision Council, in 2019, there was a rise of 2.8 million Plano sunglasses users among people above 18 years of age in the U.S. when compared to 2018. The same trend is witnessed among men and also in individuals above 55 years of age.
Surging Use of Cheaper Frames and Sunglasses in Emerging Countries to Hamper Growth
Various local shops and manufacturers produce cheaper and affordable frames and spectacles in developing countries. Additionally, the limited use of luxury sunglasses in countries such as India and Brazil is estimated to impact the market's sales revenue in the upcoming years. Higher costs of luxury sunglasses and contact lenses owed to costly import duties are the major factors attributed to the limited product acceptance in these emerging nations. These aforementioned factors combined with the lower penetration of contact lenses in developing countries are projected to restrain the market growth in the near future.
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Spectacles Segment is Anticipated to Dominate the Market in Terms of Eyewear Market Share
Based on the product type, the market can be segmented into spectacles, sunglasses, and contact lenses. The spectacles segment is further bifurcated into frames and lens. The sunglasses segment is divided into Plano and prescription sunglasses. The contact lenses segment is further segmented into toric, multifocal, and sphere.
The spectacles segment was estimated to hold the major share in the overall market in 2020. The segment is projected to maintain its dominating position at the end of the forecast period. This trend is owing to the increasing prevalence of myopia and hypermetropia. Additionally, the rising lucrative product offering by major players in the market is estimated to further augment the segment’s growth. In Asia Pacific and Latin America, there is an increasing demand for contact lenses which is estimated to boost the contact lens segment’s growth. There is also a high unmet demand for sunglasses in the countries of Latin America and the Middle East, and Africa. The players operating in the sunglasses market are increasing their customer base by tapping into online channels and offering lucrative pricing.
Due to the increasing population and declining number of people opting for LASIK and contact lenses in the United States, the total population of adults wearing prescription spectacles has increased in the past few years. There is also a surge in the adoption of trendy frames in developed countries as a fashion accessory. This trend is estimated to boost this market’s value during the forecast period.
Retail Stores Segment to Hold the Leading Position in the Market in the Near Future
The market is segregated into retail stores, online stores, and ophthalmic clinics based on the distribution channel.
The retail stores segment accounted for the highest share and is further expected to continue dominating the market in the forecast period. The high accessibility of sunglasses and spectacle products in retail stores of shopping malls, branded stores, and others is a key factor driving the retail store segment in the eyewear industry. However, there is a rise in the popularity of purchasing eyeglass products through online stores and channels. This market trend is estimated to propel online store sales in the upcoming years. The ophthalmic clinics segment accounted for the lowest market revenue share owing to the lower preference of the population to purchase eye wear from clinics.
North America Eyewear Market Size, 2020 (USD Billion)
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North America generated a revenue of USD 30.87 billion in 2020 and is expected to hold the market's highest share throughout the forecast period. The increasing acceptance of vision care products is estimated to boost the growth of the market in this region. Factors such as the preference for premium eye care products, higher awareness of ocular disorders, and increasing affordability to buy expensive sunglasses are projected to drive the market in European countries, namely, Germany, France, U.K., and others. The spurring trend of the adoption of spectacles and fashionable frames is also projected to propel market growth in Europe.
On the flip side, Asia Pacific is projected to follow the lead after North America in the global market in terms of revenue in 2028. This is attributed to the higher population of people who depend on eyeglasses products for vision correction in China, Japan, and India, which is owing to the higher prevalence of ocular diseases in the region. Hence, Asia Pacific is projected to grow at the highest CAGR during the forecast period. The higher availability of cheaper eyeglass products and increasing disposable incomes in developing countries of Asia Pacific and Latin America are estimated to drive the adoption of spectacle in the forecast years. The market in the Middle East and Africa is estimated to grow slowly compared to that of Asia Pacific and Latin America. Latin America is estimated to grow at a steady rate owing to the unmet demand for eyewear products.
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The Market is Highly Fragmented with Johnson and Johnson Services, Inc. and Alcon Holding Major Shares
The global market is highly fragmented due to the presence of both local and international players. Major eyewear companies are segmented into the contact lens market and spectacles and sunglasses market. Johnson and Johnson Services, Inc. holds the highest share in the global contact lens market, followed by Alcon. Other prominent players in the global spectacles market include companies, namely, Essilor Luxottica, Safilo Group S.p. A, and Carl Zeiss. These companies are adopting newer technologies such as 3D printing to enhance the quality of spectacle lenses and capture more market share. The competition in price range is also one of the key trends observed in this competitive market landscape. Strategic partnerships and collaborations are among the few of the many strategies adopted by key players to improve product offerings.
An Infographic Representation of Eyewear Market
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The report presents a comprehensive assessment of the global market by offering valuable insights, facts, industry-related information, and historical data. Several methodologies and approaches are adopted to make meaningful assumptions and views. Furthermore, the report offers a detailed analysis and information as per the market segments, helping our readers to get a comprehensive overview of the global market.
Along with this, the report provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights provided in the report include key industry developments - mergers, acquisitions, and partnerships introduction of new products/approvals (by major players). It also provides the epidemiology of major ocular disorders - key countries, key trends in the market, and a snapshot of the global market.
Value (USD Billion)
Product Type; Distribution Channel; and Geography
By Product Type
By Distribution Channel
Fortune Business Insights says that the market stood at USD 105.56 billion in 2020 and is projected to be worth USD 172.42 billion by 2028.
In 2020, the market value stood at USD 30.87 billion.
The global market will exhibit steady growth with a CAGR of 6.0% during the forecast period (2021-2028)
The spectacles segment is expected to lead the market during the forecast period.
The increasing prevalence of ocular disorders worldwide will drive the growth of the market.
Alcon (a part of Novartis AG) and Johnson and Johnson Services, Inc. are the top players in the contact lens segment in the market.
North America is expected to hold the highest share in the market.
Asia Pacific is anticipated to grow at a higher CAGR in the market.
New product launches and increasing awareness of the harmful effects of sun rays on the eyes are few factors driving the adoption of sunglasses.
The increasing adoption of daily disposable lenses, rising mergers and acquisitions of companies, and the high demand for quality sunglasses are major trends influencing the global market.
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