"We Envision Growth Strategies Most Suited
to Your Business"
The global eyewear market size is prognosticated to reach USD 178.95 billion by 2026, projects a recent report by Fortune Business Insights. Various strategies to provide safety to the eyes from ultraviolet rays and other environmental hazards affecting the eye are adopted by vendors that will help to accelerate the eyewear market revenue in the forecast period. As per the report titled, “Eyewear Market Size, Share & Industry Analysis, By Product Type (Spectacles, Sunglasses, Contact Lens), By Distribution Channel (Retail Store, Online Store, Ophthalmic Clinics), and Regional Forecast, 2019-2026,” the market value was USD 115.90 billion in 2018. The report predicts the market to rise at a CAGR of 5.7 % within the forecast duration of 2019 to 2026.
Eyewear products such as contact lenses, sunglasses, and spectacles are used for various purposes such as protection from UV rays, as an aid for eye disorders such as myopia, hypermetropia, and others. The rise in the prevalence of eye diseases is a major factor boosting the eyewear market growth. Besides this, the vast variety of products offered by both small and large players is also anticipated to help the market gain traction in the forecast years.
The surge in availability of sunglasses and spectacles in online and retail channels in both developing and developed nations are anticipated to help increase the eyewear market size in the coming years. This, coupled with the rise in the geriatric population and their vulnerability towards various eye disorders such as short-sightedness and long-sightedness are further expected to drive the market in the long run.
Moreover, the rise in the adoption of multifocal lenses amongst the aged population is anticipated to propel the eyewear market growth in the forthcoming years.
To get a detailed report summary and research scope of this market, click here:
Spectacles Segment to Earn High Eyewear Market Revenue in Forthcoming years
As per current eyewear market trends, the market is categorized on the basis of product type, distribution channel, and geography. In terms of product type, the market is segmented into three major categories such as spectacles, sunglasses, and contact lens. Further segmentation of the spectacles segment includes lens and frames. Sunglasses segment is bifurcated into prescription and plano. Lastly, the contact lens segment is further divided into sphere, multifocal, and toric. In 2018, the spectacles segment generated a market share of 79% on account of a rise in the prevalence of ocular diseases and vision problems. It is likely to continue dominating the market in the forecast duration as well on account of the rising prevalence of hypermetropia and myopia.
With respect to segmentation by distribution channels, the market is classified into ophthalmic clinics, online stores, and retail stores. The report forecasts the retail stores segment to emerge as the leading segment and continue doing so in the coming years as well. On the contrary, the ophthalmic clinics segment generated the lowest eyewear market shares.
North America to Continue Dominance on Account of Surge in Eye Diseases
Fortune Business Insights foresees the global eyewear market to spread over five main geographical regions namely Asia Pacific, Europe, North America, Latin America, and the Middle East and Africa. Among these, North America emerged dominant in the year 2018 with market size of USD 35.60 billion on account of the rise in acceptance of vision care products and is further expected to continue doing the same in the coming years as well. On the other side, the market in Europe is anticipated to witness remarkable growth, owing to the rise in awareness about ocular diseases, coupled with the increasing affordability to buy expensive sunglasses, especially in nations such as France, UK, Germany, and others.
Moreover, Asia Pacific market is expected to witness rapid growth following Europe, because of the rise in the geriatric population and their vulnerability towards eye diseases. The rise in disposable incomes of people, coupled with the availability of cheaper eyewear products in Latin America and Asia Pacific is anticipated to help these regions to witness progressive eyewear market growth rate in the years to follow.
Some of the significant players listed in the eyewear market analysis include:
Global Eyewear Market Scope
Value (USD billion)
By Product Type
By Distribution Channel