Eyewear Market Definition-

The eyewear market includes all kinds of wearables for the eyes, including tested glasses, contact lenses, sunglasses, swimming goggles, and others. A major share is held by tested glasses, as they are used to treat or combat ailments of the eyes. Growth in vision-related issues has led to a massive surge in the eyewear market globally.

Eyewear Market Scope Report

Global Eyewear Market Highlights Over 2023 - 2035

The global eyewear market is estimated to garner a revenue of USD 335.0 Billion by the end of 2035 by growing at a CAGR of ~9% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of USD 120.0 Billion in the year 2022. The growth of the market can be attributed to the rising fashion trends among people related to eyewear. Moreover, fashion keeps on changing a rise in the demand for new eyewear across the globe to keep up the pace with the trend. In the year 2020, the United States exported more than 255 Million sunglasses to the rest of the part of the world.

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Eyewear refers to items and accessories worn on or over the eyes for environmental protection, fashion, or adornment, and to improve or enhance visual acuity. It protects the eyes from common irritants in the form of sand, glass, dust, and insects that are participating in day-to-day activities. Moreover, there has been a high inclination toward digital gadgets among people around the world, and it is anticipated to increase the growth of the global eyewear market.  Every day, internet users around the globe spent more than 400 minutes online in the year 2021.

Global Eyewear Market: Growth Drivers and Challenges

Growth Drivers

• Increasing Advertising on Different Platforms – The eyewear organizations are advertising their products on social media platforms, and it is expected to boost the growth of the global eyewear market.  There are more than 4.5 Billion social media users across the globe in October 2022.

• Surging Eye Defect Cases– According to the World Health Organization, more than 2.2 Billion people across the globe have distance or near vision impairment.

• Extended Live Expectancy– As per the World Bank, World expectancy has increased from 68 percent in 2000 to 73 percent in 2020.

• High Prevalence of Ocular Diseases– As per the Centers for Disease Control and Prevention, there are more than 4.2 Million Americans aged 40 years or older are either with low vision, or legally blind

Challenges

• High Cost for Fashionable Eyewear – Fashion has become a major element for any FMCG, which has resulted in a massive price hike for products, such as clothing, eyewear, and footwear. Due to the higher price, the affordability of these products decreases in developing and under-developed economies. This is estimated to restrain the market growth.

• Concerns Related to the Quality of the Eyewear

• Lack of Accessibility of Contact Lenses in Developing Countries

The global eyewear market is segmented and analyzed for demand and supply by distribution channel into offline, and online. Out of these, the online segment is anticipated to hold the largest share over the forecast period owing to the rising sale of eyewear through e-commerce platforms. Moreover, the buyers get a review from the previous buyers of the products on the website and that also helps the organizations to understand the consumers’ preferences. In the year 2021, retail e-commerce sales accounted for more than USD 4.5 Trillion around the world.

Global Eyewear Market Regional Synopsis

Regionally, the global eyewear market is studied into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Amongst these markets, the market in the North American region is projected to hold the largest market share by the end of 2035 on the back of rising awareness related to eye disorders among people. Moreover, there is a high acceptance among them for eye care products to protect their eyes.

The market in the Asia Pacific region is expected to witness growth over the forecast period owing to the high prevalence of ocular diseases and other eye-related disorders in different countries of the region such as China, and India. Moreover, there is an availability of cheaper eyewear products that makes it affordable for people. For instance, the prevalence of dry eye diseases in India ranges from more than 18 percent to 50 percent which is higher than the world prevalence.

Market Segmentation

Our in-depth analysis of the global eyewear market includes the following segments:

Key Companies Dominating the Global Eyewear Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global eyewear market that are included in our report are CooperVision, Carl Zeiss AG, Safilo Group S.P.A., JINS HOLDINGS INC., Zenni Optical, Inc., Johnson & Johnson Vision Care, Inc., HOYA Corporation, Bausch & Lomb Incorporated, Marcolin SpA, Charmant Group, and others.

Global Eyewear Market: Latest Developments

• September 2022: CooperVision, announced the addition of MyDay Energy daily disposable contact lenses to its product portfolio for digital lifestyles

• August 2022: Zenni Optical, Inc., announced the introduction of ReMakes a new sustainable eyewear collection made from 100 percent recycled plastic.

Key Reasons to Buy Our Report

• The report covers a detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis, and challenges that impact market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessments for overall growth.

• We provide customized reports as per the client's requirement helping them to see possible and unexpected challenges and unforeseen opportunities to help them reach their goal.

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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