In 2021, the market for Eyewear worldwide was worth $115 billion US dollars. AMR Group projects that the market will reach US$ 175 billion by 2031, growing at a CAGR of 6.4 percent between 2022 and 2031.
Eyewear refers to any device worn over the eyes to improve vision or protect the eyes from damage. This includes prescription glasses, contact lenses, sunglasses, and safety glasses. Eyewear can correct vision problems such as myopia (nearsightedness), hyperopia (farsightedness), and astigmatism, and can also protect the eyes from UV radiation, dust, and other hazards. Eyewear is available in various styles, materials, and designs to meet the needs and preferences of different users. It is commonly used by people of all ages and occupations, including those who require vision correction, those who work in hazardous environments, and those who enjoy outdoor activities.
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Market Segmentation:
1. By Product Type: a) Spectacles
· Prescription spectacles
· Reading spectacles b) Sunglasses
· Polarized sunglasses
· Non-polarized sunglasses
· Photochromic sunglasses c) Contact Lenses
· Soft lenses
· Rigid gas permeable lenses
2. By Distribution Channel:
a) Optical stores
b) Online stores
c) Retail stores
3. By Geography:
a) North America
b) Europe
c) Asia-Pacific
d) Latin America
e) Middle East and Africa
Key Players:
The eyewear market is highly competitive, with many established players and new entrants vying for market share. Here are some of the major players in the eyewear market:
Luxottica Group: Luxottica is the world's largest eyewear company, with a strong portfolio of brands such as Ray-Ban, Oakley, and Vogue Eyewear. The company has a global presence and is known for its high-quality products and strong retail operations.
EssilorLuxottica: EssilorLuxottica is a merger of Essilor and Luxottica, creating a global leader in the eyewear industry. The company is known for its strong focus on innovation and technology, and has a wide range of brands such as Varilux, Transitions, and LensCrafters.
Safilo Group: Safilo is a leading manufacturer of high-quality eyewear products, with a portfolio of brands such as Carrera, Smith, and Polaroid. The company is known for its strong design capabilities and has a global presence.
Marchon Eyewear: Marchon is a leading designer and manufacturer of eyewear products, with a strong portfolio of brands such as Calvin Klein, Nike, and Lacoste. The company is known for its innovative designs and has a strong focus on sustainability.
Johnson & Johnson Vision: Johnson & Johnson Vision is a global leader in the contact lens market, with a portfolio of brands such as Acuvue and Johnson & Johnson Vision Care. The company is known for its strong research and development capabilities and commitment to improving eye health. Other notable players in the eyewear market include Carl Zeiss AG, Hoya Corporation, Silhouette International, and Alcon Inc.
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Regional Analysis:
The eyewear market is a global market that is segmented by regions. Here is a regional analysis of the eyewear market: The North American eyewear market is one of the largest in the world, driven by the growing demand for fashion eyewear and sunglasses. The market is dominated by the United States, which has a large number of eyewear manufacturers and retailers. The market is expected to experience moderate growth in the coming years, driven by increased demand for online sales channels and innovative product offerings. The European eyewear market is also a significant market, driven by the growing demand for high-end fashion eyewear and sunglasses. Italy and France are two of the largest markets in Europe, known for their high-quality eyewear products. The market is expected to grow at a moderate pace due to increasing awareness of the importance of eye health and the growing demand for fashionable eyewear products.
The Asia-Pacific region is the fastest-growing eyewear market, driven by the growing demand for eyewear products in emerging economies such as China and India. The market is expected to grow at a rapid pace due to the increasing population, rising disposable income, and growing awareness of the importance of eye health. The region is also home to some of the largest eyewear manufacturers in the world. The Latin American eyewear market is also a growing market, driven by the increasing demand for corrective eyewear products and sunglasses. The market is expected to grow at a moderate pace due to increasing awareness of the importance of eye health and the growing demand for fashionable eyewear products. The Middle East and Africa eyewear market is a relatively small market, but it is expected to grow at a moderate pace in the coming years. The market is driven by the growing demand for corrective eyewear products and sunglasses in the region, along with increasing awareness of the importance of eye health.
Key Benefits:
• The analysis provides an overview of the factors driving and limiting the growth of the market including trends, structure and others.
• Market estimation for type and geographic segments is derived from the current market scenario and expected market trends.
• Porter’s Five Force Model and SWOT analysis are used to study the global Eyewear market and would help stakeholders make strategic decisions.
• The analysis assists in understanding the strategies adopted by the companies for the growth of this market.
• In-depth analysis of the types of Eyewear would help in identifying future applications in this market.
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