Eyewear Market Valuation to Reach USD 234.60 Billion by 2030 at 3.56% CAGR – Report by Market Research Future (MRFR)
Eyewear Market Size and Trends Research Report: Information by Product Type (Spectacles, Sunglasses, Contact Lenses and others), Distribution Channel [Store-Based (Hypermarkets and Supermarkets, Specialty Stores and others) and Non-Store-Based] and Region (North America, Europe, Asia-Pacific and Rest of the World) – Forecast till 2030
New York, US, May 17, 2022 (GLOBE NEWSWIRE) — Eyewear Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), “Eyewear Market Information by Product Type, Distribution Channel, and Region – Forecast till 2030”, the market is estimated to acquire a size of over USD 234.60 billion by the end of 2030. The report further predicts the market to thrive at a healthy CAGR of over 3.56% during the review timeframe.
Market Synopsis
Designers of eyeglasses create new styles and patterns daily to keep up with fast fashion trends and captivate fashion fans. Companies can generate new revenue by acquiring new consumers and maintaining ongoing business relationships with existing clients. To improve the customer purchasing experience and develop stronger business relationships, eyewear companies are broadening their service offerings. The fashion industry has a significant influence on these trends. Eyewear may now be altered fast and easily thanks to the development of 3-D printing. The exponential growth of social media offers new growth opportunities for the business. Popular social media platforms enable eyewear companies to comprehensively assess audience requests and tastes, allowing them to offer specially curated things based on geographic location.
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Market Competitive Landscape:
The prominent contenders in the eyewear market are:
- Safilo Group S.p.A. (Italy)
- Essilor International (France)
- Rodenstock GmbH (Germany)
- GrandVision (Netherlands)
- Alcon Vision LLC (US)
- Johnson & Johnson Vision Care, Inc. (US)
- Marcolin SpA (Italy)
- Fielmann AG (Germany)
- Marchon Eyewear Inc. (US)
- The Cooper Companies Inc. (US)
- Bausch Health Companies Inc. (Canada)
- Luxottica Group S.p.A. (Italy)
- Carl Zeiss AG (Germany)
- De Rigo Vision S.p.A. (Italy)
- Charmant Inc. (US)
Market USP Covered:
Market Drivers:
People in developing countries are becoming more conscious of vision difficulties, eye diseases, and abnormalities. They’re going to the eye doctor more frequently. These individuals are also more likely to purchase eyewear. This is a significant growth driver in the eyeglasses industry. Instagram and Tik Tok, for example, have aided in the expansion of the sector by popularizing numerous types of designer sunglasses. As a result, demand and sales for these things have increased globally. Manufacturers of eyewear are investing considerably in research and development to produce and market a younger breed of eyewear that protects the wearer’s eyes while also improving their vision.
Children developing CVS due to the increased popularity of online learning has prompted the creation of anti-fatigue and anti-glare glasses. Recent trends, such as the growing popularity of transparent eyeglasses and brilliant translucent glasses, have also raised the total demand for spectacles.
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Market Restraints:
The majority of eyeglasses demand originates from underdeveloped countries. People in these countries like to enhance their vision with low-cost frames. In addition, many individuals in India, China, and other emerging countries are uninterested in designer sunglasses. These two reasons are limiting the expansion of the eyeglasses industry. The greatest issue that individuals in the global eyeglasses market confront is finding a way to keep making more effective and technically sophisticated versions of eyewear while keeping the price for the consumer at an affordable level.
COVID 19 Analysis
Many sectors and markets suffered as a result. One of these was the eyeglass market. People were not visiting their eye doctors or making the necessary appointments to get glasses; therefore, sales declined worldwide. Many of the enterprises that made raw materials for eyeglasses manufacturers were forced to close added to the problem. The cost of these raw materials increased significantly, raising the cost of the finished goods significantly. The COVID-19 outbreak has had an impact on eyewear adoption rates in 2020. As a result of statewide lockdowns and the deployment of Work from Home (WFH) models by various organizations, people are spending more time on their computers, tablets, and mobile phones for work and pleasure. Longer screen sessions and the resulting increase in eye tiredness have aided the rising use of vision correction and anti-fatigue glasses. As a result, anti-fatigue and blue light-blocking lens sales have increased, resulting in total market growth.
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Market Segmentation
By Product Type
The spectacles subsegment is expected to have the chief market share of all sub-segments in this segment.
By Distribution Channel
The store section is predicted to make more money than the non-store part for the time being studied. However, until 2024, the non-store segment is predicted to have the highest CAGR.
Regional Insights
The European Union has the largest share of the regional eyewear market. The majority of Europeans are becoming older, and their vision is diminishing. As a result, people require eyewear that will improve their natural vision. This is a major contributing factor to the region’s rising market share and sales. Europeans also choose eyewear that is more technologically advanced. This helps explain why the regional market share and CAGR are so high. Of all the regions evaluated, the Asia-Pacific region is anticipated to have the highest CAGR. The fact that many countries have a burgeoning middle class explains this. Conclusion: there is a greater understanding of eye and vision difficulties and the numerous ways in which various forms of eyewear can help. In terms of revenue for eyeglasses items, the Asia-Pacific market is likewise a significant revenue source. This is because the eyewear business in this region is quite lucrative. Due to eye and sight problems, more individuals in Japan, India, and China require eyewear than people in any other country.
In the Asia-Pacific area, the middle classes have more purchasing power. This explains why their need for eyewear has skyrocketed. In Latin America, the same is true. In Latin America, consumers prefer to wear eyewear to improve their perceived social status, driving market growth and market share increase. Many companies are producing and marketing more effective and technologically superior eyewear generations. This eyewear has a broader range of applications and purposes.
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