Global Eyewear Market Overview

Eyewear Market Size was valued at USD 168.4 million in 2021. The eyewear market industry is projected to grow from USD 182.8 Million in 2022 to USD 325.82 million by 2030, exhibiting a compound annual growth rate (CAGR) of 8.60% during the forecast period (2022 - 2030). The shift in millennials' lifestyle preferences and their growing use of expensive are the key eyewear market drivers enhancing the market growth.The growth of the market is attributed to the increasing demand for eyewear products from both the corrective and non-corrective segments.

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Market Segmentation

The eyewear market can be segmented by product type, distribution channel, and region.

Product Type

The major product types in the eyewear market are:

  • Corrective eyewear
  • Non-corrective eyewear

Corrective eyewear is used to correct vision problems such as myopia, hyperopia, and astigmatism. Non-corrective eyewear is used for protection from the sun's harmful UV rays and for fashion purposes.

Distribution Channel

The major distribution channels in the eyewear market are:

  • Offline channels
  • Online channels

Offline channels include optical stores, department stores, and supermarkets. Online channels include e-commerce platforms and the websites of eyewear brands.

Region

The major regions in the eyewear market are:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Market Drivers

The following are some of the key drivers of the eyewear market:

  • Increasing prevalence of vision problems
  • Rising disposable incomes
  • Growing awareness of the importance of eye protection
  • Expanding aging population
  • Increasing popularity of online shopping

Market Challenges

The following are some of the challenges facing the eyewear market:

  • Counterfeit products
  • Increasing competition from online retailers
  • Stringent regulations on the sale of eyewear products

Key Trends

The following are some of the key trends in the eyewear market:

  • Increasing demand for smart eyewear
  • Growing popularity of online shopping
  • Rising demand for customized eyewear
  • Increasing focus on sustainability

Key Players

The major players in the eyewear market include:

  • Luxottica
  • EssilorLuxottica
  • Safilo Group
  • Kering Eyewear
  • Johnson & Johnson Vision
  • Carl Zeiss Vision
  • Hoya Vision Care
  • GrandVision
  • Specsavers
  • LensCrafters
  • Warby Parker

Conclusion

The eyewear market is expected to grow at a steady pace in the coming years, driven by the increasing demand for eyewear products from both the corrective and non-corrective segments. The market is also expected to benefit from the rising disposable incomes, the growing awareness of the importance of eye protection, and the expanding aging population.

Opportunities

The following are some of the opportunities in the eyewear market:

  • The increasing demand for smart eyewear is a major opportunity for eyewear manufacturers and retailers. Smart eyewear is integrated with technology such as Bluetooth and GPS, which makes it possible for users to make and receive calls, listen to music, and navigate without having to use a smartphone.
  • The growing popularity of online shopping is another major opportunity for eyewear manufacturers and retailers. Online shopping offers consumers a wider selection of eyewear products at competitive prices.
  • The rising demand for customized eyewear is another major opportunity for eyewear manufacturers and retailers. Customized eyewear is tailored to the individual needs and preferences of the wearer.

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  • The increasing focus on sustainability is another major opportunity for eyewear manufacturers and retailers. Sustainable eyewear is made from recycled materials and is produced in an environmentally friendly manner.

Recommendations

Eyewear manufacturers and retailers can capitalize on the opportunities in the market by:

  • Investing in the development of smart eyewear.
  • Expanding their online presence.
  • Offering customized eyewear products.
  • Focusing on sustainability.