NEWARK, Del, Nov. 05, 2023 (GLOBE NEWSWIRE) -- The eyewear market is likely to hold a valuation of US$ 291.00 billion by 2033. As of 2023, the market value is US$ 169.10 billion. As the population of individuals dealing with vision-related problems foresees growth, the eyewear market is expected to expand by 5.6% CAGR for the forecast period of 2023 to 2033.
According to the World Health Organization (WHO), at least 2.2 billion people worldwide have vision impairment, and this number is bound to grow in the coming years due to individuals' reliance on digital devices like computers, tablets, and mobile phones. Along with this, there is another estimate which says that 80% of these impairments could be avoided or cured with proper eyewear and medications. All these factors collectively point to the remarkable demand for eyewear in the general population worldwide.
Eyewear is generally used to fix the refractive impairments in individuals caused due to myopia, heteromyopia, or astigmatism. Apart from these, it can also be recommended by ophthalmologists immediately after the patient has gone through eye surgery. With the aging population in most parts of the world, the demand for eyewear is likely to experience a considerable surge as the chances of vision-related problems are high in this demographic.
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Aside from clinical applications, eyewear is becoming an important aspect of people's everyday clothing and fashion in their daily lives. Well-established brands in the market are collaborating with social media influencers, celebrities, and athletes to promote their eyewear collections effectively. Athletes and fitness enthusiasts engaged in adventure sporting activities are also significant contributors to the global revenue of the eyewear market.
“The eyewear market is now very condensed due to numerous international brands. These brands have to come up with innovative marketing strategies to always stay in touch with their loyal consumers. In the last few years, it can be noticed that brands have been heavily investing in developing frames and lenses from sustainable materials that can be 100% recycled”, says Sneha Verghese, Senior Consumer Goods and Products Consultant at Future Market Insights (FMI).
Key Takeaways from the Eyewear Market Report:
- The eyewear market is expected to grow by 5.6% for the forecast period of 2023 to 2033.
- Metal-framed glasses and spectacles dominate the global eyewear market, with an overall revenue share of 45%.
- Regarding product type, sunglasses capture 60.10% of the global eyewear market revenue.
- India is the leading market for eyewear, with a remarkable growth rate of 8.8% CAGR from 2023 to 2033.
- India is followed by China (6.60%), Germany (6.20%), and Singapore (6.20%) in terms of eyewear market growth.
Competitive Landscape of the Eyewear Market:
A mix of well-established and niche-focused companies characterizes the eyewear market's competitive landscape. Ray-Ban, Oakley, Gucci, etc., have historically had an essential market share for years.
These companies have a prolonged consumer base and are constantly making innovations to keep up with recent trends in the fashion industry. Small brands need help to maintain their position in the market. In the past few years, there has been an influx of celebrity-owned brands in the international and local marketplaces.
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Key Companies in the Eyewear Market
- Luxottica Group S.p.A.
- Essilor International SAS
- Johnson & Johnson Vision Care, Inc.
- Safilo Group S.p.A.
- Alcon Vision LLC
- Carl Zeiss AG
- Cooper Companies
- GrandVision
- Prada S.p.A
- Valeant Pharmaceuticals International, Inc.
- Silhouette International Schmied AG
- LVMH Group
- Marcolin SpA
- De Rigo Vision SpA
- Hoya Corporation
- Fielmann AG
Recent Developments:
- Ray-Ban has launched a new generation of Ray-Ban Meta smart glasses in partnership with EssilorLuxottica, which can shoot and record HD videos in just one touch. Users can also go live on their social media platforms using the camera of these sunglasses.
- Marchon, one of the most prominent eyewear designers and producers in the world, is finding inventive ways to use recycled and bio-based materials in the 22 million frames it produces annually for brands like Lacoste, Nike, and Calvin Klein. The company has announced that it would soon manufacture frames from castor beans.
- Ampere, the world’s leading eyewear, recently announced a series of glasses with the world’s first light and touch-responsive, prescription-ready glasses with instant electronic tint control.
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Market Segmentation
By Product Type:
- Sunglasses
- Spectacle
- Spectacle Frame
- Spectacle Lens
- Contact Lens
- Soft Contact Lens
- Rigid Gas Permeable Lens
- Plano Sunglasses
- Polarized
- Non Polarized
By End Use:
- Male
- Female
- Unisex
- Kids
By Sales Channel:
- Online
- Hypermarkets/Supermarkets
- Specialty Stores (Optical Stores)
- Franchise Outlets
- Multi-Brand Stores
- Hospitals/Clinics
By Material Type:
- Metal
- Plastic
- Silicone
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East and Africa
Author By:
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
Explore FMI’s Extensive Ongoing Coverage in the Consumer Product Domain:
- According to Future Market Insights (FMI), during the projected period, the Europe safety eyewear market is expected to surge at a CAGR of 4.5% through the forecast period 2023 to 2033. The market value is projected to increase from US$ 941.8 million in 2023 to US$ 1,457.5 million by 2033.
- According to latest research by Future Market Insights (FMI), during the forecast period 2023 to 2033, the Middle East and Africa (MEA) safety eyewear market is expected to rise at a CAGR of 11.3%. The market value is projected to increase from US$ 154.84 million in 2023 to US$ 453.07 million by 2033. The safety eyewear market was valued at US$ 137.43 million at the end of the historical period 2018 to 2022.
- As per FMI’s safety eyewear market research, the industry is expected to garner a market value of US$ 4 Billion in 2023 and is expected to accumulate a market value of US$ 7 Billion by registering a CAGR of 5.8% in the forecast period 2023 to 2033.
- The Canada eyeshadow stick & blush stick market is estimated to reach US$ ~245 Million in 2023 and projected to grow at a CAGR of ~4.7% (2023 to 2033). Demand in the market is predicted to surge with growing preference for natural cosmetic products. Further, rising trend of clean label and transparent ingredient list will fuel the sales. As per the study, eyeshadow stick & blush stick sales are expected to surpass US$ ~389.4 Million in 2033
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