Clifton, New Jersey, May 09, 2023 (GLOBE NEWSWIRE) -- The demand for eyewear is increasing owing to the growing prevalence of vision and eye problems such as myopia, hyperopia, presbyopia, and astigmatism. These conditions require corrective lenses to improve vision, leading to high demand for eyewear products such as glasses and contact lenses. Presbyopia, a common vision problem that affects people over 40, requires corrective lenses to improve near vision and is a significant driver of the demand for eyewear products. As of 2021, the world population above 40 years old is estimated to be around 2.6 billion people by the United Nations. There has been a significant increase in cases of partial and severe vision impairment among adults, as well as rising incidences of myopia and hypermetropia among children. In addition, the occurrence of other eyesight-related disorders, such as eye irritation, dry eyes, computer vision syndrome (CVS), and double vision, has increased, particularly among working professionals. According to a study published in the journal Ophthalmology in 2020, it is estimated that approximately 4.8 billion people will have myopia by 2050. It is more common in East and Southeast Asia, where up to 80% of young adults have myopia, compared to other regions such as Europe, where the prevalence is lower.
Key Takeaways:
- Spectacles held the biggest market share with more than 63.33%, of which blue light-blocking glasses and anti-glare glasses are in high demand.
- Contact lens demand is being fueled by technological advancements at a CAGR of 7.23%, such as the development of silicone hydrogel contact lenses with improved breathability and moisture retention properties.
- Unisex eyewear is versatile, can be worn with a variety of outfits, and is a practical and functional option for many people, accounting for over USD 50 billion.
- The demand for advanced glare-free prescription eyewear with increased durability is increasing; due to the prolonged use of laptops, smartphones, and tablets.
- Children's eyewear presents a significant opportunity for eyewear companies, as they need regular eye exams and new glasses as they grow, creating a recurring revenue stream for eyewear companies.
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The rise of digital technology has led to a growing demand for blue-light glasses that filter out harmful blue light and reduce eye fatigue. Advancements in technology have led to the development of high-tech eyewear products such as smart glasses and augmented reality glasses. These products offer advanced features such as health monitoring, communication, and entertainment and are attracting a growing number of consumers. Eyewear has become a popular fashion accessory, with many consumers purchasing glasses and sunglasses to complement their style and outfit. Oversized glasses, colored lenses, cat-eye glasses, clear glasses, round glasses, and aviator sunglasses are some of the several stylish eyewear products that are currently trending in the market. Many eyewear companies now offer virtual try-ons and online ordering, which has increased convenience and accessibility for customers. Sustainability is becoming a key trend in the eyewear industry, with many companies looking for ways to reduce their environmental footprint. This includes using eco-friendly materials such as bamboo, recycled plastics, and biodegradable materials, as well as implementing sustainable manufacturing practices. Warby Parker, Eco Eyewear, Proof Eyewear, MODO Eyewear, and Sea2See are companies that use sustainable materials and manufacturing processes like acetate, recycled stainless steel, recycled plastics, plant-based acetate, wood, cotton-based acetate, and recycled aluminum. Popular e-commerce portals for eyewear in the global industry are Warby Parker, Zenni Optical, GlassesUSA, Lenskart, and SmartBuyGlasses.
The demand for blue light-blocking glasses and anti-glare glasses that are lightweight and trendy generates higher revenues in the spectacles segment. Spectacles are the leading type, while contact lenses are increasingly replacing spectacles. Lifestyle changes, technological advancements, and emerging health concerns are driving the sales of daily disposable lenses, silicone hydrogel lenses, toric lenses, multifocal lenses, colored lenses, and therapeutic lenses. The sunglasses industry faces competition from the unorganized sector, particularly in emerging markets, where consumers may be more price-sensitive and less brand-conscious. The unorganized sector consists of small, independent manufacturers and retailers who produce and sell low-cost sunglasses, often without adherence to safety or quality standards.
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Premium eyewear is frequently made of higher-quality materials, such as titanium or high-grade acetate, making it more durable and long-lasting. Many premium eyewear brands have built a reputation for quality and luxury, which can attract customers willing to pay more for a product bearing that brand's name. Premium eyewear frequently features one-of-a-kind and innovative designs that are not commonly found in lower-cost products, which is driving demand to grow at a CAGR of 7.14% over the forecast period. Customers who want to make a fashion statement with their eyewear may find these designs appealing.
Online stores offer lower prices than physical stores, which is a significant reason for price-conscious customers to shop for eyewear online. "The rise of e-commerce and huge advertising investments through popular social media sites like Instagram, Twitter, and Facebook assist businesses in incorporating novel marketing tactics such as influencer and affiliate marketing to increase profitability," says Mr. Dhwipal Shah, from Bonafide Research. Online sales of eyewear are expected to grow rapidly at a CAGR of 8.41% during 2023–28.
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The North American eyewear market is expected to grow at a rate of more than 5.77% from 2023 to 2028. The high per capita incomes, coupled with the altering fashion trends and preferences for luxury products, have propelled the eyewear market's growth in the region. On account of this, manufacturers are introducing a diverse range of frames, keeping in mind the different requirements and preferences of consumers. As of 2021, the geriatric population in the United States (people aged 65 and over) is estimated to be around 56 million, according to the U.S. Census Bureau. This number is expected to continue growing in the coming years, driven by factors such as increasing life expectancy and the aging of the baby boomer generation. This presents an opportunity for eyewear companies to develop products that are tailored to the unique needs and preferences of older adults, such as glasses with larger lenses, lightweight frames, and specialized coatings that protect against glare and UV radiation.
The aging population in Europe is driving demand for eyewear products such as glasses and contact lenses. As people age, they are more likely to experience age-related vision changes, such as presbyopia, cataracts, and macular degeneration, which can result in the need for corrective lenses. Compared to Germany, France, and Italy, the eyewear markets in Spain and Russia are relatively smaller. Demand for designer eyewear is a recent trend among young Europeans.
The Asia-Pacific region is home to some of the world’s largest and fastest-growing eyewear markets at a CAGR of 7.41%, making it a key area of focus for many eyewear companies. One of the main drivers of the eyewear market in the Asia-Pacific region is the large and growing population. Another factor contributing to the growth of the eyewear market in the Asia-Pacific region is the increasing prevalence of myopia, particularly among younger populations. Younger generations in Japan are less likely to wear glasses or contact lenses and instead opt for corrective surgery or other vision correction methods. In Australia, the high rate of skin cancer has led to a greater emphasis on sun protection and outdoor sports, with sunglasses and sports eyewear seeing significant growth.
In many South American countries, the climate is hot and humid, as a result of which it has the highest sunglasses market (34.43%) as compared to other regions. The weather makes it difficult to wear contact lenses comfortably for long hours of time. Some popular styles of sunglasses in South America include aviators, wayfarers, and round frames, as well as more sporty styles designed for outdoor activities like hiking and fishing. Polarised lenses are also in demand in South America, as they provide additional protection from glare and are ideal for activities like boating and watersports.
The MEA eyewear market is expected to grow at a CAGR of 7.05% during 2023–28. The eyewear market in the Middle East and Africa (MEA) region is growing rapidly due to factors such as an increasing population, a rise in disposable income, and changing fashion trends. Additionally, there is a growing market for high-end designer glasses and sunglasses, particularly among younger consumers who are willing to pay a premium for luxury brands.
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Considered in the Report
- Geography: Global
- Historic Year: 2017
- Base year: 2022
- Estimated year: 2023
- Forecast year: 2028
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