Pune, India, Aug. 09, 2021 (GLOBE NEWSWIRE) -- According to the report, Eyewear market size is projected to reach USD 178.95 Billion by 2026. Eyewear Market was worth USD 115.90 billion in 2019 and will exhibit a CAGR of 5.7% during the forecast period. Eyewear Market to Reach USD 178.95 Billion by 2026; Introduction of Carl Zeiss’ UVProtect to Drive Market Growth. Collaboration of TerraCycle and CooperVision for Contact Lens’ Recycling Program to Bolster Business.
Based on product type, the global market is divided into spectacles, sunglasses, and contact lenses. The spectacles segment is further classified into frames and lens. Sunglasses are segmented into plano and prescription sunglasses. Contact lenses are into toric, multifocal, and sphere. The spectacles segment is expected to dominate the market during the forecast period. The growth is attributed to the rising cases of myopia and hypermetropia
Based on the distribution channel, the market is divided into retail stores, online stores, and ophthalmic clinics.
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Surging Eye-related Disorders to Drive Global Market
The increasing knowledge about ocular disorders among populations will enable the speedy expansion of the market. The growing number of individuals suffering from ocular diseases is expected to fuel demand for eyewear, thus aiding the market growth. Based on the projections given by the World Health Organization (2015), by 2020 there will be around 2.2 billion new incidences of myopia globally. In countries such as Japan, South Korea, and China, individuals are accepting colored contact lenses because of its aesthetic value. Moreover, the growing availability of sunglasses and spectacles can have a tremendous impact on the eyewear market share. Besides, the rising disposable incomes of individuals have further increased the demand for higher-value sunglasses. In addition, the rising brand consciousness among users will incite the development of the market.
Inclination towards Premium Sunglasses to Favor Market in Europe
The market size in North America stood at USD 35.60 billion in 2018 and is expected to experience a rapid growth rate during the forecast period. The growth is attributed to the increasing popularity of vision care products in the US. The growing inclination for premium eye care products will have an excellent impact on the global market. Moreover, the rising awareness about ocular disorders will improve the prospects of the market in the region. The inclination towards premium sunglasses and rising disposable income will contribute positively to the market growth in Europe. The increasing affordability in Germany, France, and the UK will spur opportunities for the market in the region. Also, the growing trend for spectacles and fashionable frames is expected to boost the growth of the eyewear market in Europe.
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Johnson and Johnson Services to Hold the Major Share
The global eyewear market is dominated by regional and international players. Johnson and Johnson Services, Inc. holds the largest share in the global market, followed by Alcon. Other companies such as Essilor Luxottica, Safilo Group S.p.A, and Carl Zeiss, among others, are constantly improving their technologies to strengthen their position in the industry. Moreover, many companies are adopting newer technologies like 3D printing to enhance their product quality. Besides, strategic partnerships and collaborations are among the many strategies adopted by eyewear companies to reinforce their footprint.
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August 2019: CooperVision introduced a soft contact lens recycling program in partnership with TerraCycle to increase its sustainability efforts.
August 2019: The U.S FDA signed approval for CooperVision’s Paragon Contact lens manufacturing site in Phoenix, U.S.
List of Key Players Covered in the Impact of COVID-19 on Eyewears Market Report:
- Alcon (Part of Novartis AG)
- EssilorLuxottica
- CooperVision
- Johnson & Johnson Services, Inc.
- Bausch Health Companies Inc.
- Carl Zeiss
- Fielmann AG
- Safilo Group S.p.A
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Global Eyewear Market Segmentation:
By Product Type:
- Main Bearing
- Connecting Rod Shell
- Flange Bearing
- Small End
- Camshaft Bush
By Market Type:
- OEM
- Aftermarket
By Vehicle Type:
- Passenger Cars and Light Commercial Vehicles,
- Heavy Commercial Vehicle
By Geography:
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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