Eyewear Market Overview:
Market Research Future (MRFR) anticipates that the Protective Eyewear Market will achieve a whopping USD 234.60 billion by the end of 2030. Between 2022 and 2030, the market could capture a 3.56% CAGR from 2022 to 2030.
Eyewear Market Growth Inducers and Deterrents:
Different types of sunglasses, contact lenses, and spectacles have become highly popular among consumers, in view of rising visual deficiencies, such as myopia, astigmatism, presbyopia and hypermetropia/hyperopia. Corrective contact lenses enjoy substantial demand, given the rise in visual inaccuracies across the globe, thereby augmenting the market position. On top of this, the demand for soft contact lenses has been picking up speed as well, since these contain soft, flexible plastics such as silicone hydrogel, which provides easy adaptability and comfort to eyes. In short, MRFR experts deem the heightened demand for corrective contact lenses and soft contact lenses to be great opportunities for major brands in the worldwide market.
Heightened consciousness about style and image enhances the demand for sunglasses and different types of spectacles among the youth. The demand is also high among the expanding middle-class consumer population, who are spending considerably on products that up their fashion statements.
Strong efforts related to research & development activities in the optometry and optic fields could facilitate market growth too. A few important advancements over the years have been the emergence of contact lenses, and spectacles integrated with innovative technologies, for improved quality and higher appeal. Meanwhile, daily disposable contact lenses have been enjoying widespread popularity among consumers, which is touted to be a huge opportunity in the next several years.
Top Companies:
Eyewear Manufacturer Fielmann AG (Germany), The Cooper Companies Inc. (US), Bausch Health Companies Inc. (Canada), Luxottica Group S.p.A. (Italy), Carl Zeiss AG (Germany), Safilo Group S.p.A. (Italy), GrandVision (Netherlands), Alcon Vision LLC (US), Johnson & Johnson Vision Care, Inc. (US), Marcolin SpA (Italy), Marchon Eyewear Inc. (US), De Rigo Vision S.p.A. (Italy), Essilor International (France), Rodenstock GmbH (Germany), Charmant Inc. (US) are the top manufacturers of a variety of eyewear in the market.
Majority of these brands are working diligently on bolstering their worldwide reach by emphasizing on introducing cutting-edge products. These companies use competitive measures including partnerships, acquisition, agreement, and collaborations for a higher business position in the global industry.
Eyewear Market Segmentation:
By Product Type: (Spectacles, Sunglasses, Contact Lenses, and others)
By Distribution Channel: [Store-Based (Hypermarkets and Supermarkets, Specialty Stores, and others) and Non-Store-Based]
By Region: (North America, Europe, Asia-Pacific, and Rest of the World) - Forecast till 2030
Recent Developments:
March 2022: Immagine98's outlook eyewear company, X-Ide, launched its latest collection, which has diamond-coated frames, the brand's signature look. The frames in the collection are composed of acetate or metal and include hand engravings inspired by the world of goldsmiths. Each frame is individually engraved in several locations, from the temples to the brow bar to the end piece.
March 2022: Kering Eyewear, a worldwide eyewear firm whose portfolio includes Gucci, Cartier, Saint Laurent, and other luxury brands, announced the acquisition of Maui Jim. The acquisition of Maui Jim is a watershed moment in Kering Eyewear's expansion. Kering will acquire a second unique brand just months after acquiring Lindberg, bolstering its position in the high-end eyewear category. It is now poised to offer a greater range of eyewear, ranging from functional to timeless and luxury fashion.
What is the different Industry for eyewear?
The industry for eyeglasses is divided into segments based on the type of product, the method of sale, the end user, and the area. The prescription eyewear market is divided into three segments based on the kind of product: sunglasses, contact lenses, and eyeglasses and spectacles. It is divided into retail stores and online retailers based on the method of selling. The market is split between men and women based on end users. Region wise, the eyewear market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America contributed the highest revenue in 2020 and is expected to dominate the market during the forecast period.
Regional Insights:
Europe, due to the booming sales of a variety of Eyewear Trends in conjunction with the alarming rise in eye-related disorders, is currently the global market leader. Cosmetic lenses, and sunglasses are especially popular among the youth in the region, adding significantly to the market strength. Besides, companies, as well as researchers are frequently exploring new manufacturing technologies for more product innovation while conducting extensive R&D activities. Demand for optimized and premium quality eyewear products along with the emergence of lucrative designs will bolster the demand for the latest designs soon across the region.
Asia Pacific will be gaining ground at the fastest pace in the coming years, resulting from the growing cases of eye disorders, booming sales of coloured lenses and the latest designer sunglasses. Additionally, with numerous international multinational vendors shifting their base to emerging countries in the region, the Eyewear Industry is likely to thrive in the future.
To cite a reference, in January 2022, Mojo Vision, the augmented reality contact lens manufacturer, teamed up with Adidas and numerous other fitness brands to put forward its advanced data-tracking contact lens in the consumer market. The company further announces USD 45 million funding, which has brought its overall investment to around USD 205 million. The company’s eye-controlled smart contact lenses contain a built-in display that monitors the fitness-based data along with AR graphics.
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