Global Eyewear Market Size, Share, Demand & Trends Analysis Report by 2026 | Exclusive Report by Facts Factors
According to Facts & Factors, the global eyewear market size in terms of revenue was worth around USD 164.2 billion in 2019 and is expected to reach USD 285 billion by 2026 growing at a CAGR of 7.2% from 2022 to 2028. The global eyewear market is projected to grow at a significant growth rate due to a number of driving factors.
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The eyewear is a form of protective eyewear that, in addition to assisting with vision, is designed to lessen the strain that is placed on the eyes. Lenses of glass or hard plastic are used in their construction, and then they are affixed to a supporting frame. In spite of the fact that eyewear is required as a piece of necessary equipment, it has evolved into a fashionable accessory for enthusiasts. It has gained prominence as a fashionable eye protection accessory that projects a certain lifestyle. The most common types of eyewear are prescription eyeglasses, sunglasses, and contact lenses.
One of the primary factors contributing to this expansion is the growing number of patients visiting ophthalmologists due to eye disorders such as blurred vision, macular degeneration, cataract, diabetic retinopathy, glaucoma, and refractive error among the population. This is a major driver of this expansion. There is a significant number of people who are visually impaired in developing countries like India, Brazil, and Mexico. This affects a sizeable portion of the population in these countries.
In addition, younger people’s increased use of electronic devices for entertainment, such as personal computers, smart phones, and televisions, has led to increased strain on the eyes. This problem is especially prevalent among people under the age of 35. The younger generation is buying eyewear in order to compensate for the excessive use of such devices in their lives. In addition, adjustments to lens prescriptions have resulted in replacement of eyeglasses, which is anticipated to further boost demand in the market.
It is anticipated that the spectacles will maintain their preeminence over the period under study. It is generally agreed upon that increased awareness towards eye care and high renewal rates are the primary reasons for the rise in the number of people purchasing eyeglasses. It is anticipated that the sunglasses will experience the second largest sale in terms of total revenue. The market for sunglasses is primarily driven by high-income countries, the majority of which are located in the western region of the world.
Brick-and-mortar stores accounted for a significant portion of the revenue generated by the global eyewear market in 2019, and it is anticipated that this trend will continue throughout the forecast period. As a growing number of consumers look for immediate on-location testing and sampling, more and more products are being distributed through store-based facilities such as department stores, optical stores, and hypermarkets.
The highest revenue was brought in by the North American region. The high disposable income of consumers along with the high demand for fashionable and premium sunglasses are the primary contributors to the high revenue. In the not-too-distant future, it is anticipated that the European and Asia Pacific region will generate a significant amount of revenue.
France is currently the most powerful nation in the European region. It is anticipated that the Asia-Pacific region will experience the greatest growth among the regions. The middle class, the youth, and the population that resides in urban areas are targeted demographics by a significant number of manufacturers in China who are introducing innovative and fashionable eyewear at affordable prices. A further factor that is anticipated to contribute to the expansion of the market in the Asia Pacific region is the growing level of discretionary income in the economies of China and India.
CooperVision, Fielmann AG, EssilorLuxottica, Bausch + Lomb Inc., and Safilo Group S.p.A. are some of the major companies that are included in this report as major players operating in the global eyewear market.
This report segments the global eyewear market as follows:
By Product type Segmentation Analysis
- Contact Lenses
By Distribution Channel Segmentation Analysis
- Brick and Mortar
Regional Segmentation Analysis
- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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