Renub Research has recently released a report titled " Eyewear Market, Size, Global Forecast 2023-2030, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis" providing a detailed industry analysis that includes market share insights. The report also includes competitor and regional research and contemporary advancements in the market. The Global Eyewear Makret shall experience a CAGR of nearly 7.40% from 2022 to 2028.
National Centre for Biotechnology Information (NCBI) reports that over 2.5 million eye injuries occur annually, with 50,000 individuals who have permanent vision loss, partly or entirely. As a result, people are becoming more conscious of the importance of their eyesight, increasing the demand for prescription glasses, sunglasses, and contact lenses. In addition, the widespread use of digital devices such as smartphones, computers, and tablets has increased eye strain and other vision problems leading to increased demand for eyewear explicitly designed for digital device use.
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The growth in the eyewear industry is propelling due to an aging population who are more likely to require vision correction such as prescription glasses or contact lenses. Research from the Health Policy Institute reveals that the percentage of people with visual impairments is significantly higher among those aged 65 and above, at 18 percent, compared to those under age 65, which is only 6 percent.
Eyewear has evolved into a stylish fashion accessory that reflects one's personality. Incorporating new lens and frame technologies has made eyewear more comfortable, durable, and aesthetically pleasing, increasing consumer appeal. For example, Titan, a luxury company in India, recently launched their Titan EyeX smart glasses in January 2022, featuring trendy open-ear speakers, touch controls, and fitness tracking. These glasses are Bluetooth v5.2-compatible with Android and iOS smartphones and are also dust and water-resistant, with the open-ear speakers enabling voice navigation and warnings during extended use.
Around the world, Sunglasses' Eyewear market is growing due to increasing UV and Eye protection demand during Outdoor Activities
Sunglasses are increasingly popular due to rising awareness of the harmful effects of UV rays and their fashion appeal. People are also seeking eye protection during outdoor activities such as sports and driving. In addition, celebrity endorsements and the growth of e-commerce have further contributed to the development of the global eyewear market.
The global workforce is experiencing a rise in its population, and a noteworthy portion of them are inclined towards incorporating sports and fitness activities as a part of their leisure pursuits, reflecting their changing lifestyle preferences. The growing popularity of endurance sports has also led to an increased demand for a variety of sports accessories, particularly sports sunglasses, among enthusiasts, ultimately boosting global eyewear market.
Offline Stores dominate the Global Eyewear Market because customers need to try on different Frames and Sizes to find the right Fit
Prescription requirements also make it easier to verify prescriptions in person with trained professionals. Brand familiarity, the complex purchase process, and limited online options also contribute to the dominance of offline sales. In-store professionals can guide customers through the process and assist them. At the same time, offline stores offer a more comprehensive range of products and options, making it easier for consumers to find the perfect fit. Although the eyewear industry has seen an increase in offline stores, brick-and-mortar stores continue to play a significant role in the global eyewear market.
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The convenience and accessibility provided by the online eyewear market have resulted in significant growth in recent years. Customers can purchase eyewear products from the comfort of their homes, avoiding the need to visit traditional brick-and-mortar stores. This industry has transformed the way customers shop for eyewear by providing a broad range of options in terms of style, brand, and price range, enabling easy comparisons and informed decision-making. Online eyewear retailers often offer affordable prices, promotional deals, and a hassle-free return policy, further enhancing the shopping experience. As more customers shift towards online shopping for their eyewear needs, the eyewear market is a rapidly growing market that will continue to expand.
Trend towards Gender-neutral Fashion is driving the growth of Unisex Eyewear Designs
Brands are now creating frames suitable for men and women, focusing on versatile shapes and colours. This trend is also due to the demand for functional eyewear worn in various settings and a desire for inclusivity in the fashion industry. In addition, the rise of e-commerce has also made it easier for consumers to shop for unisex eyewear online.
Women's eyewear purchasing habits are shaped by a variety of factors, including style, fit, function, and brand. Women often look for eyewear products that complement their personal style and fashion preferences, which may vary from season to season. Therefore, they tend to purchase a diverse range of eyewear products that can be worn for different occasions and purposes, such as casual wear, formal events, or sports activities. These activities are propelling the growth of global eyewear market in upcoming years.
Europe has Hegemony in the Global Eyewear Market
Europe's long history in eyewear manufacturing has resulted in specialized skills and high-quality products. Prestigious brands like Essilor Luxottica lead the industry. The extensive, affluent European consumer base demands luxury eyewear, driving innovation. A strong distribution network offers easy access to a wide range of products. In addition, strict EU regulations ensure safe and high-quality eyewear, enhancing Europe's reputation.
Additionally, the eyewear market in Asia has seen significant growth recently, thanks to factors such as increased disposable income that has led to a higher demand for fashionable, high-quality eyewear products. China, Thailand and India consumers are increasingly aware of the importance of eye health, resulting in more demand for eyewear products that offer protection against UV rays. The popularity of e-commerce has also made it easier for consumers to access a wider variety of eyewear products, including eco-friendly and sustainable options in Asian countries.
Advanced technology such as blue light blocking, anti-glare, and polarized lenses is also becoming more popular in the eyewear market. The eyewear industry is continually evolving to meet consumers' changing needs and presents exciting opportunities for manufacturers and retailers.
Competitive Landscape
The eyewear industry is competitive due to a large and diverse consumer base, numerous brands with unique designs and technologies, advancements in technology and materials, and the rise of e-commerce. In addition, consolidation has resulted in a smaller number of more significant players, and fashion trends drive competition. Some major companies operating in the global eyewear market are Burberry Group, Essilor Luxottica, Carl Zeiss Group, Hoya Corporation, Prada, Tesco, Louis Vuitton, and Cooper Vision.
In Feb 2023, Innovative Eyewear, Inc. has released the latest version of its LucydLyte audio eyewear platform, called the LucydLyte 2.0, now available for purchase at Lucyd.co. The new line includes various upgrades and can be obtained in any optical prescription. The company intends to introduce it to different retailers worldwide and is associated with the Lucyd, Nautica, and Eddie Bauer brands.
Market Summary:
- Product Type - The Report covers Global Eyewear Market by product type from 3 viewpoints (Spectacles, Sunglasses, and Contact lenses).
- Mode of Sales – Global Eyewear Market, by mode of sales, breaks up into two viewpoints (Online and Offline).
- End-User – The Report covers Global Eyewear Market by end-user in 3 viewpoints (Men, Women, and Unisex).
- Region - By region, the Global Eyewear Market breaks up into four viewpoints (North America, Europe, Asia-Pacific, and Rest of World).
- Key Players- All the major players in the report global eyewear market have been covered from 3 Viewpoints (Overview, Recent Developments, and Revenue) Burberry Group, Essilor Luxottica, Carl Zeiss Group, Hoya Corporation, Prada, Tesco, Louis Vuitton, and Cooper Vision.
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