Worldwide Eyewear Industry Severely Influenced the COVID-19
The coronavirus's geographic reach has immensely influenced the sales of spectacle Lenses, Eyewear frames, Sunglasses, and Contact Lenses. Government bodies worldwide had enforced stringent lockdowns in the initial phase of the pandemic's spread leading to the closure of retail stores and ophthalmic clinics for an extended duration. The reschedulling of non-urgent eye examination appointments has also yielded a dip in the sales volume of numerous players operating in the industry.
The disruptions in manufacturing & transportation of spectacle lenses, contact lenses, and sunglasses owing to the pandemic also affect the decline of the market for eyewear in 2020. However, the global eyewear industry coped up in 2021 and expanded its market. As per our analysis, Global Eyewear Market Size was US$ 123.62 Billion in 2021.
Global Eyewear Market Is Expected to Expand at A CAGR of 5.6% During 2021-2027
Gradual surge in visual impairment and eye defects cases coupled with an inclination toward the latest fashion trends are the prominent factors driving the evolution of the global eyewear industry. Further, the younger generation's rise in uses of digital devices and gadgets has also led to grow in the number of eye disorders, thereby augmenting the demand for vision correction eyewear products.
Remarkably, the market has witnessed increased demand from female consumers, particularly for trendy and branded eyewear globally. The peak in the number of female professionals and women's economic independence are the key elements that foster the adoption of eyewear products amongst women. Endorsement by celebrities has increased the demand for designer and premium eyewear. Increased preference for contact lenses has boosted the overall growth of the eyewear market.
Spectacles Segment Dominates the Market in Terms of Market & Volume Share
Our report has segmented the market into Spectacle Lenses, Eyewear Frame, Sunglasses, and Contact Lenses based on the product type. As per our analysis, the spectacles segment held a significant market and volume share in the overall market in 2021. In addition, the segment is projected to maintain its dominating position at the end of the forecast period. The trend is being carried forward due to the increasing prevalence of myopia and hypermetropia. Additionally, significant players' rising lucrative product offering in the market is estimated to augment the segment's growth further.
Distribution Channel Analysis Offline Segment Hold the Leading Position in The Market
The global eyewear industry is segregated online and offline based on the distribution channel. As per our analysis, the offline segment account for a significant eyewear market share. The increased consumer accessibility is a crucial factor driving the offline segment in the industry. However, the popularity of purchasing eyewear products through online channels is estimated to propel online sales in the upcoming years.
North America dominates the Highest Market Share
By Region, North America is projected to hold the highest market share in future. Remarkably, the increasing acceptance of vision care products is estimated to boost the market's growth rate in the North American region. Moreover, factors such as the choice for premium eye care products, higher awareness of ocular ailments, and supplementing affordability to purchase expensive sunglasses are projected to push the market in European countries, Germany, France, the U.K., and others. In addition, the spurring trend of the adoption of spectacles and fashionable frames is also projected to propel market growth in Europe.
Key Industry Players of Global Eyewear Market
The global eyewear industry is highly fragmented due to local and international participants. Prominent eyewear companies are segmented into the contact lens and spectacles and sunglasses markets. The major companies covered in our report include Burberry, Carl Zeiss Group's, De Rigo Vision S.P.A., Essilor International S.A., Fielmann, Hoya Corporation, LVMH Group, Prada, and Tesco Group.
Moreover, these companies embrace newer technologies such as 3D printing to improve the differential of spectacle lenses and capture more market share. The competition in price range is one of the critical eyewear market tendencies observed in this competitive market terrain. Strategic partnerships and collaborations are a few of the many strategies adopted by key players to enhance product offerings.
This research report titled “Global Eyewear Market, Forecast by Product Type (Spectacle Lenses, Eyewear Frame, Sunglasses, Contact Lenses), Channel (Offline and Online), End User (Men, Women and Unisex), Region (North America, Europe, Asia-Pacific, ROW), Key Players (Burberry, Carl Zeiss Group's, De Rigo Vision S.P.A., Essilor International S.A., Fielmann, Hoya Corporation, LVMH Group, Prada, and Tesco Group)". The report provides key trend analysis of the key players, growth drivers and restraining factors, demand, and their projections for the upcoming years.
Product Type - Market and Volume has been covered from 4 viewpoints:
- Spectacle Lenses
- Eyewear Frame
- Sunglasses
- Contact Lenses
Channel - Market has been covered from 2 viewpoints:
- Offline
- Online
End User - Market has been covered from 3 viewpoints:
- Men
- Women
- Unisex
Region - Market has been covered from 4 viewpoints:
- North America
- Europe
- Asia-Pacific
- ROW
Company Insights:
- Overview
- Recent Development
- Revenue
Key Players:
- Burberry
- Carl Zeiss Group's
- De Rigo Vision S.p.A.
- Essilor International S.A.
- Fielmann
- Hoya Corporation
- LVMH Group
- Prada
- Tesco Group
What is the estimated value of the Global Eyewear Market?
What is the growth rate of the Global Eyewear Market?
What is the forecasted size of the Global Eyewear Market?
Who are the key companies in the Global Eyewear Market?
| Report Attribute | Details |
|---|---|
| No. of Pages | 150 |
| Published | February 2022 |
| Forecast Period | 2021 - 2027 |
| Estimated Market Value ( USD | $ 123.62 Billion |
| Forecasted Market Value ( USD | $ 171.3 Billion |
| Compound Annual Growth Rate | 5.6% |
| Regions Covered | Global |
| No. of Companies Mentioned | 9 |
Table of Contents
Companies Mentioned
- Burberry
- Carl Zeiss Group's
- De Rigo Vision S.p.A.
- Essilor International S.A.
- Fielmann
- Hoya Corporation
- LVMH Group
- Prada
- Tesco Group
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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