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Eyeglasses Market Overview:
The Eyeglasses Market is estimated to reach $184 Billion by 2030, growing at a CAGR of 5.8% during the forecast period 2023-2030. An increase in the number of cases of vision impairment and eye-related issues and a desire to stay up with new fashion trends is boosting the worldwide Eyeglasses Market growth.
Furthermore, due to the rising prevalence of computer vision syndrome (CVS) and the expanding use of digital displays and mobile phones among the worldwide population, spectacles are predicted to be the fastest-growing product type category. According to Ofcom, UK, 40% of parents find it difficult to control their children during screen time. This is leading to a rising number of eyesight-related issues among kids. Simultaneously, the growing popularity of online education and technological advancements are enhancing the Eyeglasses Market opportunities. These factors positively influence the Eyeglasses Market outlook during the forecast period.
Market Snapshot:
Eyeglasses Market - Report Coverage:
The “Eyeglasses Market Report - Forecast (2023-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Eyeglasses Market.
COVID-19 / Ukraine Crisis - Impact Analysis:
Covid 19 has a mixed impact on the Eyeglasses Market. The pandemic has caused significant disruption in the global supply chain, leading to delays in the manufacturing and distribution of eyewear products. But the increased exposure screen in green by people of all ages has fostered online sales of glasses.
Economic Instability and shifts in purchasing preferences have adversely affected the Eyeglasses Market in the war-affected areas. The conflict has impacted the retail sector in Ukraine and Russia, with some eyeglasses retailers facing challenges in terms of store closures and reduced foot traffic.
Key Takeaways:
Europe Showing Fastest Growth During Forecast Period
The Eyeglasses Market in Europe is analyzed to grow with the highest CAGR of 6.4% during the forecast period 2023-2030. In some European countries, government initiatives have been introduced to increase access to vision care and eyeglasses products. These initiatives include subsidies for eyeglasses for low-income individuals; and mandatory eye tests for school children.
Online Retail Registers the Fastest Growth
In the Eyeglasses Market analysis, the online Retail segment is estimated to grow with the highest CAGR of 6.5 % during the forecast period. Convenience and lower prices encourage online retail channels. Moreover, online eyeglasses retailers often offer a much greater selection of products than traditional brick-and-mortar stores. Online eyewear vendors frequently include personalization features, such as the opportunity to upload a photo and virtually test on frames which pushes the market.
Spectacles/Prescription Glasses is the Leading the Market
The spectacles/prescription glasses segment held the largest market valuation of $54 billion in 2022 mainly due to an increasing visual impairment and the need for clear vision which have resulted in a rise in eyewear demand. The millennial generation is increasingly reliant on and drawn to digital gadgets like laptops, video games, smartphones, and so on. Extended periods of time spent on these gadgets have resulted in an increase in eye ailments. Additionally, conditions like diabetes impair human eyesight and can even lead to blindness.
Use of Advanced Materials and Technology for Manufacturing
New materials such as graphene, titanium, and carbon fiber are being used to create eyewear that is stronger, lighter, and more durable than traditional materials. Manufacturing through 3D printing is
emerging in the eyewear industry, allowing for the rapid production of custom frames and lenses that are tailored to the unique needs and preferences of individual customers with the required materials.
Increasing Use of Cheaper Frames and Sunglasses in Emerging Countries Hinder the growth
In developing nations, several local retailers and eyewear manufacturers make lower and more economical frames and spectacles. Furthermore, it is expected that the restricted use of luxury sunglasses in countries such as India and Brazil would influence market sales income in the next years. The key problems related to restricted product adoption in these emerging nations include higher costs of luxury sunglasses and contact lenses due to exorbitant import tariffs. These aforementioned issues, along with lower contact lens prevalence in developing countries, are expected to limit market growth in the near future.
Eyeglasses Market Share (%) By Region, 2022
Key Market Players:
Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the Eyeglasses Market. The top 10 companies in this industry are listed below:
- Luxottica Group S.p.A.(Ray-Ban, Oakley, Vogue Eyewear)
- Essilor International (Varilux, Crizal, Transitions, Xperio.)
- Johnson & Johnson Vision Care (Acuvue, TearScience)
- Safilo Group S.p.A. (Carrera, Polaroid, Smith Optics, Safilo)
- CooperVision ( Biofinity, Clariti, MyDay)
- Bausch Health Companies Inc. (Bausch + Lomb, PureVision, SofLens).
- Carl Zeiss Meditec AG (ZEISS, Humphrey)
- HOYA Corporation (HOYA, Pentax)
- Fielmann AG (Fielmann, Alcom).
- De Rigo Vision S.p.A. (Police, Lozza, Sting)
Scope of the Report:
|
Report Metric |
Details |
|
Base Year Considered |
2022 |
|
Forecast Period |
2023–2030 |
|
CAGR |
5.8% |
|
Market Size in 2030 |
$184 billion |
|
Segments Covered |
Product Type, End User, Sales Channel and
Region |
|
Geographies Covered |
North America (U.S., Canada and Mexico), Europe (Germany, France,
UK, Italy, Spain, Russia and Rest of Europe), Asia-Pacific (China, Japan,
South Korea, India, Australia, New Zealand and Rest of Asia-Pacific), South America
(Brazil, Argentina, Chile, Colombia and Rest of South America), Rest of the
World (Middle East and Africa). |
|
Key Market Players |
|
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1. Eyeglasses Market - Overview
1.1. Definitions and Scope
2. Eyeglasses Market - Executive Summary
3. Eyeglasses Market - Comparative Analysis
3.1. Company Benchmarking - Key Companies
3.2. Global Financial Analysis - Key Companies
3.3. Market Share Analysis - Key Companies
3.4. Patent Analysis
3.5. Pricing Analysis
4. Eyeglasses Market - Start-up Companies Scenario (Premium)
4.1. Key Start-up Company Analysis by
4.1.1. Investment
4.1.2. Revenue
4.1.3. Venture Capital and Funding Scenario
5. Eyeglasses Market – Market Entry Scenario Premium (Premium)
5.1. Regulatory Framework Overview
5.2. New Business and Ease of Doing Business Index
5.3. Case Studies of Successful Ventures
6. Eyeglasses Market - Forces
6.1. Market Drivers
6.2. Market Constraints
6.3. Market Challenges
6.4. Porter's Five Force Model
6.4.1. Bargaining Power of Suppliers
6.4.2. Bargaining Powers of Customers
6.4.3. Threat of New Entrants
6.4.4. Rivalry Among Existing Players
6.4.5. Threat of Substitutes
7. Eyeglasses Market – Strategic Analysis
7.1. Value Chain Analysis
7.2. Opportunities Analysis
7.3. Market Life Cycle
8. Eyeglasses Market – by Product Type (Market Size – $Million/$Billion)
8.1. Spectacles/Prescription Glasses
8.2. Sunglasses
8.3. Sports Eyeglasses
8.4. Others
9. Eyeglasses Market – by End User (Market Size – $Million/$Billion)
9.1. Men
9.2. Women
9.3. Kids
10. Eyeglasses Market – by Sales Channel (Market Size – $Million/$Billion)
10.1. Clinics & Hospitals
10.2. Modern Trade
10.3. Multi-brand Stores
10.4. Optical Stores
10.5. Online Retail
10.6. Others
11. Eyeglasses Market – by Geography (Market Size – $Million/$Billion)
11.1. North America
11.1.1. The U.S.
11.1.2. Canada
11.1.3. Mexico
11.2. Europe
11.2.1.UK
11.2.2. Germany
11.2.3. France
11.2.4. Italy
11.2.5. Spain
11.2.6. Russia
11.2.7. Rest of Europe
11.3. Asia-Pacific
11.3.1. China
11.3.2. India
11.3.3. Japan
11.3.4. South Korea
11.3.5. Australia & New Zealand
11.3.6. Rest of Asia-Pacific
11.4. South America
11.4.1. Brazil
11.4.2. Argentina
11.4.3. Chile
11.4.4. Colombia
11.4.5. Rest of South America
11.5. Rest of the World
11.5.1. Middle East
11.5.2. Africa
12. Eyeglasses Market – Entropy
13. Eyeglasses Market – Industry/Segment Competition Landscape Premium
13.1. Market Share Analysis
13.1.1. Market Share by Product Type – Key Companies
13.1.2. Market Share by Region – Key Companies
13.1.3. Market Share by Country – Key Companies
13.2. Competition Matrix
13.3. Best Practices for Companies
14. Eyeglasses Market – Key Company List by Country Premium Premium
15. Eyeglasses Market - Company Analysis
15.1. Luxottica Group S.p.A.
15.2. Essilor International
15.3. Johnson & Johnson Vision Care
15.4. Safilo Group S.p.A.
15.5. CooperVisions
15.6. Bausch Health Companies Inc.
15.7. Carl Zeiss Meditec AG
15.8. HOYA Corporation
15.9. Fielmann AG
15.10. De Rigo Vision S.p.A.
∙"Financials to the Private Companies would be provided on best-efforts basis."
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The Eyeglasses Market is projected to grow at 5.8% CAGR during the forecast period 2023-2030.
The global Eyeglasses market size is estimated to be $118 billion in 2023 and is projected to reach $184 billion by 2030
Luxottica Group S.p.A., Essilor International, Johnson & Johnson Vision Care, Safilo Group S.p.A., CooperVision, Bausch Health Companies Inc., Carl Zeiss Meditec AG and others
The latest fashion in the sunglasses market and increasing demand for sports eyeglasses coupled with use of eco-friendly materials for the manufacturing of eyeglasses are some of the major market trends in the industry which will create growth opportunities for the market during the forecast period.
Increasing eye abnormalities, increasing exposure to screens and advancements in vision technologies are driving factors for the market.