Eyewear Market Surges to USD 253.45 Billion by 2031, Propelled by 6.80% CAGR - Verified Market Research®
Drivers of the eyewear market growth include rising visual impairments due to increased screen time, fashion trends, and an aging population. Advancements in lens technology and e-commerce expansion also boost demand. However, restraints include high costs of premium eyewear, prevalence of corrective surgeries like LASIK, and limited access in developing regions. Counterfeit products and economic downturns further impede market growth.
/EIN News/ -- Lewes, Delaware, July 10, 2024 (GLOBE NEWSWIRE) -- The Global Eyewear Market Size is projected to grow at a CAGR of 6.80% from 2024 to 2031, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 149.73 Billion in 2024 and is expected to reach USD 253.45 Billion by the end of the forecast period.
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Browse in-depth TOC on “Global Eyewear Market Size”
202 - Pages
126 – Tables
37 – Figures
Scope Of The Report
| REPORT ATTRIBUTES | DETAILS |
| STUDY PERIOD | 2021-2031 |
| GROWTH RATE | CAGR of ~6.80% from 2024 to 2031 |
| BASE YEAR FOR VALUATION | 2024 |
| HISTORICAL PERIOD | 2021-2023 |
| FORECAST PERIOD | 2024-2031 |
| QUANTITATIVE UNITS | Value in USD Billion |
| REPORT COVERAGE | Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis |
| SEGMENTS COVERED |
|
| REGIONS COVERED |
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| KEY PLAYERS | Johnson & Johnson Vision Care, Inc., ESSILORLUXOTTICA, CooperVision, Carl Zeiss AG, Bausch & Lomb Inc., Safilo Group S.p.A., Charmant Group, Chemilens (CHEMIGLAS Corp.), CIBA VISION, De Rigo Vision S.p.A,Fielmann AG, HOYA Corporation, JINS, Inc., Marchon Eyewear, Inc., Marcolin S.p.A, QSpex Technologies, Rodenstock GmbH, Seiko Optical Products Co., Ltd., Shamir Optical Industry Ltd., Silhouette International Schmied AG, Warby Parker, Zenni Optical, Inc. |
| CUSTOMIZATION | Report customization along with purchase available upon request |
Eyewear Market Overview
Rising Visual Impairments and Screen Time: The increasing prevalence of visual impairments caused by excessive screen usage has greatly enhanced the Eyewear Market. As digital device usage increases, so does the demand for corrective and protective eyewear, fueling market growth and creating attractive prospects for producers and retailers.
Fashion Trends and Personalization: The evolution of eyewear from a functional requirement to a fashionable expression has driven the growth of the market. The inclination towards customised and fashionable frames appeals to consumers who are mindful of the latest trends in fashion, resulting in increased sales and expansion of the industry. This transition creates opportunities for novel designs and high-end product collections.
Advancements in Lens Technology: The Eyewear Market has been driven by the progress made in lens materials and coatings. Technological advancements like blue light blocking lenses and progressive lenses improve the attractiveness to consumers and increase the pace at which they are adopted, hence increasing market revenue and promoting ongoing investment in research and development.
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High Costs of Premium Eyewear: The high cost of superior eyeglasses goods may discourage price-conscious buyers, limiting their access to the market. The market growth may be constrained, particularly in nations with lower disposable incomes, due to the expensive nature of new lens technology and designer frames.
Prevalence of Corrective Surgeries: The increasing prevalence of corrective operations such as LASIK presents a substantial obstacle to the Eyewear Market. The increasing preference of consumers for permanent vision correction is causing a fall in the demand for traditional eyewear solutions. This is affecting the growth of the market and necessitating strategic adaptations from industry participants.
Limited Access in Developing Regions: Market expansion is limited in developing nations due to accessibility concerns, such as insufficient distribution networks and reduced pricing. The Eyewear Market encounters obstacles in accessing these unexplored markets, impeding expansion and emphasising the necessity for focused efforts to enhance availability and affordability.
Geographic Dominance:
The Eyewear Market is predominantly controlled by North America and Europe, primarily because of their substantial disposable incomes, modern healthcare infrastructure, and significant emphasis on fashion trends. The Asia-Pacific region is seeing tremendous growth due to the increasing number of middle-class populations and the ongoing process of urbanisation. The geographical dominance of these regions fosters innovation and competitive pricing. However, it also highlights the importance of strategic market penetration and customised products in growing countries to maintain global success.
Eyewear Market Key Players Shaping the Future
Major players, including Johnson & Johnson Vision Care, Inc., ESSILORLUXOTTICA, CooperVision, Carl Zeiss AG, Bausch & Lomb Inc., Safilo Group S.p.A., Charmant Group, Chemilens (CHEMIGLAS Corp.), CIBA VISION, De Rigo Vision S.p.A,Fielmann AG, HOYA Corporation, JINS, Inc., Marchon Eyewear, Inc., Marcolin S.p.A, QSpex Technologies, Rodenstock GmbH, Seiko Optical Products Co., Ltd., Shamir Optical Industry Ltd., Silhouette International Schmied AG, Warby Parker, Zenni Optical, Inc. and more, play a pivotal role in shaping the future of the Eyewear Market. Financial statements, product benchmarking, and SWOT analysis provide valuable insights into the industry's key players.
Eyewear Market Segment Analysis
Based on the research, Verified Market Research® has segmented the global Eyewear Market into Product Type, Mode Of Sale, And Geography.
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Eyewear Market, by Product Type
- Spectacles
- Contact lenses
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Eyewear Market, by Mode of Sale
- Online
- Offline
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Eyewear Market, by Geography
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North America
- U.S
- Canada
- Mexico
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Europe
- Germany
- France
- U.K
- Rest of Europe
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Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
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ROW
- Middle East & Africa
- Latin America
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North America
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