Eyewear is a set of accessories worn over the eyes to correct vision or shield them from debris, harmful radiation, or too much light. Spectacles, goggles, and sunglasses are used to correct vision or shield the eyes from harmful UV rays and dust particles. Increased life expectancy, a rising geriatric population, and changing fashion trends have all fueled global demand for eyewear. In today’s world, people don’t only wear eyewear for vision correction; they even wear it to enhance their appearance. Because of technological advances and the availability of lightweight materials, several industry players sell innovative spectacles and lenses.
Global Eyewear to surpass USD XXXX million by 2030 from USD XXXX million in 2020 at a CAGR of 9.9% in the coming years, i.e., 2021-30. This growth is projected due to the rising popularity of fast fashion among millennials which is encouraging eyewear manufacturers to design affordable and attractive eyewear. The growth of online stores is also propelling the selling of Eyewear. E-commerce allows the simple purchasing of goods manufactured in remote locations. This, in turn, has made a major contribution to the development of the global Eyewear industry.
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Global Eyewear: Key Players
- Carl Zeiss AG
- Safilo Group S.p.A.
- Alcon Vision LLC
- Johnson & Johnson Vision Care, Inc.
- Marcolin SpA
- Marchon Eyewear Inc.
- De Rigo Vision S.p.A.
- Essilor International
- Other Prominent Players
Global Eyewear: Segments
Spectacles segment to grow with the highest CAGR during 2021-30
Global Eyewear is segmented by product type into Contact lenses, Spectacles, Sunglasses, and others. Spectacles segment held the largest market share of XX.X% in the year 2020. This is due to the widespread use of cell phones and digital displays, which has resulted in an increase in the prevalence of computer vision syndrome (CVS) in recent years. Children developing CVS as a result of the increasing prevalence of online learning has prompted the adoption of anti-fatigue and anti-glare glasses. Recent trends, such as the increasing popularity of transparent eyeglasses and vivid translucent frames, have also boosted the overall demand for spectacles.
Brick & Mortar segment to grow with the highest CAGR during 2021-30
Global Eyewear is segmented by distribution channel into E-commerce and brick and mortar. Over the forecast period, the brick-and-mortar distribution channel is projected to expand at the fastest pace. Due to the introduction of lockdowns in many countries, which limited the sales of brick and mortar stores, the revenue share has decreased marginally from previous years. However, the general pattern of having one’s eye power tested by an optometrist and then purchasing glasses from a store is expected to continue in the coming years.
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Increasing living standards and dependence on digital technology
Increased demand for eyewear has resulted from increasing visual impairment and the need for vision correction. The younger generation is predominantly dependent on digital devices, spending the bulk of their time on cell phones, desktop computers, and video games. People have been motivated to purchase quality eyewear items that are in perfect keeping with their rising living standards as their disposable income has increased. Furthermore, people are now opting for fashionable and designer sunglasses in line with current market trends. Young people tend to use contact lenses to improve their overall look. As a result, growing living standards and heightened fashion awareness would lead to the growth of the eyewear industry, positively influencing the market growth.
Changing fashion trends as well as consumer tastes
Changing fashion trends, as well as a constant change in customer tastes and expectations, have resulted in increasing prices for the Eyewear market over time. As a result, rising production costs for the market are having a negative effect on the global Eyewear industry.
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Global Eyewear report also contains analysis on:
- By Product Type
- Contact lenses
- By Distribution Channel
- Brick and mortar
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