SAN FRANCISCO, June 23, 2022 /PRNewswire/
The global eyewear market size is anticipated to reach USD 323.77 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to exhibit a compound annual growth rate (CAGR) of 8.4% from 2022 to 2030. The growth can be attributed to the growing trend of customized eyewear, as consumers prefer unique products that can be designed according to their needs. Consumers prefer glasses according to the shapes of the face and eyes, the texture and colour of the glasses, the design and material of the frame, etc. The popular customized eyewear includes photochromic glasses and glasses with high index numbers to eliminate UV radiation.
Key Industry Insights & Findings from the report:
In terms of product, the sunglasses segment is expected to witness substantial growth during the forecast period, which can be ascribed to the growing awareness among people about protecting the eyes from UV light. Besides, rising consumer interest in luxury fashion accessories will further support segment growth.
With regards to the distribution channel, the e-commerce segment is anticipated to observe a considerable growth rate of more than 9.5% by the end of 2030. This can be credited to benefits associated with the channel, such as ease of access, improved functionality, better discounts, and buying options.
In terms of regional outlook, Asia Pacific is expected to record the highest CAGR of over 10.0% from 2022 to 2030, which can be majorly ascribed to the resumption of eyewear manufacturing and supply chain activities in the region.
Read 171-page market research report, "Eyewear Market Size, Share & Trends Analysis Report By Product (Contact Lenses, Spectacles, Sunglasses), By Distribution Channel, By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Eyewear Market Growth & Trends
The technological developments in lens-making technology and 3D printing technology with eyewear manufacturing allow the market players to gain a strategic advantage. For instance, in December 2021, Safilo Group S.p.A introduced its first-to-market 3D printed custom-made snow goggles. This new product addresses a wide range of facial features and shapes, delivers all-day comfort, removes pressure points or hot spots, eliminates light leakage due to improper fit, and provides an expanded field of view.
The market space is being strongly influenced by the collaboration of digital channels with the eyewear value chain, which has exponentially increased the sales of eyewear products. As the e-commerce distribution channel is gaining momentum, several eyewear companies leveraged it as an opportunity to provide facilities such as product virtualization and virtual facial analysis to their customers.
According to research conducted by the Vision Council, 44% of adults either purchased or at least browsed eyewear online in 2020. Moreover, investing in digital channels help companies maintain crucial consumer data such as buying preferences, feedback, and search history. This data, in turn, enables the companies to offer specific products to their customers in the future.
Another important factor changing the market dynamics is the increased emphasis on sustainability among eyewear companies. They have started offering eyewear made of eco-friendly materials to practice sustainable development while enhancing customer experience. In 2021, Luxottica Group launched its eyewear brand Arnette in India, which provides a collection wherein nearly 70% is eco-friendly, using both bio-acetate and bio-nylon material. Besides, companies are applying different materials, including wood, leather, paper, and wool, to develop eyewear with innovative textures, which is expected to attract a more extensive customer base
Eyewear Market Segmentation
Grand View Research has segmented the global eyewear market based on product, distribution channel, and region:
Product Outlook (Volume, Million Units; Revenue, USD Million, 2018 - 2030)
Premium Contact Lenses
Mass Contact Lenses
Premium Spectacle Frames
Mass Spectacle Frames
Distribution Channel Outlook (Revenue, USD Million, 2018 - 2030)
Brick & Mortar
Regional Outlook (Volume, Million Units; Revenue, USD Million, 2018 - 2030)
List of Key Players in the Eyewear Market
Johnson & Johnson Vision Care, Inc.
Carl Zeiss AG.
Bausch & Lomb Inc.
Safilo Group S.p.A.
Chemilens (CHEMIGLAS Corp.)
De Rigo Vision S.p.A
Marchon Eyewear, Inc.
Seiko Optical Products Co., Ltd.
Shamir Optical Industry Ltd.
Silhouette International Schmied AG
Zenni Optical, Inc.
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- The global safety eyewear market size is expected to reach USD 3.0 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 4.1% over the forecast period. The market is expected to witness significant growth due to increase in demand for protective equipment from various end-use industries.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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