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Yahoo Finance Plus Research 2022, Eyewear Market Size Is Projected to Reach USD 172.42 Billion in 2028 while exhibiting a CAGR of 6.0%
According to Fortune Business Insights, The global eyewear market size was USD 105.56 billion in 2020. The market is projected to grow from USD 114.95 billion in 2021 to USD 172.42 billion in 2028 at a CAGR of 6.0% in the 2021-2028 period. Rising Occurrence of Eye Health Concerns to Bolster Market Growth
Pune, India, Aug. 02, 2022 (GLOBE NEWSWIRE) -- The global eyewear market size was USD 105.56 billion in 2020. The market is projected to grow from USD 114.95 billion in 2021 to USD 172.42 billion in 2028 at a CAGR of 6.0% in the 2021-2028 period. This information is published by Fortune Business Insights™ in its report titled, “Eyewear Market, 2021-2028.”
As per our expert analysts, in the present situation, people desire to utilize eyeglasses owing to the increasing consciousness about optical conditions, pooled with the rising occurrence of vision irregularity. For example, in 2020, as per the Lancet Global Health, it is anticipated that approximately 43.3 million people were blind, out of which 23.9 million were evaluated to be female.
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Eyewear Market Report Scope :
Report Coverage | Details |
Forecast Period | 2021 to 2028 |
Forecast Period 2021 to 2028 CAGR | 6.0% |
2028 Value Projection | USD 172.42 Billion |
Base Year | 2020 |
Market Size in 2020 | USD 105.56 Billion |
Historical Data for | 2017 to 2019 |
No. of Pages | 120 |
Drivers and Restraints
Rising Occurrence of Eye Health Concerns to Bolster Market Growth
On a global foundation, there is an upsurge in the alertness linked with optical conditions in emerging nations, which is anticipated to inflate the acceptance of eyeglass products. A greater population of individuals undergoing ocular ailments is projected to be one of the significant factors impacting the eyewear market growth.
On the basis of predictions given by the World Health Organization in the year 2015, by 2020, there will be around 2.2 billion novel frequencies of myopia worldwide. In nations such as South Korea, Japan, and China, individuals embrace colored contact lenses for augmented aesthetic intention.
Report Coverage
We provide reports which are conducted with an all-inclusive examination approach that majorly emphasizes delivering precise material. Our scholars have applied a data triangulation method which further assists us in offering trustworthy estimations and testing the dynamics of this market, accurately. Further, our analysts have received admission to numerous international as well as regional funded registers for providing the up-to-date material so that the stakeholders and business professionals invest only in essential zones.
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Frequently Asked Questions :
Is the eyewear industry growing?
Eyewear Market size was USD 105.56 billion in 2020. The market is projected to grow from USD 114.95 billion in 2021 to USD 172.42 billion in 2028 at a CAGR of 6.0% in the 2021-2028 period.
Who are the key players in the eyewear market?
Alcon (Part of Novartis AG) (Switzerland) , EssilorLuxottica (France) , CooperVision (U.S.) , Johnson & Johnson Services, Inc. (U.S.) , Bausch Health Companies Inc. (U.S.) , Carl Zeiss (Germany) , Fielmann AG (Germany) , Safilo Group S.p.A (Italy)
What are Key Factors Raising the Market?
Eyewear Market to Reach USD 172.42 Billion by 2028; JINS Launches JINS&SUN in the U.S. with 29 Different Shapes and 84 Styles
Buying Rate of Glasses and Sunglasses Sternly Affected by COVID-19 Pandemic
The regional spread of the coronavirus has considerably impacted the sales of eyewear, such as sunglasses, contact lenses, and prescribed eyeglasses, and sunglasses. Moreover, government organizations across the world had inflicted stringent lockdown regulations in the early phase of the pandemic spread. This resulted in the shutdown of ophthalmic clinics, as well as retail stores selling glasses for a prolonged period. These factors have hampered the demand for eyewear amid the pandemic.
Segmentation
On the basis of product type, the market can be segregated into spectacles, sunglasses, and contact lenses. The spectacles segment was anticipated to hold the largest share in the overall market in 2020. The segment is estimated to uphold its dominating position at the end of the forecast period. It generated 79.1% in terms of share in 2020.
By distribution channel, the market is classified into retail stores, online stores, and ophthalmic clinics. In terms of region, the market is categorized into North America, Asia Pacific, Latin America, the Middle East & Africa, and Europe.
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Regional Insights
North America to Lead Backed by Surging Approval of Vision Care Products
North America held the maximum eyewear market shares and formed an income worth USD 30.87 billion in 2020. The growing approval of vision care products is assessed to increase the growth of the market in this region.
Europe held the second-largest market share. Aspects such as the inclination towards superior eye care products, greater consciousness of ocular conditions, and surging ability to buy exclusive sunglasses are expected to fuel the market in European nations.
On the contrary, Asia Pacific is expected to follow the lead after North America in the global market for eyewear in terms of income by 2028.
Competitive Landscape
Key Players such as Johnson and Johnson Services, Inc. and Alcon to Hold Major Market Shares
The market is greatly fragmented owing to the existence of both regional as well as international players. Principal companies are branched into the contact lens market and spectacles and sunglasses market. Moreover, Johnson and Johnson Services, Inc. owns the maximum share in the global contact lens market, tailed by Alcon.
Industry Development
March 2021: JINS eyewear declared the unveiling of the JINS&SUN sunglasses brands, especially in the U.S., with 29 diverse designs as well as 84 styles.
List of Key Players Covered in the Report
Alcon (Part of Novartis AG) (Switzerland)
EssilorLuxottica (France)
CooperVision (U.S.)
Johnson & Johnson Services, Inc. (U.S.)
Bausch Health Companies Inc. (U.S.)
Carl Zeiss (Germany)
Fielmann AG (Germany)
Safilo Group S.p.A (Italy)
Other Prominent Players
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Table Of Contents :
Introduction
Research Scope
Market Segmentation
Research Methodology
Definitions and Assumptions
Executive Summary
Market Dynamics
Market Drivers
Market Restraints
Market Opportunities
Key Insights
Introduction of New Products / Approvals (by Major Players)
Epidemiology of Ocular Disease - For Key Countries
Key Industry Developments - Mergers, Acquisitions, and Partnerships
Snapshot: U.S. Reading Glasses Market
Key Trends in the Eyewear Market
Impact of COVID-19 on the Global Market
Global Eyewear Market Analysis, Insights and Forecast, 2017-2028
Key Findings / Summary
Market Analysis, Insights and Forecast – By Product Type
Spectacles
Frames
Lens
Sunglasses
Plano
Prescription
Contact Lens
Toric
Multifocal
Sphere
Market Analysis, Insights and Forecast – By Distribution Channel
Retail Store
Online Store
Ophthalmic Clinics
Market Analysis, Insights and Forecast – By Region
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
North America Eyewear Market Analysis, Insights and Forecast, 2017-2028
Key Findings / Summary
Market Analysis – By Product Type
Spectacles
Frames
Lens
Sunglasses
Plano
Prescription
Contact Lens
Toric
Multifocal
Sphere
Market Analysis – By Distribution Channel
Retail Store
Online Store
Ophthalmic Clinics
Market Analysis – By Country
U.S.
By Product Type
Canada
By Product Type
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