Eyewear Industry Overview
The global eyewear market size was valued at USD 147.60 billion in 2020 and is anticipated to reach USD 278.95 billion by 2028. It is expected to expand at a CAGR of 8.5% from 2021 to 2028.
The rising popularity of fast fashion among millennials is encouraging eyewear manufacturers to design affordable and attractive eyewear. To quickly respond to fast fashion trends and attract fashion enthusiasts, eyewear designers regularly come up with new designs and patterns. This offers new revenue generation opportunities to companies by acquiring new customers and ensuring continuous business relations with existing customers. Eyewear providers are diversifying their service offerings to enhance the customer buying experience and to build better business relations.
Gather more insights about the market drivers, restrains and growth of the Global Eyewear Market
Companies such as Vision Express and Coolwinks have started offering an eye check-up facility to their customers from their homes. These companies also allow users to choose their frames and try them on in real-time, with Lenskart offering a wide range of choices, to offer better services and to ensure better customer relations.
The exponential growth of social media is offering new growth avenues for the market. Popular social media platforms offer eyewear companies the opportunity to carefully analyze audience demands and choices, thus enabling them to offer specially curated products according to different geographies. The presence of a sizeable audience on platforms such as Twitter, Instagram, and Facebook enable eyewear companies to penetrate the market more effectively. While creating new channels to market their products, social media platforms enable companies to engage in innovative marketing practices such as influencer marketing and affiliate marketing, thus capturing a larger revenue share.
The COVID-19 pandemic has impacted eyewear adoption trends in 2020. Countrywide lockdowns and the implementation of Work From Home (WFH) models by several companies has resulted in people spending more time on their laptops, desktops, and mobile phones for work and entertainment purposes. The longer screen times and the resulting rise in eye fatigue have facilitated the need to use vision correction and anti-fatigue glasses. This has allowed eyewear companies to capture higher sales of anti-fatigue and blue light canceling lenses, thereby resulting in overall market growth.
Eyewear Market Segmentation
Based on the Product Insights, the market is segmented into Contact Lenses, Spectacles and Sunglasses.
- The spectacles segment captured a volume share of over 55% in 2020. This can be attributed to the high usage of mobile phones and digital screens, resulting in the rise in the prevalence of computer vision syndrome (CVS) globally in recent years.
- The contact lenses segment accounted for a significant revenue share in 2020. This can be attributed to continuous research in the field of contact lenses to develop products with improved user experience and better aesthetics.
Based on the Distribution Channel Insights, the market is segmented into E-Commerce and Brick & Mortar.
- The brick and mortar segment dominated the eyewear market in 2020, with a revenue share of over 79%.
- The e-commerce segment gained significant revenue share in 2020, as people were encouraged to stay at home and utilize online services for essentials.
Based on the Eyewear Regional Insights, the market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa
- Europe dominated in 2020 and held a revenue share of over 37%.
- North America captured a significant revenue share in 2020.
Market Share Insights:
- March 2021: JINS eyewear announced the launch of the JINS&SUN sunglasses brand in the U.S with 29 different shapes and 84 styles.
- February 2021: Johnson and Johnson Services, Inc. announced that the company received a CE mark for ACUVUE OASYS MULTIFOCAL contact lens for individuals with presbyopia.
Key Companies Profile:
Eyewear is slowly emerging as an ethical choice for individuals aware of the environmental welfare and wellness of people around them. The emerging trend amongst companies to mitigate climate change and waste reduction is promoting the practice of offering recycled eyewear.
Some prominent players in the global eyewear market include
- Johnson & Johnson Vision Care, Inc.
- ESSILORLUXOTTICA
- CooperVision
- Carl Zeiss AG.
- Bausch & Lomb Inc.
- Safilo Group S.p.A
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