The global eyewear market is expected to reach USD111.12 billion by 2026F, growing at CAGR of 5.83% during the forecast period. The global eyewear market is being driven by rising population, economic development, and consumer purchasing power. Most people experience vision problems at some point in their lives. Some are minor and go away on their own, while others are simple to treat at home. Others require the care of a specialist and prescription glasses to cure and overcome the problem. Furthermore, the growth is highly driven by the popularity of sunglasses as well as a rising sense of fashion among people. The market has been growing as diseases such as cataracts, myopia, and hyper myopia are becoming more common, and eye specialists prescribe spectacles after diagnoses to provide clear vision. As adults and children spend more time on digital screens, eyewear has become a daily requirement.
The global eyewear market is segmented into product type, end user, distribution channel, region and company. In terms of product type, the global eyewear market is further segmented into sunglasses, spectacles, contact lenses, sports eyewear, and others (safety and protection eyewear). Among these, sunglasses have accounted for the majority of market share in the global eyewear market which was around 42% in 2020 and is expected to continue its dominance during the forecast period as sunglasses are fashionable and protect the eyes from sun damage and conjunctivitis. People have different pairs of sunglasses for various occasions. Contact lenses are the fastest-growing product type segment as they provide a natural field of view, have no frames to obstruct vision, and greatly reduce distortions. Also, unlike glasses, they do not fog up or cause glare.
In terms of distribution channel, the global eyewear market can be segmented into specialty retailers, supermarkets/hypermarkets, multi-brand retailers, online channels, and others (counter shops, make-up & beauty retailers, etc.). Among these, specialty retailers have accounted for the majority of the share in the global eyewear market in 2020 and will continue to dominate the market throughout the forecast period. Nowadays, Online sales have expanded significantly as more consumers have shifted to e-commerce for better prices and discounts, convenience, and a wider product selection, including private label by big e-tailers.
The major players operating in the global eyewear market are EssilorLuxottica, Johnson & Johnson Services, Inc., The Cooper Companies Inc., Alcon Vision LLC, Fielmann AG, Bausch Health Companies Inc., Carl Zeiss Meditec AG, Safilo Group S.p.A, De Rigo Vision S.p.A and others. To remain competitive in the market, eyewear companies are focusing on developing unique marketing strategies and using updated technology to enrich customer experience and to remain competitive in the global eyewear market. They are differentiating their product and are communicating their unique selling proposition through different mediums to the consumers. They are also positioning their brand in such a way to create trust among consumers. Essilor International SA and Luxottica Group S.p.A have completed their merger and created one of the largest players in the eyewear industry. After merger, the company named itself as EssilorLuxottica. Moreover, many major companies are developing advanced techniques and launching new eye wears to stay competitive in the market.
Years considered for this report
Historical Years2016-2019
Base Year2020
Estimated Year2021E
Forecast Period2022F–2026F
Objective of the Study
- To analyze and estimate the market size of the global eyewear market from 2016 to 2020.
- To estimate and forecast the market size of the global eyewear market from 2021 to 2026 and growth rate until 2026F.
- To classify and forecast the global eyewear market based on the product type, end user, distribution channel, region and company.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the global eyewear market.
- To identify the dominant region or segment in the global eyewear market.
- To identify drivers and challenges for the global eyewear market.
- To identify and analyze the profile of leading players operating in the global eyewear market.
- To identify key sustainable strategies adopted by market players in the global eyewear market.
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Market insights research performed both primary as well as exhaustive secondary research for this study. Initially, Market insights research sourced a list of manufacturers across the globe. Subsequently, Market insights research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, Market insights research could include the manufacturers which could not be identified due to the limitations of secondary research. Market insights research analyzed the manufacturers and presence of all major players across the globe.
Market insights research calculated the market size of the global eyewear market using a top-down approach in the overall market, bottom-up approach in the regional market, wherein data for various segments was recorded and forecast for the future years. Market insights research sourced these values from the industry experts and company representatives and externally validated them through analyzing historical data of these segments for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations, and financial reports were also studied by Market insights research.
Key Target Audience
- Eyewear manufacturers/ suppliers/ distributors
- Market research and consulting firms
- Government bodies such as regulating authorities and policy makers.
- Organizations, forums, and alliances related to eyewear.
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as manufacturers, suppliers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
