Eyewear Market Size to Surpass USD 172.42 billion by 2028, exhibiting a CAGR of 6.0%
As per the report by Fortune Business Insights, the global Eyewear Market size is projected to reach USD 172.42 billion in 2028, at a CAGR of 6.0% during the forecast period, 2021-2028
Eyewear Market
Pune, India, Sept. 05, 2023 (GLOBE NEWSWIRE) — Global Eyewear Market size was valued at USD 105.56 billion in 2020 and market is projected to grow USD 172.42 billion by 2028, exhibiting a CAGR of 6.0% during the forecast period. Growing preference among people to use eyeglasses due to heightened awareness of optical issues, coupled with increasing prevalence of vision problems.
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Key Industry Development:
March 2021: JINS eyewear announced the launch of the JINS&SUN sunglasses brand, particularly in the United States, featuring 29 distinct designs and 84 different styles.
Key Takeaways:
- The market encompasses items like eyeglasses, sunglasses, and contact lenses.
- In July 2021, Luxexcel unveiled Luxexcel VisionPlatform 7, their advanced manufacturing platform for the future.
- According to the World Health Organization’s projections from 2015, it was estimated that by 2020, there would be approximately 2.2 billion new cases of myopia worldwide.
- In 2020, North America recorded a revenue of USD 30.87 billion.
Discover the Leading Players Featured 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)
Report Scope & Segmentation
| 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 2021 | USD 114.95 billion |
| Historical Data | 2017-2019 |
| No. of Pages | 120 |
| Segments covered | By Product Type, End User, and Region |
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Driving factor:
Rising Occurrence of Eye Health Concerns to Bolster Market Growth
Globally, there is a growing awareness of optical conditions in emerging nations, which is expected to boost the adoption of eyeglass products. A larger population experiencing eye-related issues is anticipated to be a major factor influencing the growth of the eyewear market.
According to projections by the World Health Organization in 2015, it was estimated that by 2020, there would be approximately 2.2 billion new cases of myopia worldwide. In countries like South Korea, Japan, and China, people also embrace colored contact lenses for enhanced aesthetic purposes.
Segmentation:
In terms of product categories, the market can be divided into spectacles, sunglasses, and contact lenses. The spectacles segment was expected to have the largest market share in 2020, and it is projected to maintain its dominant position by the end of the forecast period. In 2020, it accounted for 79.1% of the market share.
Regarding distribution channels, the market is categorized into retail stores, online stores, and ophthalmic clinics. In terms of geographical regions, the market is classified into North America, Asia Pacific, Latin America, the Middle East & Africa, and Europe.
By Product Type
- Spectacles
- Frames
- Lenses
- Sunglasses
- Plano
- Prescription
- Contact Lenses
- Toric
- Multifocal
- Sphere
By Distribution Channel
- Online Store
- Retail Store
- Ophthalmic Clinics
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- The Middle East & Africa
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Regional insights:
North America to Lead Backed by Surging Approval of Vision Care Products
In 2020, North America dominated the eyewear market, generating a revenue of USD 30.87 billion. The increasing adoption of vision care products is projected to drive market growth in this region.
Europe held the second-largest market share, driven by factors such as a preference for high-quality eye care products, heightened awareness of eye conditions, and an increasing ability to purchase premium sunglasses in European countries.
Conversely, Asia Pacific is expected to come in second after North America in terms of revenue in the global eyewear market by 2028.
Competitive Landscape
The market exhibits significant fragmentation due to the presence of both regional and international players. Leading companies have divisions in both the contact lens market and the spectacles and sunglasses market. Additionally, Johnson & Johnson Services, Inc. holds the largest share in the global contact lens market, followed by Alcon.
FAQs
How big is the Eyewear Market?
Eyewear Market size was USD 114.95 billion in 2021.
How fast is the Eyewear Market growing?
The Eyewear Market will exhibit a CAGR of 6.0% during the forecast period, 2021-2028
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