Global Eyewear Market to Reach Around US$ 138 Billion by 2023

by Zayn Mathew Market Research Reports

The global eyewear market has been witnessing a positive growth over the years. This can be attributed to various factors which include rising prevalence rate of chronic diseases due to changing dietary patterns and excessive exposure to electronic devices.

Eyewear are the accessories or items that are worn over the eyes for the purpose of improving or enhancing visual activity. These are also used for providing protection against the damage caused by excessive light, pollution, UV rays and dust among others. Frames for eyewear products can be manufactured by using metal or plastic, depending upon the specific requirements of these frames. These products are available in different shapes, designs and sizes. A new research report by IMARC Group, titled “Eyewear Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2018-2023”, estimates that the market was around US$ 116 Billion in 2017. The report further anticipates the market to reach nearly US$ 138 Billion by 2023, at a projected CAGR of 3% over the forecast period.

Global Eyewear Market Drivers/Constraints:

There has been a substantial rise in the prevalence rate of chronic diseases owing to the changing dietary habits and excessive exposure to electronic devices. This is one of the major factors which is propelling the growth of the global eyewear market.
Several organisations as well as governments across various nations have been conducting programmes in order to spread awareness about eyesight-related issues along with the importance of eyewear. This, in turn, highly contributes towards the augmented demand for eyewear.
Some of the other factors which are fostering the market growth include growing geriatric population, increasing disposable incomes, improving living standards and changing fashion trends.
However, some of the challenges such as price differentiation between the unbranded and branded frames along with the availability of illegal novelty contact lenses act as obstacles for the growth of the market.

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Global Eyewear Market Segmentation:

Market Breakup by Product:

Spectacles
Sunglasses
Contact lenses

On the basis of type, there are a large number of eyewear available in the market including spectacles, sunglasses and contact lenses. Currently, spectacles represent the largest product type due to the availability of aesthetically appealing frames in the market.

Market Breakup by Gender:

Men
Women
Unisex

The market has been further segregated into gender types which include men, women and unisex. Among these, men exhibit a clear dominance over the market, holding the majority of the market share.

Market Breakup by Distribution Channel:

Optical Stores
Independent Brand Showrooms
Online Stores
Retail Stores

Based on distribution channel, optical stores represent the most popular segment of the global eyewear market. It is followed by independent brand stores, online stores and retail stores.

Market Breakup by Region:

Europe
North America
Asia Pacific
Middle East and Africa
Latin America

On a geographical front, Europe enjoys the leading position in the market on account of a high demand for eyewear in the region. Some of the other major markets include North America, Asia-Pacific, Middle East and Africa, and Latin America.

Competitive Landscape:

The leading players in the global eyewear market include Luxottica, Essilor, Johnson & Johnson Vision Care, Safilo and Alcon.

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