Eyewear refers to accessories that are worn over the eyes for rectifying the vision, enhancing the overall appearance, or protecting the eyes from dust particles and ultraviolet (UV) rays of the sun. It was Salvino D’Armate of Florence who invented the first pair of wearable eyeglasses in 1284. The two small magnifying lenses were riveted together with a bone, metal or leather mountings to place them on the bridge of the nose. With technological advancements and altering fashion, eyewear products like spectacles and sunglasses were introduced by manufacturers over the past decades. Moreover, due to the rising cases of vision disorders across the globe, a range of other eyewear products are now available in the market, such as contact lenses, glass lenses and contact solutions. As per the global eyewear market report by IMARC Group, the market reached a value of US$ 120 Billion in 2018.
Key Market Driver: Increasing cases of vision disorders
Due to strong internet penetration, the growing popularity of online streaming services and flourishing gaming industry, the young population prefers to spend its leisure time playing video games or watching shows on online streaming platforms such as YouTube and Netflix. As a result of this, along with sedentary lifestyles and changing dietary patterns of consumers, the cases of vision disorders have gradually increased worldwide. Moreover, age-related diseases like macular degeneration, cataract and glaucoma are becoming more prevalent with the growing geriatric population across the globe, resulting in an augmented demand for eyewear products. Apart from this, the rising number of awareness programs conducted by both the governmental and non-governmental organizations for boosting awareness among consumers about eye-related diseases are providing impetus to the industry growth. Additionally, numerous vendors are now establishing online retail portals in order to expand their customer reach. They are also improving their online marketing and promotional activities and investing heavily in research projects for introducing innovative eyewear products. On account of the aforementioned factors, the global eyewear market size is expected to reach US$ 141 Billion by 2024, exhibiting a CAGR of around 3% during 2019-2024.
Segmentations: Based on product type and gender
On the basis of the type, the market has been segmented into spectacles, sunglasses and contact lenses. At present, spectacles represent the most popular product type, on account of rising dependence on electronic devices such as mobile phones, tablets and laptops.
Based on the gender, the market has been classified into men, women and unisex. Amongst these, unisex eyewear accounts for the dominant share as they can be worn by both men and women. Generally, sunglasses have a higher demand as compared to regular prescription eyeglasses.
Retail stores dominate the market
The global eyewear industry has been segregated on the basis of the distribution channel into optical stores, independent brand showrooms, online stores and retail stores. Currently, retail stores represent the largest distribution channel for eyewear products as these stores offer a wide array of spectacles, sunglasses and contact lenses. Depending on the purchasing power of consumers, these stores provide both branded and generic products to them. Besides this, assistants in these stores help consumers in carrying out a pre-screening test as well as selecting the correct frames.
Europe represents the largest market
Presently, Europe represents the leading market for eyewear products worldwide, owing to a strong inclination of the populace towards premium eyewear products. Additionally, due to the increasing personalization of these products, manufacturers are focusing on developing sunglasses and spectacles in new designs, shapes and sizes. The other markets include North America, Asia Pacific, Middle East and Africa, and Latin America.
Fragmented market structure
The market is fragmented in nature owing to the presence of several small and large players. Some of the major manufacturers include:
• Luxottica
• Essilor
• Johnson & Johnson Vision Care
• Safilo
• Alcon
About IMARC Group: IMARC Group is a leading market research and consulting company that offers management strategy and market research worldwide. The company has done multiple projects on the eyewear industry, which has enabled the clients to successfully setup and expand their businesses. Some of the company’s offerings include:
• Market Research
• Plant setup
• Plant Expansion
• Marketing and sales
• Procurement and Distribution
• Innovation and Product Development
For more information on the eyewear industry, please visit: https://www.imarcgroup.com/
