The eyewear industry, a fusion of fashion and function, has come a long way from its humble beginnings as a basic tool for vision correction. Eyewear, a quintessential accessory that combines both practicality and style, boasts a rich history and a dynamic market that continues to thrive in today's global landscape. The earliest known evidence of eyewear dates back to the Roman Empire, where emerald lenses were used to protect the eyes from harmful glare. Since then, eyewear has evolved from a basic utility for vision correction to a sophisticated industry that encompasses a plethora of designs, materials, and technologies. The eyewear market remains a key player in the fashion, health, and lifestyle sectors. Notably, the market is fuelled by diverse consumer preferences, including individuals with visual impairments, fashion-conscious consumers seeking statement pieces, and athletes in need of specialized eyewear for sports and outdoor activities. Today, eyewear has become an essential part of many people's daily lives, serving not only as a tool for vision correction but also as a fashion statement, reflecting one's personality, style, and lifestyle. Consumer preferences and behaviours play a crucial role in shaping the eyewear industry. In addition to vision correction, consumers now consider factors such as style, comfort, and brand reputation when choosing eyewear.
According to the research report, "Global Eyewear Market Outlook, 2028", published by Bonafide Research the Global Eyewear market is anticipated to reach USD more than 180 Billion by 2028 with a significant CAGR of 6.49% from USD 125.11 Billion in 2022. The increasing population and rising prevalence of optical deficiencies are some key factors anticipated to fuel the global eyewear market over the forecast period. Also, rising awareness among consumers regarding the significance of eye examinations along with increasing purchasing capabilities of consumers is further projected to create impetus in the global eyewear market over the forecast period. In addition, the rising prevalence of myopia or near-sightedness among children and adults owing to environmental and genetic factors is expected to increase the demand for prescription eyeglasses over the forecast period. Moreover, changing lifestyles and technological advancements are also leading to exposure to electronic devices such as tablets and smartphones which cause strain on the eyes. Furthermore, awareness among consumers regarding the significance of efficient eye protection is anticipated to propel the overall sales of eyewear products over the forecast period. Increasing per capita disposable income among distinct demographic sections has led sunglasses and spectacle frames to be used as fashion accessories. Eyewear vendors are focusing on introducing innovative eyewear products to suit different consumer preferences and needs. The introduction of relatively cheaper, soft, and daily disposable lenses with easy maintenance and cleaning features is a majorly preferred product among consumers.
Based on the report, the market is segmented into five major regions including North America, Europe, Asia-Pacific, South America and Middle East & Africa. The North American eyewear market is driven by a high demand for fashionable and premium eyewear. The United States has a significant population of aging baby boomers, driving the demand for vision correction products such as reading glasses, progressive lenses, and multifocal contact lenses. However, the Asia-Pacific eyewear market is one of the fastest-growing regions in the world, comprising countries such as China, Japan, India, and South Korea. It is characterized by a rising middle class, changing fashion trends, and increasing urbanization. China is the largest market for eyewear in Asia-Pacific, and the country has emerged as a major hub for eyewear manufacturing due to its low-cost labor and production capabilities. The European eyewear market is known for its premium eyewear brands and fashionable designs. Countries such as Italy, France, and Germany are key players in the region, with a long history of producing high-quality eyewear. Further, the Middle East and Africa eyewear market is characterized by a rising population, increasing disposable incomes, and changing lifestyle preferences. The Middle East has a growing demand for luxury eyewear brands, with consumers seeking high-end eyewear options that reflect their affluent lifestyle and fashion-forward tastes. As for the South America, the market is characterized by a growing demand for affordable eyewear options, with countries such as Brazil, Colombia, and Argentina being major markets in the region.
Based on the product type, this market can be segmented into spectacles, sunglasses, contact lenses and others. The segment is projected to maintain its dominating position at the end of the forecast period. This trend is owing to the increasing prevalence of myopia and hypermetropia. Additionally, the rising lucrative product offering by major players in the market is estimated to further augment the segments growth. In Asia Pacific and South America, there is an increasing demand for contact lenses which is estimated to boost the contact lens segments growth. There is also a high unmet demand for sunglasses in the countries of South America and the Middle East and Africa. The players operating in the sunglasses market are increasing their customer base by tapping into online channels and offering lucrative pricing. Due to the increasing population and declining number of people opting for LASIK and contact lenses in the United States, the total population of adults wearing prescription spectacles has increased in the past few years. There is also a surge in the adoption of trendy frames in developed countries as a fashion accessory. This trend is estimated to boost the value during the forecast period. Further, medium-priced eyewear segment is leading the market in 2022 as they offer a balance between quality and affordability.
The eyewear market has witnessed significant trends and innovations in recent years, shaping the industry's landscape and consumer preferences. One of the notable trends is the increasing demand for sustainable and eco-friendly eyewear. With growing awareness about environmental issues, consumers are seeking eyewear made from sustainable materials such as recycled plastic, bamboo, and wood. Additionally, many eyewear brands are incorporating eco-friendly practices in their manufacturing processes, including the use of water-based adhesives, natural dyes, and biodegradable packaging. Another trend is the fusion of fashion and technology in eyewear. Smart eyewear, such as smart glasses and augmented reality (AR) glasses, are gaining traction in the market. These eyewear not only provide vision correction but also offer additional features such as GPS navigation, fitness tracking, and hands-free communication. Additionally, 3D printing technology has revolutionized eyewear manufacturing, allowing for customizable frames and personalized designs. Innovations in lens technology have also been significant. High-definition (HD) lenses offer improved clarity and visual performance, while blue light-blocking lenses reduce eye strain from digital screens. Photochromic lenses, which darken when exposed to sunlight, provide convenience for outdoor activities, and polarized lenses reduce glare for improved vision in bright conditions. With the proliferation of digital screens and increased screen time, the demand for blue light blocking eyewear has surged. Blue light emitted from screens can cause digital eye strain, disrupted sleep patterns, and potential long-term eye health issues. As a result, consumers are increasingly seeking eyewear that filters out blue light to protect their eyes from digital screen-related discomforts.
Further, according to the report, the market is categorized into various distribution channels including hypermarket/supermarket, specialty stores (optical stores), franchises/ company outlets, online stores and others (hospitals & clinics). Among them, specialty stores (optical stores) and franchises/ company outlets accounts for more than 70% market share in 2022. Optical stores are brick-and-mortar retail stores that specialize in selling eyewear, including prescription glasses, sunglasses, and contact lenses. These stores often have trained opticians who can provide eye exams and help customers find the right eyewear based on their prescription and style preferences. Optical stores often carry a wide range of eyewear brands, from affordable options to high-end luxury brands. Some optical stores also offer customization options such as lens coatings, frame adjustments, and personalized fittings to enhance the overall customer experience. Also, specialty stores often carry unique and innovative eyewear designs that cater to specific purposes, such as sports performance, outdoor activities, or fashion-forward trends. They may also provide specialized fittings, lens technologies, and customization options to meet the specific requirements of their target customers. However, online stores have gained significant traction in the eyewear market, allowing customers to shop for eyewear from the comfort of their own homes.
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