While the worst of the squeeze is over, we’ll still be feeling the pain well into 2023
Dublin, Jan. 09, 2023 (GLOBE NEWSWIRE) — The “Eyewear Global Market Report 2022” report has been added to ResearchAndMarkets.com’s offering.
This report provides strategists, marketers and senior management with the critical information they need to assess the global eyewear market.
This report focuses on eyewear market which is experiencing strong growth. The report gives a guide to the eyewear market which will be shaping and changing our lives over the next ten years and beyond, including the markets response to the challenge of the global pandemic.
The global eyewear market is expected to grow from $90.75 billion in 2021 to $98.82 billion in 2022 at a compound annual growth rate (CAGR) of 8.90%. The eyewear market is expected to grow to $156.31 billion in 2026 at a compound annual growth rate (CAGR) of 8.90%.
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Benchmark performance against key competitors.
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Major players in the eyewear market are Luxottica Group SpA, Essilor International, Zeiss International, Johnson & Johnson Vision Care Inc, Bausch & Lomb Inc, Marchon Eyewear Inc, Fielmann AG, HOYA Corporation, De Rigo SpA, Alcon Vision LLC, GKB Opticals Limited, Titan Company Limited, Lenskart Solutions Private Limited, Ronak Optik Private Limited, Prada SpA, and Rayban Sun Optics India Private Limited.
The eyewear market consists of sales of eyewear by entities (organizations, sole traders, and partnerships) that refer to devices and accessories worn on the eyes to protect or improve the vision or eyesight. Eyewear is also used as an accessory for fashion or beautification. Spectacles, sunglasses, goggles, and contact lenses are some of the most commonly used eyewear.
The main products of eyewear include contact lenses, spectacles, and sunglasses. They are widely available in men, women, and unisex variants. These are distributed through optical stores, independent brand showrooms, online stores, and retail stores.
North America was the largest region in the eyewear market in 2021. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in eyewear market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The eyewear market research report is one of a series of new reports that provides eyewear market statistics, including eyewear industry global market size, regional shares, competitors with an eyewear market share, detailed eyewear market segments, market trends and opportunities, and any further data you may need to thrive in the eyewear industry. This eyewear market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The increasing cases of deteriorating eye health are driving the growth of the eyewear market. Eye deterioration refers to losing the ability to see clearly or the emergence of some defects in the eyes. The most prevalent causes of eye deterioration include age-related macular degeneration, cataract, diabetic retinopathy, glaucoma, and prolonged screen usage.
The increasing prevalence of eye deterioration will drive significant demand for eyewear as it helps in correcting eye disorders and helps in gaining clear vision.
For instance, according to a news release in October 2021 by the World Health Organization (WHO), at least 1 billion people worldwide have near or distant visual impairment that could be prevented or has yet to be addressed. Vision impairment majorly affects people over the age of 50 and the leading causes are untreated cataracts and uncorrected refractive error. Therefore, the increasing cases of deteriorating eye health is expected to boost demand for eyewear during forecast period.
Technological advancement is a key trend gaining popularity in the eyewear market. Technological advancements in eyewear such as smart glasses are gaining traction in the market. Smart glass refers to a gadget that places a computer screen/display in front of a person’s eyes using appropriate technology to convey data from a background information system. The display can be shown/reflected on the lens of glasses or delivered to the eyesight as a separate component.
The smart glasses also come with other smart features such as Bluetooth connectivity, open ear speakers, a fitness tracker, and others. These have a modular design and provide functionalities for convenience and ease for users. The key market players are focusing on offering smart glasses to strengthen their market position.
For instance, in January 2022, Titan, an Indian luxury products company introduced its new smart glasses Titan EyeX. Open-ear speakers, touch controls, and fitness tracking systems are the intriguing features of Titan EyeX smart glasses. The Bluetooth v5.2-enabled wearable is compatible with Android and iOS smartphones. The product also includes an inbuilt fitness tracker and is dust and water-resistant. The smart glasses’ open-ear speakers also enable voice navigation and warnings during heavy use.
In March 2022, Kering Eyewear, an Italy-based luxury eyewear company announced an agreement to acquire Maui Jim Inc for an undisclosed amount. This acquisition is seen as a significant milestone in the company’s overall expansion plan, which intends to solidify the label as a prominent high-end eyewear brand. Maui Jim Inc is a US-based sunglasses manufacturing company.
The countries covered in the eyewear market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Key Topics Covered:
1. Executive Summary
2. Eyewear Market Characteristics
3. Eyewear Market Trends And Strategies
4. Impact Of COVID-19 On Eyewear
5. Eyewear Market Size And Growth
5.1. Global Eyewear Historic Market, 2016-2021, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Eyewear Forecast Market, 2021-2026F, 2031F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Eyewear Market Segmentation
6.1. Global Eyewear Market, Segmentation By Product, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
6.2. Global Eyewear Market, Segmentation By Gender, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
6.3. Global Eyewear Market, Segmentation By Distribution Channel, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
Independent Brand Showrooms
7. Eyewear Market Regional And Country Analysis
7.1. Global Eyewear Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
7.2. Global Eyewear Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
For more information about this report visit https://www.researchandmarkets.com/r/2dj5o0
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