Eyewear Market 2017 -2027
Eyewear is intended to wear over the eyes for protection against environmental factors or for improving vision impairment. Eyeglasses or spectacles, sunglasses, goggles, and contact lenses are common types of eyewear. Eyewear is also used as a fashion statement due to a rising sense of fashion among people and people are adopting trendy and designer sunglasses due to the latest trend emerging in market. Furthermore, safety glasses are used in the construction industry to provide protection to workers against flying debris. Eyewear products are gaining huge demand from the aging population as old aged people are highly prone to a developed wide range of vision-related problems.
The global eyewear market is projected to reach around US$ 461.6 billion by the end of 2027, in terms of revenue, growing at CAGR of 6.0% during the forecast period (2019-2027).
Demographic changes such as age, eye problems such as myopia, glaucoma, and fashion style among youngsters and growing awareness regarding eye health is some of the major factors expected to propel the global eyewear market. Also, the growing aged population is fueling the demand for prescription-based eyewear and readymade reading glasses which is again expected to foster the market growth of eyewear. Moreover, ongoing urbanization, increasing disposable income and changing lifestyle trends are further anticipated to augment the market growth of eyewear.
Increasing spending of the people on medical equipment such as contact lenses and spectacles is projected to accelerate the market growth of eyewear. For instance, in 2015, according to the “Centers for Medicare & Medicaid Services”, (a federal agency in the U.S. Dept. of Health & Human Services), the retail spending of individuals in the U.S on durable medical equipment such as eyeglasses, contact lenses and hearing aids experienced an increase of 3.9% in comparison to 2014.
On basis of the region, Europe region dominated the global eyewear market, in 2018, accounting for 36% share in terms of revenue, followed by North America and Asia Pacific respectively.
Figure 1. Global Eyewear Market, Revenue Share (%), By Region, 2018
Rising adoption of laser surgeries around the globe due to advancements in technologies is projected to hinder the market growth of eyewear. For example, a 2016 study published in the Journal of Cataract & Refractive Surgery revealed that laser-assisted in situ keratomileusis (LASIK) has a 96% patient satisfaction rate. The latest research indicates that laser-assisted in situ keratomileusis (LASIK) has a 99% success rate in achieving 20/40 vision or better, and a 90% the success rate in achieving 20/20 vision or better. Therefore, rising adoption of laser surgeries is estimated to restrict the market growth of eyewear.
Eyewear is unacceptable during active sports and some people find glasses inconvenient and uncomfortable or unattractive which is expected to hinder the market growth of eyewear. Moreover, eyewear can be lost or broken and also tend to fog up in cold or humid the weather which is further anticipated to restrict the adoption of eyewear, thereby hindering the market growth over the forecast period.
Increasing penetration of digital devices around the globe that expose eyes to artificial lights which are harmful is raising demand for eyeglasses, in turn, propelling the market growth of eyewear. Continuous exposure of the eye to digital screen such as mobile and tablets can affect human eyes and causes visual strain, thus growing digitalization is demanding eyewear products across the world and open new opportunities to the market over the forecast period.
Rising demand for prescription based spectacles and contact lenses due to age-related impairment such as presbyopia and other factor is propelling the market growth of eyewear According to World Health Organization (WHO), 2019, globally, at least 2.2 billion people have a vision impairment or blindness, of whom at least 1 billion have a vision impairment that could have been prevented or has yet to be addressed. Therefore, rising cases of vision impairments around the globe are anticipated to foster the market growth of eyewear.
Figure 2. Global Eyewear Market – Opportunity Analysis
The rising trend of diversifying eyewear products in terms of frames and shapes with the latest design in order to match with the ongoing fashion is expected to foster the market growth of eyewear. Shifting preference of consumers towards diversified eyewear designs and increasing adoption of iconic fashion styles by celebrities is influencing customers to a great extent which is further anticipated to raise the demand for eyewear products, in turn, stimulating the market growth.
Rising investment for enhancing the distribution channel by the manufacturer is expected to foster the market growth of eyewear over the forecast period. For instance, in December 2019, SoftBank Vision Fund has invested more than $275 million in omnichannel eyewear retailer Lenskart. As part of the investment, SoftBank will acquire stakes from some of the company’s early investors. Lenskart Solutions, the Delhi-based company that owns and operates the retail platform, will receive US$ 231 million as primary capital from SVF II Lightbulb, a Cayman Islands-registered affiliate of SoftBank, regulatory filings pertaining to the transaction.
Figure 3. Global Eyewear Market, Revenue Share (%), By Product Type, in 2018
On the basis of product type, in 2018, Plano sunglasses segment has accounted the largest market share of 50.4% in terms of value, followed by spectacles and contact lenses respectively.
Key players operating in global eyewear market are Luxottica Group SpA, Essilor International S.A, Carl Zeiss AG, Hoya Corporation (Life Care), Johnson & Johnson Vision Care, Inc., Cooper Companies Inc., Fielmann AG., Safilo Group Spa, Marcolin S.p.A., De Rigo S.p.A.
Few Recent Developments
Luxottica Group SpA
- In January 2017, the company acquired Óticas Carol S.A., a Brazil-based leading optical franchisor for prescription frames and sunglasses. This was attributed to entry into the Brazilian optical retail business
- In October 2016, the company, together with Intel, launched smart eyewear named Radar Pace. This product was developed by the company’s Oakley brand and Intel