Eyewear Market, By Product Type (Spectacles, Plano Sunglasses, Contact Lenses, Sportswear, and Eye Care), By Price Range (Premium, Mid, and Low), By Distribution Channel (E-commerce/Online, Company Outlets/Franchises, Hospitals, Clinics, and Multi-brand Stores), and By Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa) is estimated to be valued at US$ 216.65 Bn in 2024 and is expected to exhibit a compound annual growth rate (CAGR) of 8.7% during the forecast period (2024 – 2031), as highlighted in a new report published by Coherent Market Insights.
Eyewear are products that are used to improve vision and provide protection to eyes against environmental factors such as ultraviolet rays, dust, and sunlight. These can be classified into spectacles, sunglasses, goggles, and contact lenses. Eyewear offer better vision, and also protect one's eyes from excessive harsh environmental factors. Some glasses are also used for viewing specific information such as 3D glasses for watching 3D films. Sometimes glasses are also worn for a sense of fashion or aesthetic purpose as these glasses are available in a range of fashions.
Eyewear Market - Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2), which first appeared in Wuhan (province of Hubei, China) in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spreads quickly, and had a serious negative impact on the economies, social behaviours, and healthcare of every country in the world.
Coronavirus (COVID-19) has had - and is having - a profound impact on the eyewear industry. Despite the essential and medical nature of many eyewear references, the industry is going through unprecedented disruption across manufacturing, distribution and consumption as a result of the pandemic. The global eyewear market has been significantly impacted by the COVID-19 pandemic, particularly in the areas of manufacturing, distribution, and consumption. The outbreak in China, which is home to a large number of eyewear manufacturers, led to factory closures and reduced production capacity. This disruption in the supply chain caused delays in the delivery of eyewear products and quality issues due to the absence of skilled labourers. Retailers also faced challenges due to the pandemic, as they were unable to shift demand to digital channels during the lockdown periods. Global eyewear trade shows such as MIDO and Vision Expo were cancelled or postponed, further impacting the industry's ability to showcase new products and connect with buyers.
Eyewear Market: Recent Developments
In September 2023, The Fielmann Group, a Germany-based eyewear company that operates in the optical and hearing aid businesses in Germany, Switzerland, Austria, and internationally and offers a wide range of optical products including glasses, frames, lenses, sunglasses, contact lenses, and related articles and accessories, acquired SVS Vision. These acquisitions constitute an important milestone in the internationalization that the German family business pursues with its Vision 2025 growth strategy. SVS Vision is a Michigan-based company that specializes in providing eye care services, including the latest designer frames and contact lenses. Founded in 1974, SVS Vision has grown to over 80 locations across nine states, with its laboratory and corporate headquarters located in Mount Clemens, Michigan.
Browse 24 Market Data Tables and 28 Figures spread through 150 Pages and in-depth TOC on “Global Eyewear Market”- Forecast to 2031, Global Eyewear Market, By Product Type (Spectacles, Plano Sunglasses, Contact Lenses, Sportswear, and Eye Care), By Price Range (Premium, Mid, and Low), By Distribution Channel (E-Commerce/Online, Company Outlets/Franchises, Hospitals, Clinics, and Multi-brand Stores), and By Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa)
Link: https://www.coherentmarketinsights.com/market-insight/eyewear-market-767
Key Takeaways of the Global Eyewear Market
- Global eyewear market is expected to be valued at US$ 216.65 Bn in 2024 and is forecast to reach a value of US$ 388.48 Bn by 2031 at a CAGR of 8.7% between 2024 and 2031
- Major players operating in the global eyewear market include 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., and De Rigo S.p.A.
- Key players operating in the eyewear market are focusing on various strategies such as mergers & acquisitions in order to strengthen their market presence and expand their product portfolio
