Eyewear are those products that are used to improve vision and provide protection to eyes against environmental factors such as UV rays, dust, and sunlight. They 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 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.
The global eyewear market is estimated to account for slightly less than US$ 273.4 billion in terms of value in the year 2018 and it predicted to grow at a CAGR of 6.0% during the forecast period (2019-2027)
Rising premiumization along with the affordable luxury eyewear products is anticipated to augment the market growth of eyewear. Improving standard of living of people encourage them to purchase sunglasses, lenses, frames that match ongoing fashion trends is also expected to accelerate the market growth of eyewear. Moreover, expanding market of eyewear to the developing economies coupled with increased penetration of premium range products is further anticipated to augment market growth.
Expanding online retail of eyewear at a rapid pace around the globe is expected to offer a vast array of opportunities to the market of eyewear. According to the Coherent Market Insights, the online distribution of eyewear is growing at an annual growth rate of about 15%. The e-commerce platform enables companies to enter in a region without the presence of an office and benefits both customers and manufacturers to buy and sell easily. Moreover, many key players are increasing investment in online distribution to reach customer base and gain a high competitive edge. This factor is expected to augment the market growth of eyewear.
The high presence of competent players such as Safilo Group Spa, Carl Zeiss AG, Luxottica Group SpA, Essilor International S.A, and Johnson & Johnson Vision Care Inc.is leading to the complex supply chain which is anticipated to hamper the market growth of eyewear. This factor is causing a serious challenge for new entrants as investments are to be made in every distribution channels which can increase their expenditure. Thus, the complex nature of the supply chain is projected to hinder the market growth of eyewear.
On the basis of price range, mid price range has dominated the global eyewear market in 2018 with a 41% of market share in terms of value, followed by premium price and low price.
The increasing launch of UV protected sunglasses by the manufacturer is estimated to accelerate the market growth of eyewear over the forecast period. For instance, in May 2018, Zeiss has launched its 'UVProtect Technology,' which provides full UV protection in all clear Zeiss lenses. This lens provides protection up to 380 nanometres (nm), but 40% of UV radiation in daylight occurs between 380–400nm. Therefore, the launch of such innovation in the eyewear product is augmenting the market growth of eyewear.
The rising trend of consolidation in the market due to the growing adoption of smart strategies such as partnership and collaboration among major players is anticipated to accelerate the market growth. For instance, in September 2019, Marcolin Group has acquired the exclusive license to design, produce and distribute Italian fashion brand Max & Co.’s eyewear range for five years. The new eyewear designs will provide lightweight frames in eye-catching color palettes with Max & Co.’s signature brand detailing.
Key players operating in global eyewear market includes 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
Essilor International SA
Carl Zeiss AG.
By Product Type
By Price Range
By Distribution Channel