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)

Drivers

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.

Market Opportunities

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.

Market Restraints

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.

Key Takeaways

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.

Market Trends

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.

Competitive Section

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

  • In January 2017, the company announced its partnership with the Luxottica Group, an Italy-based prominent player of eyewear products. The objective of this partnership is to grab the increasing demand for eyewear products in the market, coupled with creating a strong market position
  • In November 2016, the company collaborated with Photosynthesis Group, headquartered in Hong Kong and engaged in manufacturing sunglasses and corrective lenses. This partnership was attributed to catering to the growing optical industry in China market
  • In October 2016, the company announced the acquisition of MyOptique Group, one of the leading e-commerce companies selling spectacles, lenses, etc., based in the U.K. With this acquisition, the company expands its online presence in Central European countries

Carl Zeiss AG.

  • In November 2016, the company collaborated with the Swiss Federal Institute of Technology, Lausanne, Switzerland. This can be attributed towards long term research partnership for optical inspection and metrology among others, such as biomedical research, and diagnostics

Market Taxonomy

By Product Type

  • Spectacles
  • Plano Sunglasses
  • Contact Lenses 
  • Sportswear 
  • Eye Care 

By Price Range

  • Premium 
  • Mid
  • Low

By Distribution Channel

  • E-Commerce/Online
  • Company Outlets/Franchises
  • Hospitals
  • Clinics
  • Multi-brand Stores

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
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