Future Eyewear Market Anticipates a Share of 325.82 Million by 2030"
Global Eyewear Market Outlook
The global eyewear market is positioned for substantial growth, with a projected market value of USD 325.82 billion by the year 2030, reflecting a robust compound annual growth rate (CAGR) of 8.60% from 2022 to 2030. This growth trajectory is propelled by dynamic shifts in consumer preferences, an increase in disposable incomes, and a heightened awareness of the critical importance of maintaining eye health.
To cater to the burgeoning demand for eyewear, companies are introducing a diverse array of products featuring innovative designs and functionalities. Consumers are increasingly seeking eyewear solutions that are not only stylish but also durable and functional. The market landscape is characterized by monopolistic competition, with numerous players vying for market share. Leading companies are adopting strategic measures such as product launches, strategic partnerships, mergers and acquisitions, and expanding both production capacities and geographical reach to stay competitive in this dynamic market.
The global eyewear market report strategically segments the market based on product type, distribution channel, and region. The spectacles segment is anticipated to maintain its dominance throughout the forecast period, driven by a growing concern for vision-related issues and an increasing prevalence of eye disorders. Meanwhile, the sunglasses segment is poised to experience the highest growth rate, fueled by the introduction of innovative products like prescription sunglasses, providing both vision correction and protection against harmful UV rays.
In terms of product type, the global eyewear market outlook is categorized into spectacles, sunglasses, contact lenses, and others. The spectacles segment is expected to be the largest, primarily due to rising concerns about eyesight-related issues and an increasing incidence of eye disorders. The aging population, in particular, is favoring prescription-based spectacles to address visual deficiencies and correct refractive errors. The sunglasses segment is projected to witness the highest growth rate during the review period, attributed to the availability of new and advanced products, such as prescription sunglasses offering both vision correction and UV protection.
The distribution channel aspect of the global eyewear market report classifies it into store-based and non-store-based channels. The store-based segment, further subdivided into supermarkets and hypermarkets, specialty stores, and others, is expected to account for the larger market share. This dominance is attributed to the widespread availability of a variety of eyewear products in supermarkets and hypermarkets, coupled with the one-stop shopping experience they offer. However, the non-store-based segment is projected to register a higher CAGR due to the increasing adoption of e-commerce in the retail sector.
Key players in the global eyewear market include The Cooper Companies Inc. (US), Carl Zeiss AG (Germany), Bausch Health Companies Inc. (Canada), Safilo Group S.p.A. (Italy), Fielmann AG (Germany), Luxottica Group S.p.A. (Italy), Johnson & Johnson Vision Care, Inc. (US), GrandVision (Netherlands), Alcon Vision LLC (US), Marchon Eyewear Inc. (US), De Rigo Vision S.p.A. (Italy), Essilor International (France), Rodenstock GmbH (Germany), Marcolin SpA (Italy), and Charmant Inc. (US).
Regionally, the European market is expected to dominate the global eyewear market, driven by a growing preference for premium eyewear, changing eyewear trends, and a wide range of available options. The Asia-Pacific market is anticipated to be the fastest-growing, fueled by the expanding consumer goods industry, increasing prevalence of visual deficiencies, and growing consumer awareness regarding eye protection from UV rays.
Key developments in the eyewear market include Safilo Group S.p.A.'s expansion in India, Marcolin SpA's exclusive global licensing deal with luxury brand Bally, Marchon Eyewear, Inc.'s agreement with Cutler and Gross Ltd. for distribution in the US, and Johnson & Johnson Vision Care, Inc.'s launch of Acuvue Oasys with Transitions Light Intelligent Technology.
Browse In-depth Market Research Report (90 Pages) Eyewear Market on Report. https://www.marketresearchfuture.com/reports/eyewear-market-7999
In summary, the global eyewear market is on a trajectory of significant expansion, driven by evolving consumer preferences and a growing emphasis on eye health. Companies in the eyewear industry are strategically adapting to these changes through innovative product offerings, strategic partnerships, and geographical expansions. The market's segmentation based on product type, distribution channel, and region provides insights into the diverse dynamics shaping the industry, with key players actively contributing to its evolution through impactful developments and initiatives.
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