Eyewear Market Share, Outlook Size, and Evolutionary Trends 2023-2030
Eyewear Market Outlook
Eyewear Market is poised for substantial growth, with a projected market value of USD 325.82 billion by 2030, reflecting a Compound Annual Growth Rate (CAGR) of 8.60% during the period spanning from 2022 to 2030. This surge is fueled by evolving consumer preferences and increased purchasing power globally. Market dynamics are shaped by the introduction of a diverse range of eyewear, catering to demands for convenience, durability, and innovation. The competitive landscape is monopolistically diverse, featuring numerous vendors and customers, with minimal barriers for new entrants.
To navigate challenges and capitalize on opportunities, industry leaders are focusing on strategic initiatives such as product launches, partnerships, mergers & acquisitions, and expansions in production capacity and geographic reach. This approach is anticipated to drive global eyewear demand, meeting consumer needs across diverse markets.
Segmentation of the eyewear market share encompasses product types, including spectacles, sunglasses, contact lenses, and others. The spectacles segment is projected to dominate, driven by increasing concerns about eyesight issues and a rising prevalence of eye disorders. Aging populations, in particular, are favoring prescription-based spectacles to address visual deficiencies and correct refractive errors. The sunglasses segment is expected to exhibit the highest growth rate, propelled by the introduction of advanced products like prescription sunglasses, offering both vision correction and UV protection.
Distribution channels are divided into store-based (supermarkets, hypermarkets, specialty stores, etc.) and non-store-based (e-commerce). Store-based channels, with their diverse eyewear availability, are set to capture a larger market share. However, the non-store-based segment, driven by the growing popularity of e-commerce, is expected to witness a higher Compound Annual Growth Rate (CAGR).
Key players in the global eyewear market include The Cooper Companies Inc., Carl Zeiss AG, Bausch Health Companies Inc., Safilo Group S.p.A., Fielmann AG, Luxottica Group S.p.A., Johnson & Johnson Vision Care, Inc., GrandVision, Alcon Vision LLC, Marchon Eyewear Inc., De Rigo Vision S.p.A., Essilor International, Rodenstock GmbH, Marcolin SpA, and Charmant Inc.
Geographically, Europe is projected to lead the market, driven by a preference for premium eyewear, evolving trends, and a wide range of options. The Asia-Pacific region is expected to witness the fastest growth, fueled by an expanding consumer goods industry, increasing visual deficiency prevalence, and growing awareness regarding eye protection from UV rays.
Notable developments in the eyewear industry 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 distribution agreement with Cutler and Gross Ltd., and Johnson & Johnson Vision Care, Inc.'s launch of Acuvue Oasys contact lenses with Transitions Light Intelligent Technology in 2022, providing dynamic vision correction and light balance. The industry is poised for dynamic growth, driven by innovation, strategic partnerships, and a rising global demand for diverse eyewear solutions.
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