Eyewear Market Sales to Hit US$ 300.9 Billion by 2031; Owing to Adoption of Eyewear as Fashion Accessories - Transparency Market Research Report

WILMINGTON, DE / ACCESSWIRE / April 28, 2023 / Transparency Market Research Inc. - Rising prevalence of myopia among children is triggering growth in global eyewear market. aAsia Pacific is projected to emerge as most lucrative market during the forecast period because of rising consumer preference for luxury brands in countries such as India and China.

The eyewear market stood at US$ 171.1 million in 2021. It is estimated to advance at a CAGR of 6.0% from 2022 to 2031 and reach US$ 300.9 billion by the end of 2031. Asia Pacific is projected to emerge as most lucrative market during the forecast period because of rising consumer preference for luxury brands in countries such as India and China.

The last few years has witnessed increased prevalence of different eye disorders, worldwide. As a result, the demand for different eyewear products has risen in a bid to ensure improved vision, and reduce the possibility of other retinal defects.

Eyewear products are also witnessing increased demand from customers who are looking to improve their fashion appeal which is fueling the demand for products such as sunglasses which is contributing to the growth of eyewear market. New eyewear product launch is assisting leading market players in creating revenue-generating opportunities and in gaining an edge over competitors.

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Prominent market player Johnson and Johnson Services Inc., in February 2021, announced that firm had received a CE mark for their new contact lens for patients suffering from presbyopia. Leading eyewear market players are making huge investments in research and development activities in a bid to produce improved products that would meet consumer requirements in different age groups.

Key Findings of Eyewear Market Study

• Increasing Myopia Prevalence in Children Boosting Growth in Eyewear Market: The last decade has witnessed surge in children diagnosed with myopia. Increased prevalence of myopia among children has led to rise in demand for eyewear products in a bid to achieve improved vision and reduce the possibility of loss of vision as well as other defects such as retinal cataract and retinal detachment. Rising myopia prevalence among children is triggering the growth in overall eyewear market
• Rising Eyewear Products Demand on Online Distribution Channels Triggering Growth in Overall Eyewear Market: For several years, consumers preferred to purchase eyewear products over offline distribution channels such as retail stores, since they wished to physically examine the product before purchase.
• However, in the last few years, eyewear products have witnessed increased demand on online distribution channels such as e-commerce websites. Rising eyewear products demand on online distribution channel such as e-commerce websites is boosting the growth in global eyewear market

Eyewear Market: Key Drivers

• Rising sunglasses demand among youthful population is a key growth driver of global eyewear market
• Growing disposable income among population sections is catalyzing the demand for eyewear products and triggering the growth in overall market

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Eyewear Market: Regional Market Insights

• Asia Pacific is anticipated to be the dominant region in global eyewear market during the forecast period because of increasing customer preference for luxury brands and increasing purchasing power among individuals in countries such as India and China
• Middle East and Africa is projected to witness significant growth in eyewear market during the forecast period owing to increasing number of eyewear stores in malls in countries such as Bahrain and Saudi Arabia

Eyewear Market: Key Players

The global eyewear market is highly competitive, with the presence of numerous prominent market players. Entry of new players could further intensify the competition in global market, during the forecast period.

Prominent eyewear market players are engaging in growth strategy such as signing collaborative agreements with smaller players which is helping them in expanding their presence in global market and increasing their revenue.

Some of the leading players in overall market include Zeiss Corporation, Essilor Corporation, Johnson and Johnson Vision Care Inc., Bausch and Lomb Inc., and Fielmann AG.

Key Points from TOC:

1. Preface

1.1. Market Definition and Scope

1.2. Market Segmentation

1.3. Key Research Objectives

1.4. Research Highlights

2. Assumptions

3. Research Methodology

4. Executive Summary

5. Market Overview

5.1. Market Dynamics

5.1.1. Drivers

5.1.2. Restraints

5.1.3. Opportunities

5.2. Key Trends Analysis

5.2.1. Demand Side Analysis

5.2.2. Supply Side Analysis

5.3. Key Market Indicators

5.4. Porter's Five Forces Analysis

5.5. Value Chain Analysis

5.6. Industry SWOT Analysis

5.7. Material Analysis

5.8. Global Eyewear Market Analysis and Forecast, 2017 - 2031

5.8.1. Market Value Projections (US$ Mn)

5.8.2. Market Volume Projections (Thousand Units)

6. Global Eyewear Market Analysis and Forecast, By Product Type

6.1. Global Eyewear Market Size (US$ Mn and Thousand Units) Forecast, By Product Type, 2017 - 2031

6.1.1. Spectacles

6.1.1.1. Single Vision

6.1.1.2. Multifocal

6.1.1.3. Bifocal

6.1.1.4. Progressive

6.1.1.5. Reading Glasses

6.1.1.6. Safety Glasses

6.1.1.7. Others (Blue Light Glasses, etc.)

6.1.2. Contact Lenses

6.1.2.1. Soft Contact Lenses

6.1.2.2. Rigid Contact Lenses

6.1.2.3. Toric Contact Lenses

6.1.2.4. Others

6.1.3. Sunglasses

6.1.3.1. Polarized Sunglasses

6.1.3.2. Non-polarized Sunglasses

6.2. Incremental Opportunity, By Product Type

TOC Continued……

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The global eyewear market is segmented as follows:

Product Type

• Spectacles
• Spectacle Lenses
• Spectacle Frames

Contact Lenses

• Soft Contact Lenses
• Rigid Contact Lenses

Distribution Channel

• Online Channel
• Offline Channel

Regions Covered

• North America
• Europe
• Asia Pacific
• Rest of the World

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