Eyewear Market Growth Analysis and Forecast to 2027

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Eyewear Market Growth Analysis and Forecast to 2027

The growing number of eye disorders, the growing aging population, and the increasing trend of eyewear becoming a fashion accessory are driving the demand for the market.

The global Eyewear Market is forecast to reach USD 245.11 Billion by 2027, according to a new report by Reports and Data. The eyewear market is witnessing a surge in demand owing to the rising number of eye diseases and growth in the aging population across the globe. Moreover, the increasing trend of eyewear becoming a part of fashion and luxury is fostering the market demand. However, the shift to newer technologies, such as laser surgeries, is hampering the market demand.

The ever changing trends of fashion have led to a surge in demand for sunglasses in an indirect way by leading to their increasing use in the designer eyewear segment. A major opportunity exists for the sunglass manufacturers in the emerging economies owing to a rise in the level of disposable income leading to a higher inclination of the consumers towards branded eyewear products.

According to the Ministry of Health and Family Welfare, more and more people are getting affected by eye disorders, leading to awareness amongst the population of the developing countries. Also, offline stores offering free eye checkups are a great opportunity for the eyewear manufacturers since more and more people are now realizing the effect of factors like pollution and UV rays on the eyes and are focusing on precautions and solutions. New technologies in eyewear products such as the Transitions Light Intelligent Technology in the new contact lenses offered by Johnson & Johnson are also a significant opportunity for eyewear manufacturers since these are leading to an increasing number of sales.

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The COVID-19 impact:
The entire world has been affected by the spread of the COVID-19 Pandemic. Over the past couple of months, many countries have enforced lockdowns, leading to a decline in the sales of the eyewear market, especially the luxury and fashion segment. Consumers are currently only purchasing online, and since eyewear does not come under essential commodities, the demand for these products is being affected negatively due to the COVID-19 Pandemic leading to a decline in the sales of most of the eyewear manufacturers.

Further key findings from the report suggest

Contact lenses are likely to grow at the highest CAGR of 9.5% in the forecast period, mainly due to the increasing trend of consumers adopting contact lenses because they increase the individual appeal of a person.
Presently, around 79.0% of the individuals across the globe prefer to buy eyewear from the offline brick and mortar stores, due to the high involvement products of the market. Also, since consumers need to try these products before using, sales majorly occur through the offline medium. Even those buying from online stores try out many designs before buying one. Due to the COVID-19 Pandemic, consumers are currently able to purchase only through online stores, leading to an increase in the proportion of sales made through the online medium.
Spectacles contributed to the largest market share of 76.0% in 2019 and is anticipated to grow at a rate of 7.4% in the forecast period. The main reason behind this is the increasing number of eye disorders and many consumers not opting for contact lenses because of the complexity in handling contact lenses.
The Asia Pacific region dominated the market for eyewear in 2019 and is expected to grow at the fastest rate of 8.3% in the period 2020-2027. The market dominance of the APAC region is owing to the presence of a larger consumer base in developing economies, such as China and India, along with a rise in the level of disposable income of people in the region.
Key participants include Marchon Eyewear, Johnson & Johnson Vision Care, Bausch & Lomb, Carl Zeiss AG, CooperVision, Charmant Group, Fielmann AG, Safilo Group, CIBA Vision, and Luxottica Group, among others.
In October 2019, EssilorLuxottica and GrandVision announced a merger worth USD 8 Billion, which led EssilorLuxottica to add more than 37000 employees and over 7200 stores worldwide to its existing portfolio. It also added USD 3.70 Billion to its annual revenue, making it a global eyewear and eyecare company. This was a milestone which reshaped the optical industry to provide consumers a better quality of eyewear products.

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For the purpose of this report, Reports and Data have segmented into the global Eyewear market on the basis of product, end-user, distribution channel, and region:

Product Outlook (Revenue, USD Billion; 2017-2027)