Spectacles or reading glasses have been around for ages, but over the past few decades, popularity of sunglasses has surged as an outdoor accessory, leading to high product innovation to appeal to more consumers. Polarized sunglasses are specialized eyewear designed to minimize the glare from surfaces such as water, snow, and glass. Photochromatic lenses automatically darken the outdoors and lighten the indoors, mirroring versatility, as these are eyeglasses and sunglasses rolled into a single set of frame. Demographic developments across regions also play an important role in the structural growth of the eyewear industry. Demographic factors such as age and eye disorders such as myopia and glaucoma, among others, have held much importance in the product development scenario.
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Prominent players are now diversifying into other profitable segments by offering varieties in products such as single vision lenses, safety glasses, reading glasses, etc. Companies manufacturing eyewear are focusing on product enhancement as well as on specific categories driving demand.
On the back of these factors, global sales of eyewear are expected to top US$ 259 Bn in 2031. According to the report by Persistence Market Research, the eyewear market is estimated to register a steady CAGR of around 5.5% over the forecast period of 2021-2031.
Key Takeaways from Market Study
- The eyewear market is projected to witness significant revenue growth during the forecast period, as fashion trends and consumers perception are changing faster than ever.
- The market is fairly consolidated, resulting in moderate consumer negotiating power. Strategic partnerships with leading global players are helping players establish their presence.
- Online retailing is expected to register higher growth in comparison with other sales channels, at an anticipated growth rate of 6% over the forecast period.
- The outbreak of novel coronavirus forced a global lockdown, shifting education to digital platforms, thereby increasing the screen time for kids and also increasing exposure to blue-light, consequently increasing eyewear demand over the forecast period.
- In terms of material, metal holds a notable share in the market as it is a highly preferred material due its protective measures. The plastic segment also witnesses high sales across regions.
- In case of product, sunglasses hold a notable share owing to rising fashion trends among the younger generation, which is leading to increased product development.
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Key Market Players
The report underlines groundbreaking insights into the competitive scenario of the eyewear market, along with highlights of differential strategies used by manufacturers. Some of the key players identified across the value chain include EssilorLuxottica, Zeiss International, HOYA Corporation, Johnson & Johnson Vision Care, Inc, Cooper Vision, Fielmann AG, Safilo Group S.p.A., Marcolin SpA, De Rigo Vision S.p.A, Alcon, Marchon Eyewear, Inc. , Charmant Inc., MAUI JIM, INC., Bausch & Lomb, and Fittingbox.
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