Global Eyewear Market Analysis & Outlook 2030

In 2021, the global eyewear market is estimated to be worth USD 150 billion and it is expected to expand at a compound annual growth rate (CAGR) of 9% from 2022 to 2030. The increasing popularity of fast fashion among millennials is encouraging eyewear manufacturers to design glasses that are affordable and attractive. In order to quickly respond to fast fashion trends and attract fashion lovers, eyewear designers often create new designs and patterns. By acquiring new customers and ensuring ongoing business relationships with existing customers, this provides the company with new revenue-generating opportunities. Glasses suppliers are diversifying their service offerings to improve customers’ shopping experience and build better business relationships. Companies such as Vision Express and Coolwinks have begun to provide customers with vision checks at home.

These companies also allow users to choose their frames and try them on in real time. Lenskart provides a wide range of options to provide better services and ensure better customer relationships. The exponential growth of social networks has provided new growth avenues for the market. Popular social media platforms provide eyewear companies with an opportunity to carefully analyze the needs and choices of their audiences, enabling them to provide specially selected products according to different regions. Having a large audience on platforms such as Twitter, Instagram, and Facebook enables eyewear companies to penetrate the market more effectively. By creating new channels for marketing products, social media platforms enable companies to engage in innovative marketing practices, such as influencer marketing and affiliate marketing, to gain a greater share of revenue. The COVID-19 pandemic has affected the trend of eyewear adoption in 2020.

The nationwide collapse and the implementation of work-from-home (WFH) models by companies have led people to spend more time on laptops, desktops, and mobile phones for work and entertainment purposes. Longer screen time and the resulting increase in eye fatigue make it easier to wear vision correction and anti-fatigue glasses. This allows eyewear companies to obtain higher sales of anti-fatigue and blue-light elimination lenses, leading to overall market growth.

Product information:

In 2020, the market share of eyewear segment will exceed 50%. This can be attributed to the massive use of mobile phones and digital displays, which has led to an increase in the global prevalence of computer vision syndrome (CVS) in recent years. The increasing popularity of online learning has led to children suffering from CVS, prompting people to adopt anti-fatigue and anti-reflective measures. glasses. In addition, recent trends, such as the increasing popularity of transparent glasses and glossy semi-transparent glasses, have driven the overall demand for glasses. The contact lens segment will account for a large share of 2020 revenue. This can be attributed to continuous research in the field of contact lenses. Contact lenses. Develop products with improved user experience and better aesthetics.

In recent years, the introduction of photo-adaptive lenses and multifocal toric lenses is crucial to the growth of the contact lens market segment. The design of these modern lenses can be changed smoothly and quickly according to different lighting conditions, reducing the irritation and dryness usually caused by contact lenses. Electronic focus glasses are in the early stages of the product life cycle and may receive attention in the near future. The knowledge level of this technology is quite low, and the product has not yet been commercialized on a large scale. Taking into account its additional advantages and benefits, it is expected that electronic focusing glasses will be more popular with consumers in the next few years.

Distribution channel information:

The physical sector will dominate the glasses market in 2020, with a revenue share of over 80%. Due to the closure of many countries/regions and restrictions on physical store sales, the revenue share has declined slightly compared to previous years. However, the overall trend of optometrists monitoring eyesight and buying glasses in stores is expected to remain strong in the coming years. In addition, several companies such as Vision Service Plan, eyebobs, LLC, and Glassic (previously only providing online services) have opened physical stores in recent years to promote omni-channel sales, increase awareness of new product updates, and increase influx.

Regional information:

Europe will dominate in 2020, with a revenue share of over 35%. The area is regarded as a fashion center, and people use glasses as fashion accessories, such as colored contact lenses, sunglasses, and frames. In addition, the presence of various fashion brands in the region, such as Prada S.p.A., Guccio Gucci S.p.A., Christian Dior, and TOM FORD, ensure that healthy competition is maintained by providing products at competitive prices. Essentially, eyewear and sunglasses products are included in personal protective equipment (PPE) in EU-regulated countries, forcing suppliers to comply with directives. This helps regulate the market and ensure that eyewear companies have continued and healthy growth opportunities. North America has gained a considerable share of revenue in 2020. The American Academy of Ophthalmology has developed guidelines to help ophthalmologists and clinics provide face-to-face appointments and virtual telemedicine visits. These services, together with a complete e-commerce delivery system, enhance the users overall experience in viewing capabilities and choosing glasses, and help the market grow. In addition, the emergence of companies such as Kits is revolutionizing the eyewear industry through the use of locally manufactured products.

Major companies and market share prospects:

Established companies such as EssilorLuxottica and Johnson & Johnson Vision are conducting continuous R&D activities to promote market growth. The R&D activities carried out by these companies are pushing competitors and new entrants to improve the functionality of their products and services. For example, Johnson & Johnson Vision is studying contact lenses that release antihistamines, and it has shown positive results in a phase 3 trial. Patients wearing these lenses have reduced itching and a better experience than non-medical control lenses. For people who understand the well-being of the environment and the people around them, glasses are gradually becoming a moral choice.

The new trend of companies to mitigate climate change and reduce waste is promoting the practice of providing recycled glass. Companies such as Sea2see Eyewear and PEL China use plastic waste from the ocean, recycled metal, and recycled wood to make glasses. In addition, Sea2see Eyewear also cooperates with fishermen from Spain, France and West Africa to obtain discarded fishing nets and marine plastic fragments to produce attractive eyewear products. Some well-known companies operating in the eyewear market include: Johnson & Johnson Vision Care, Inc. ESILORLUXOTTICACooperVisionCarl Zeiss AG.Bausch & Lomb Inc.

Market segments covered by the report:

The report forecasts global, regional, and national revenue growth, and analyzes the latest industry trends in each market segment from 2022-2030. In this study, Kenneth Research subdivided the global glasses market report based on products, distribution channels and regions: Product outlook (quantity, million units; revenue, million dollars, 2022-2030) Contact Lenses Premium Contact LensesContact Lenses Spectacles Eyeglass framesTypePremium Spectacles Frame Oversized Spectacle Frame StyleRoundSquareRectangleSunglassesSunglasses 39 Polycarbonate channel Polyurethane 390,000, 2022-2030) E-commerce entity.

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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