The global eyewear market is projected to reach $196.5 billion by 2028, at a CAGR of 6.4% during 2023-2028. The growth of eyewear market is driven by increases in vision impairments, growing geriatric population, and rising exposure of younger generation to smartphones and computer, leading to vision problems.
Some of the Key Questions answered in this exclusive report are:
Q.1 What are some of the most promising, high-growth opportunities for the eyewear market by product type (spectacles, contact lenses, and sunglasses), distribution channel (offline and online), gender (men and women), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2 Which segments will grow at a faster pace and why?
Q.3 What are the business risks and threats to the eyewear market?
Q.4 What are some changing demands of customers in the eyewear market?
Q.5 What are the new developments in the eyewear market? Which companies are leading these developments?
Q.6 What strategic initiatives are being implemented by key players for business growth?
Q.7 What are some of the competitive products and processes in this eyewear area and how big of a threat do they pose for loss of market share via product substitution?
Q.8 What M&A activity has occurred in the last 5 years in this eyewear market?
Emerging trends, which have a direct impact on the dynamics of the industry, include development of brain-sensing eyewear, development of eco-friendly polymer material for spectacles frames and lenses, and growing use of colored contact lenses.
Based on product type, the eyewear market is segmented into spectacles, contact lenses, and sunglasses. The spectacles segment accounted for the largest share of the market in 2023 and is expected to register the highest CAGR during the forecast period, due to increasing awareness regarding eye healthcare, and growing number of users of smartphones and computers.
APAC will remain the largest region and it is also expected to witness the highest growth over the forecast period due to growing awareness about eye healthcare, increase in population of vision deteriorates with ageing, and rising disposable incomes further accelerating the eyewear market growth in this region.
Key Players in the eyewear market are EssilorLuxottica, Carl Zeiss, Johnson & Johnson, Bausch and Lomb, Marchon, Fielmann, Alcon Vision, Hoya, and Safilo.
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