Eyewear Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2030

Published Date : Feb 2021 | No. of Pages : 250 Pages | Category : ICT

The global Eyewear market size is expected to be worth around US$ 300 billion by 2030, according to a new report by Vision Research Reports.

The global Eyewear market size was valued at US$ 150.60 billion in 2020 and is anticipated to grow at a CAGR of 9.5% during forecast period 2021 to 2030.

Growth Factors

Advancements in lens-making technology enable eyewear manufacturers to produce large quantities of eye lenses, thus providing users with more affordable and diverse buying options. The integration of 3D printing technology with the eyewear manufacturing process further offers eyewear providers the opportunity to exercise efficient resource management and mitigate costs associated with extensive inventories, limited product design, and complicated supply chains.

The rising demand for customized eyewear among users is fueling the market growth. People prefer unique products that are tailored according to their needs, such as the shape of eyes and face, color and texture of glasses, and the frame's design and material. This is expected to result in the disruption of distribution models to meet end-users' demands, thus offering market growth opportunities over the next few years. To cater to this trend, an increasing number of eyewear manufacturers, such as Topology and Pair Eyewear, have started offering customized eyewear to their customers. These customized eyewear products include glasses with different features, such as eliminating UV radiation, photochromic glasses, and glasses with a high index number.

Report Highlights

The spectacles segment captured a volume share of over 55% in 2020. This can be attributed to the high usage of mobile phones and digital screens, resulting in the rise in the prevalence of computer vision syndrome (CVS) globally in recent years. The growing popularity of online learning has further resulted in children developing CVS, thereby driving the adoption of anti-fatigue and anti-glare glasses. Additionally, recent trends such as the rising popularity of clear eyeglasses and bright translucent glasses have boosted the overall demand for spectacles.

The CONTACT LENSES segment accounted for a significant revenue share in 2020. This can be attributed to continuous research in the field of contact lenses to develop products with improved user experience and better aesthetics. The introduction of light-adaptive lenses and multifocal toric lenses has been critical for the growth of the contact lenses segment in recent years. These modern lenses have been designed to smoothly and quickly change according to different lighting conditions, which reduced irritation and dryness often associated with contact lenses.

Electronic focusing eyeglasses are at the introductory stage of their product life cycle and are likely to gain traction in near future. The awareness level of the technology is quite low and the product is yet to be commercialized on a larger scale. Considering their added advantages and benefits, electronic focusing eyeglasses are expected to gain increased popularity among consumers in the next few years.

The brick and mortar segment dominated the eyewear market in 2020, with a revenue share of over 79%. There has been a slight decrease in the revenue share from previous years due to the implementation of lockdowns in several countries, which restricted brick and mortar stores' sales. However, the general trend of getting eye-power checked by the optometrist and buying glasses from the store is expected to remain strong over the forecast years. Furthermore, several companies such as Vision Service Plan, eyebobs, LLC, and Glassic, which earlier only had an online presence, have opened physical stores in recent years to facilitate omnichannel sales, generate awareness regarding new product updates, and increase footfall.

The e-commerce segment gained significant revenue share in 2020, as people were encouraged to stay at home and utilize online services for essentials. Furthermore, the rise in the adoption of smart devices, lucrative discounts, and the ability to easily compare prices and eyewear features offered by online players encourage customers to increasingly adopt e-commerce channels. E-commerce websites also enable users to read and write reviews about products, enhancing the customer journey, and promoting them to use e-commerce distribution channels. The rising popularity of the online distribution channel has resulted in a notable rise in the number of online eyewear start-ups worldwide, such as Eyewa, Hubble, and Ace & Tate.

Europe dominated in 2020 and held a revenue share of over 37%. The region, considered a fashion hub, witnesses people adopting eyewear as a fashion accessory, such as colored contact lenses, sunglasses, and frames. Moreover, the presence of several 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 offering their products at competitive prices. Essentially, eyewear products and sunglasses come under (PPE) in EU-regulated countries, making it mandatory for suppliers to adhere to the directives. This helps in regulating the market and ensures steady and healthy growth opportunities for eyewear companies.

Key Players

  • Johnson & Johnson Vision Care, Inc.

  • ESSILORLUXOTTICA

  • CooperVision

  • Carl Zeiss AG.

  • Bausch & Lomb Inc.

  • Safilo Group S.p.A

Market Segmentation

  • Product Outlook 

    • Contact Lenses

      • Premium Contact Lenses

      • Mass Contact Lenses

    • Spectacles

      • Spectacle Frames

        • Type

          • Premium Spectacle Frames

          • Mass Spectacle Frames

        • Style

          • Round

          • Square

          • Rectangle

          • Oval

          • Others

      • Spectacle Lenses

    • Sunglasses

      • Lens Type

        • Polarized Sunglasses

        • Non-Polarized Sunglasses

      • Lens Material

        • CR-39

        • Polycarbonate

        • Polyurethane

        • Others

  • Distribution Channel Outlook

    • E-Commerce

    • Brick & Mortar

  • Regional Outlook 

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • U.K.

    • Asia Pacific

      • China

      • India

      • Japan

      • Vietnam

    • South America

      • Brazil

    • MEA

The Eyewear market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.

The report provides size (in terms of volume and value) of Eyewear market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.

This report focuses on the global Eyewear market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Eyewear market development in United States, Europe and China.

It is pertinent to consider that in a volatile global economy, we haven’t just conducted Eyewear market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.

In terms of production side, this report researches the Eyewear capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.

In terms of consumption side, this report focuses on the consumption of Eyewear by regions (countries) and application.

Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Eyewear market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.

With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Eyewear market companies.

Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Eyewear market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.

The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.

Overall, this is an in-depth research report specifically for the Eyewear industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.

The Eyewear market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Eyewear market.

Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Eyewear market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.

Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Eyewear market. These factors have benefited the growth of the global market for Eyewear. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.

New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Eyewear. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).

In this study, the years considered to estimate the market size of Eyewear are as follows:

  • Historic Year: 2017-2020
  • Base Year: 2021
  • Forecast Year 2021 to 2030

Reasons to Purchase this Report:

- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players

Research Methodology:

In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.

This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.

Market Size Estimation

Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).

The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.

Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.

All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.

Market Breakdown and Data Triangulation

After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.

Secondary Sources

Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.

Primary Sources

 In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.

The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.

The study objectives of this report are:

  • To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
  • Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
  • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
  • To define, describe and forecast the market by type, application and region.
  • To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
  • To identify significant trends and factors driving or inhibiting the market growth.
  • To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
  • To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
  • To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
  • To strategically profile the key players and comprehensively analyze their growth strategies.

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