Eyewear Market Size, Share & Trends Report

Eyewear Market Size, Share & Trends Analysis Report By Product (Contact Lenses, Spectacles, Sunglasses), By Distribution Channel (E-Commerce, Brick & Mortar), By Region, And Segment Forecasts, 2019 - 2025

  • Published Date: Jun, 2019
  • Base Year for Estimate: 2018
  • Report ID: 978-1-68038-018-7
  • Format: Electronic (PDF)
  • Historical Data: 2014 - 2017
  • Number of Pages: 266

Industry Insights

The global eyewear market was valued at USD 131.32 billion in 2018 and is expected to expand at a CAGR exceeding 7.0% from 2019 to 2025. Upsurge in the number of visual deficiencies and increasing awareness regarding eye examinations are expected to provide an impetus to the growth.

Growing number of ophthalmic disorders such as myopia, presbyopia, and hypermetropia among aging population is a major contributor to the growth. A significant percentage of the population in developing countries, such as India, Brazil, and Mexico, suffers from visual deficiencies, which are generally unnoticed and uncorrected. Thus, the government and private institutions in these economies are conducting eye care awareness campaigns, which is expected to further propel the growth.

U.S. eyewear market

Growing dependence of the younger generation on electronic devices such as computers, televisions, and mobile phones has led to prolonged exposure to radiation, causing strain on the eyes, which is resulting in the purchase of more eyewear products. Moreover, constant change in lens prescriptions has resulted in the regular renewal of spectacles, which is expected to influence the demand positively.

Rising use of sunglasses as a fashion accessory has resulted in transformation of the eyewear market. Eyewear providers are focus on meeting the changing fashion needs of customers, in addition to offering lenses and glasses as per doctor’s prescription. Furthermore, they are constantly making efforts to offer customized eyewear, considering factors such as color, style, and shape.

Moreover, increasing consumer spending on corrective and luxury eyewear is expected to provide an impetus to the market growth. Manufacturers are introducing innovative and fashionable eyewear for the middle class, youth, and high-income groups residing in urban areas. Moreover, rise in disposable income across economies of China, India, and Brazil, is expected to contribute to the market growth.

Product Insights

The spectacles segment led the market in 2018, attributed to high renewal rates of spectacle lenses and reduction in the replacement cycles of prescription lenses. Rising awareness regarding the application of optical coatings such as anti-reflective coating, Ultraviolet (UV) coating, and scratch-resistant coating on lenses is further propelling the segment growth.

Key players are offering advanced lenses by combining real-time optical design and precision digital surfing technology. Continuing R&D activities have encouraged improvements in the optical performance of lenses and additional customizations, which are bridging the gap between unique vision requirements of wearers and lens designs.

Contact lenses segment accounted for a revenue share of approximately 10% in 2018. Rising awareness regarding the benefits of contact lenses, in terms of better vision and higher aesthetic appeal, is expected to drive the demand. Growing popularity of daily disposable and monthly disposable contact lenses, as well as internet retailing, is expected to contribute to their demand over the forecast period. In a recent development, e-Vision Smart Optics developed an electronic contact lens prototype that could automatically adjust the focus. Incorporation of Bluetooth technology in contact lenses to help monitor the eye pressure and blood glucose is expected to further lead to the segment growth.

Large-scale adoption of advanced technologies for manufacturing sunglasses has led to improvements in the quality of luxury sunglasses. Major players are focusing on improving the quality of their products for better branding and subsequently attracting brand conscious customers. Moreover, development of online platforms has resulted in easy access to a large number of national and international brands, thus increasing the market potential.

Distribution Channel Insights

The brick and mortar distribution segment accounted for a sizeable portion of the overall market in terms of revenue in 2018. The distribution through store-based retailing at optical shops, department stores, and hypermarkets, is expected to lead to increased sales, as it is convenient to make an instant buying decision. Optical shops are the most preferred channels for consumers to purchase eyeglasses as they receive a wide range of services such as eye examination and consultation by optometrists.

The vendors have introduced online distribution channels such as online retailing, exclusive online stores, and e-commerce websites. These channels have enabled the vendors to offer a variety of products, in addition to instant testing of distinct marketing strategies and recording the feedback of customers. For instance, in August 2018, GlassesUSA.com, an online eyewear retailer in U.S., announced the launch of a prescription scanner, a free application that enabled consumers to extract optical parameters of their current lenses, making it easier to order new glasses online through their mobile devices.

Global eyewear market

Both e-commerce and brick and mortar distribution channels are expected to generate high-value sales for eyewear. Customers are experimenting with their looks and with the mode of buying by switching between the two distribution channels. Thus, retailers are focusing on providing various loyalty programs, offers, and discounts to increase footfall, and to remain competitive in the market.

Regional Insights

Asia Pacific is expected to emerge as the fastest-growing regional market over the forecast period. A majority of products are manufactured in China at a comparatively low manufacturing cost, which is expected to fuel the regional growth. Furthermore, Chinese companies produce adequate volumes of frames per day to meet consumer demands, which allows shoppers to access new frame styles at lower prices.

North America accounted for a revenue share of close to 35% in 2018. The high brand equity among customers in U.S. is expected to drive the regional sales. Customers are preferring luxury eyewear as an add-on accessory to match their apparel collection. A majority of the U.S. population prefers to make a fashion statement with different frames, shapes, and colors of glasses.

Eyewear Market Share Insights

Some of the prominent companies operating in the market are EssilorLuxottica; CooperVision; Bausch + Lomb Inc.; Safilo Group S.p.A; and Fielmann AG. The players have created a strong foothold by offering an extensive portfolio of products across the globe. They are deploying technologies such as 3D printing for manufacturing lenses. These technologies enable them to differentiate their product offerings. The players are also engaged in mergers and acquisitions for gaining higher market shares. For instance, in October 2018, Luxottica Group S.p.A and Essilor International SA merged to form EssilorLuxottica to serve the customers better with a broader distribution reach and to accelerate the market development.

The market is characterized by a high degree of competition, attributed to the emergence of new players, who are introducing high-quality products with similar functions at a lower price. New players are emphasizing on adopting e-commerce distribution channel to cater to a broader customer base, in addition to offering various discounts and offers.

Report Scope

Attribute

Details

Base year for estimation

2018

Actual estimates/Historical data

2014 - 2017

Forecast period

2019 - 2025

Market representation

Revenue in USD Million; Volume in Million Units; and CAGR from 2019 to 2025

Regional scope

North America, Europe, Asia Pacific, South America, and MEA

Country scope

U.S., Canada, Mexico, U.K., Germany, China, India, Japan, Vietnam, and Brazil

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

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Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented the global eyewear market report on the basis of product, distribution channel, and region:

  • Product Outlook (Volume, Million Units; Revenue, USD Million, 2014 - 2025)

    • Contact Lenses

      • Premium Contact Lenses

      • Mass Contact Lenses

    • Spectacles

      • Spectacle Frames

        • Premium Spectacle Frames

        • Mass Spectacle Frames

      • Spectacle Lenses

    • Sunglasses

      • Lens Type

        • Polarized Sunglasses

        • Non-Polarized Sunglasses

      • Lens Material

        • CR-39

        • Polycarbonate

        • Polyurethane

        • Others

  • Distribution Channel Outlook (Volume, Million Units; Revenue, USD Million, 2014 - 2025)

    • E-commerce

    • Brick & mortar

  • Regional Outlook (Volume, Million Units; Revenue, USD Million, 2014 - 2025)

    • North America

      • U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • U.K.

    • Asia Pacific

      • China

      • India

      • Japan

      • Vietnam

    • South America

      • Brazil

    • MEA

Key questions answered by the report
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