The global eyewear market size is expected to reach USD 215.30 billion by 2025, at a CAGR of 7.6% over the forecast period, according to a new report by Grand View Research, Inc. Surging demand for premium and personalized eyewear is expected to drive the growth.
Advancements such as 3D printed eyeglasses, electronic focusing glasses, and Augmented Reality (AR) glasses have enabled manufacturers to introduce multiple categories of eyewear products best-suited for buyers. Vendors are making huge investments in R&D to introduce innovative products that meet the functionality and design needs of customers.
Development of electronic focusing eyeglasses, aimed at reducing the need for multiple bifocals and omnifocals, is expected to garner wide acceptance among consumers. Adoption of these eyeglasses is expected to offer high growth opportunities to the traditional eyewear providers.
One of the emerging trends in the wearable segment includes the use of AR smart glasses, which is a combination of spectacles and app-based programs. Increasing use of AR technology in manufacturing eyeglasses is expected to fuel market growth. Growing popularity of smart glasses has encouraged technology providers and lens manufacturers to develop the advanced versions of glasses and lenses using AR technology.
Increasing development in the AR technology is anticipated to provide opportunities for lens manufacturers to offer innovative products. Despite the introduction of such innovative products, the eyewear market is witnessing a shift from injection molding eyewear manufacturing to making handcrafted eyewear products. Players such as DOM VETRO and KREWE DU OPTIC, LLC have launched handcrafted eyewear to gain a competitive edge in the market.
Apart from advancements and innovations, changing consumer preferences and trends have encouraged manufacturers to make different design modifications and increase their eyewear product line-ups to cater to the demands of customers efficiently. Moreover, the players are focused on enhancing their brand image by improving the quality of their products to attract brand-conscious customers.
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Further key findings from the report suggest:
Spectacles segment is expected to register a significant CAGR over the forecast period owing to the high replacement rate of lenses due to constantly changing prescriptions
Contact lenses segment is poised to expand at a steady CAGR over the forecast period owing to the introduction of innovative, easy-to-wear, and daily disposable lenses for the youth population
E-commerce segment is expected to register a CAGR of more than 8.0% over the forecast period. Implementation of omnichannel retailing has propelled the use of the e-commerce distribution channel
Asia Pacific is expected to witness the fastest growth over the forecast period. Rising brand equity among the customers of China and India is expected to drive the growth
Key players in the eyewear market include EssilorLuxottica; Carl Zeiss AG; Bausch & Lomb Inc.; and HOYA Corporation. Some of the growth strategies adopted by the players include the adoption of multiple distribution channels, product innovations, and mergers & acquisitions
Grand View Research has segmented the global eyewear market on the basis of product, distribution channel, and region:
Eyewear Product Outlook (Volume, Million Units; Revenue, USD Million, 2014 - 2025)
Premium Contact Lenses
Mass Contact Lenses
Premium Spectacle Frames
Mass Spectacle Frames
Eyewear Distribution Channel Outlook (Volume, Million Units; Revenue, USD Million, 2014 - 2025)
Brick & Mortar
Eyewear Regional Outlook (Volume, Million Units; Revenue, USD Million, 2014 - 2025)
Middle East and Africa
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