The global eyewear market size is anticipated to reach USD 278.95 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to exhibit a CAGR of 8.5% during the forecast period. 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.
The amalgamation of digital channels with the eyewear value chain in recent years has increased the sales of eyewear products significantly. The e-commerce distribution channel is gradually gaining momentum due to the ongoing COVID-19 pandemic, which encourages users to practice social distancing and order from their homes. Several eyewear companies, including Lenskart, are offering users the opportunity to make calculated spectacle buying decisions by providing virtual facial analysis and product virtualization facilities. Additionally, establishing digital channels allows companies to maintain essential customer data such as their buying preferences, search history, and feedback, which can help them offer more curated and specific products to their customers in the future.
The emerging demand to practice sustainability among eyewear companies and their customers is changing the market dynamics. Eyewear manufacturers such as Evergreen Eyecare and Modo have started using eco-friendly materials in eyewear designs, which helps the company practice sustainable development and enhance its customer journey. The trend is encouraging newer eyewear manufacturers such as Shwood Eyewear and PaperStyle to diversify their products and offer more ecological, budget-friendly, and unique products to customers while also capture a better revenue share. Companies are experimenting with materials such as wood, paper, leather, and wool to design eyewear with innovative textures, which promises to attract more customers.
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In terms of product, the sunglasses segment is expected to emerge as the fastest-growing segment over the forecast period. The promising growth prospects of the segment can be attributed to the gradual easing of travel restrictions, which is promoting people to use sunglasses as a travel accessory.
In terms of the distribution channel, the e-commerce segment is envisioned to register the highest growth rate over the forecast period. This can be attributed to the better functionality, ease of access, better discounts, and better buying options offered by online players.
The Asia Pacific region is expected to register the highest CAGR over the forecast period. This can be chiefly attributed to the resumption of eyewear and eyewear parts manufacturing and essential supply chain activities in China, which is a major supplier of eyewear parts in the world.
The growing demand for colored contact lenses and increasing penetration of soft contact lenses in Japan and China is further promoting the demand for eyewear in the Asia Pacific region.
In response to the COVID-19 pandemic, companies rapidly deployed their IT capabilities to execute remote connections with employees and customers to deliver a productive and functional, and productive Work From Home (WFH) strategy, which has kept the market buoyant.
Grand View Research has segmented the global eyewear market based on product, distribution channel, and region:
Eyewear Product Outlook (Volume, Million Units; Revenue, USD Million, 2017 - 2028)
Premium Contact Lenses
Mass Contact Lenses
Premium Spectacle Frames
Mass Spectacle Frames
Eyewear Distribution Channel Outlook (Revenue, USD Million, 2017 - 2028)
Brick & Mortar
Eyewear Regional Outlook (Volume, Million Units; Revenue, USD Million, 2017 - 2028)
List of Key Players in the Eyewear Market
Johnson & Johnson Vision Care, Inc.
Carl Zeiss AG.
Bausch & Lomb Inc.
Safilo Group S.p.A.
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