The global eyewear market size is expected to expand and reach a value of USD 185 billion by 2024 at a CAGR of 5.5% during the forecast period. Market players are expected to witness lucrative growth opportunities in the Global Eyewear Market during the forecast period owing to the increasing consumer preference for new varieties of eyewear products, leading to a focus on research and development.
The global eyewear market report has segregated the market, based on region, into North America, Europe, Asia-Pacific, and the rest of the world.
The global eyewear market segmentation is based on type and distribution channel.
On the basis of product type, the global eyewear market has been segmented into spectacles, sunglasses, contact lenses, and others. The spectacles segment is expected to be the largest while the sunglasses segment is projected to register the highest CAGR during the review period.
By distribution channel, the global eyewear market has been segmented into store-based and non-store-based. The store-based segment is projected to account for the larger market share due to the widespread availability of eyewear in supermarkets and hypermarkets.
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Some of the key players, as per the global eyewear market report, are
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The European market is expected to account for the lion’s share of the global eyewear market during the forecast period due to changing fashion trends. Primarily, the younger population in countries such as Italy, France, the UK, and Germany prefer to experiment with different styles of eyewear in an effort to accentuate their overall appearance. This, in turn, is expected to boost the global eyewear market growth during the forecast period.
The market in Asia-Pacific is projected to register the highest global eyewear market growth rate during the forecast period due to increasing cases of visual deficiency and eye defects. The rising prevalence of visual impairment and the need for vision correction have resulted in increased demand for spectacles. Additionally, the rising purchasing power of consumers, owing to economic development in China, India, and Japan, has led to an increase in spending on premium quality eyewear. Furthermore, the consumers are opting for trendy and designer eyewear according to the latest trends to enhance their overall appearance.
The markets in South America and the Middle East are expected to be the major contributors to the growth of the market in the rest of the world. Governments in major countries of the region are taking conscious efforts to standardize medical and vision care facilities in rural areas in order to reduce issues related to eyesight. This is leading to consumers becoming more aware and willing to try different eyewear to protect their eyes as well as reduce vision related issues. According to the MRFR eyewear market analysis, in the region, manufacturers are focusing on introducing a wide range of eyewear with different styles and characteristics.
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