Eyeglasses Market is estimated to upsurge by 2030, growing at a CAGR of 5.8% during the forecast period 2023-2030, according to a recent report published by IndustryARC. Increasing awareness of eye health and Technological advancements are fueling the growth of the Eyeglasses industry, finds IndustryARC in its recent report, titled “Eyeglasses Market – By Product Type [ Spectacles/Prescription Glasses, Sunglasses, Sports Eyeglasses, Others], By End User [ Men, Women, Kids], By Sales Channel [ Clinics & Hospitals, Modern Trade, Multi-brand Stores, Optical Stores, Online Retail], By Geography – Global Opportunity Analysis & Industry Forecast, 2023-2030”
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Europe Region records the highest growth among others
Geographically, in the Eyeglasses market share, Europe is analyzed to grow with the highest CAGR of 6.4% during the forecast period 2023-2030. In some European countries, government initiatives have been introduced to increase access to vision care and eyeglasses products. These initiatives include subsidies for eyeglasses for low-income individuals and mandatory eye tests for school children. For example, in the UK, individuals are entitled to a free NHS-funded sight test every two years. This test covers a range of vision-related measurements and can help detect early signs of eye conditions or diseases.
Eyeglasses Market 2023-2030: Segmentation
|
Attribute |
Segment |
|
By Product Type |
Spectacles/Prescription Glasses Sunglasses Sports Eyeglasses Others |
|
By End User |
Men Women Kids |
|
By Sales Channel |
Clinics & Hospitals Modern Trade Multi-brand Stores Optical Stores Online Retail Others |
|
By Geography |
North America (U.S., Canada and Mexico) Europe (Germany, France, UK, Italy, Spain, Russia and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia & New Zealand and Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America) Rest of the World (Middle East and Africa). |
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Eyeglasses Market Report – Key Takeaways:
The Asia-Pacific Region Owns the Largest Market Share
Asia-Pacific region had the highest market share in the Global Eyeglasses Market with a market share of 46% in 2022. This is attributed to the higher population of people who depend on eyeglasses products for vision correction in China, Japan, and India, which is owing to the higher prevalence of optical diseases in the region. This has created a growing market for eyeglasses, particularly among children and young adults. According to WHO, 90% of the school leavers in East Asia are currently affected by short-sightedness, as of 2022.
Fastest Growth in the Industry is Achieved Through Online Sales
In the Eyeglasses Market analysis, the online retail segment is estimated to grow with the highest CAGR of 6.5 % during the forecast period. Convenience and lower prices encourage online retail channels. Online eyewear vendors frequently include personalization features, such as the opportunity to upload a photo and virtually test on frames which pushes the market. Furthermore, online eyewear vendors sometimes have a significantly larger product range than traditional brick-and-mortar storefronts.
Contact Lenses Used as an Alternative to Eyeglasses Hinders Market Growth
The convenience of using contact lenses, as they do not need to be constantly adjusted or removed for activities such as sports or physical activity has led consumers to choose contact lenses over eyeglasses, particularly for those who have active lifestyles. Additionally, contact lenses may be more effective in correcting certain vision problems, such as astigmatism or other irregularities in the shape of the eye, which may make them a more appealing option for some individuals. Such preference for using more look enhancement options tends to hinder the market growth for eyeglasses during the forecast period.
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Key Opportunity Analysis:
Smart Glasses Represent an Emerging Market Opportunity
Smart glasses are a growing category of eyewear that incorporate advanced sensors, displays, and computing capabilities to provide users with a range of interactive and immersive experiences. This includes applications such as augmented reality, virtual reality, and voice assistants. Smart glasses can be used to provide workers with real-time information and data while they are working, improving productivity and safety. This has led to interest from industries such as manufacturing, logistics and construction.
Blue Light Filtering is Becoming Popular in the Industry
The blue light filtering eyeglasses market is a rapidly growing segment of the eyewear industry. With the rise of remote work, online learning and digital entertainment, people are spending more time than ever before using digital devices. This has led to a growing awareness of the negative effects of blue light and increased demand for blue light-filtering eyeglasses. Blue light filtering eyeglasses are easy to use, requiring no additional equipment or devices, making them a convenient option for people who spend a lot of time using digital devices.
Growing Popularity of Sports Glasses
Sports glasses can be designed to enhance athletic performance by providing better visibility, protection from the elements, and reducing glare. Sports glasses can also be designed to accommodate prescription lenses, providing athletes and sports enthusiasts with clear vision and protection while engaging in sports activities. This has led to interest from industries such as baseball, soccer, and basketball.
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The Report also Covers the Following Areas:
- Eyeglasses Market Size and Forecast
- Eyeglasses Market Trends
- Eyeglasses Market Analysis by Product Type
Eyeglasses Market 2023-2030: Key Highlights
- CAGR of the market during the forecast period 2023-2030
- Value Chain Analysis of key stakeholders
- Detailed Analysis of market drivers and opportunities during the forecast period
- Eyeglasses Market size estimation and forecast
- Analysis and predictions on end users’ behavior and upcoming trends
- Competitive landscape and Vendor market analysis including offerings, developments, and financials
- Comprehensive analysis of challenges and constraints in the Eyeglasses Market
Covid and Ukrainian Crisis Impact:
- Covid 19 has a mixed impact on the Eyeglasses Market. The pandemic has caused significant disruption in the global supply chain, leading to delays in the manufacturing and distribution of eyewear products. But the increased exposure to the screen by people of all ages has fostered the online sales of glasses but had a negative impact on Brick-and-Mortar (Retail) Stores channel.
- Disruption in the supply chain of raw materials has a widespread impact on the eyeglasses market. Economic Instability and shift in purchasing preferences has adversely effected the Eyeglasses Market in the war affected areas. The conflict has impacted the retail sector in Ukraine and Russia, with some eyeglasses retailers facing challenges in terms of store closures and reduced foot traffic.
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List of Key Market Players in Eyeglasses Market:
The Global Vinyl Flooring Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:
- Luxottica Group S.p.A.
- Essilor International
- Johnson & Johnson Vision Care
- Safilo Group S.p.A.
- CooperVision
- Bausch Health Companies Inc.
- Carl Zeiss Meditec AG
- HOYA Corporation
- Fielmann AG
- De Rigo Vision S.p.A.
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Mr. Venkat Reddy IndustryARC Email: [email protected] USA: (+1) 518-282-472
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