Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
The Global Eyewear Market is emerging the market demand due to changing fashion trends and rising visual deficiency cases
The global eyewear market expected to spur market value with USD 170.24 billion with anticipating CAGR in the forecast period from 2020-2027. The emerging demand for eyewear is increasing in the global market owes to the rise in disposable income, changing lifestyle, growing activities, and work over the computer, smartphones are developing visual deficiency and growing demand for eyewear for optical correction.
With the increasing disposable income of residents, consumer spending power has increased, and consumer psychology has gradually matured. The consumer demand for glasses is developing in a diversified and personalized direction. Therefore, digging deeply into the consumer preferences of specific groups and subdividing the consumer market has become a new trend in the eyewear market.
Moreover, with the emerging disposable income of the consumer, people are willing to spend their income on themselves to enhance their appearances. Thus, today's time, the consumer not only wear eyewear for vision correction but also to look stylish.
Therefore, the younger consumers and the geriatric population are mainly capturing the largest share of the eyewear market. The market demand for sunglasses is driving not just to protect eyes from UV rays, but sunglasses are purchased as a fashion accessory by men and women both.
Product Type overview in the Global Eyewear Market
Based on the product type, the global eyewear market segment into Prescription Glasses/Spectacles, Sunglasses, Contact Lenses. The contact lenses segment estimated to dominate the maximum share of the global eyewear market in the forecast period from 2020-2027. It is mainly due to the convenience of wearing contact lenses and can wear by myopia affected person. Moreover, contact lenses come in different colors and primarily used by females to meet the aesthetic requirement of beauty. Therefore, contact lenses not only aimed at people with short-sightedness but also a big hobby in the beauty industry.
Mode of Sale overview in the Global Eyewear Market
Based on the mode of sale, the global eyewear market classified into Retail stores, Online stores. The retail stores' segment dominated the largest market share in the global eyewear market. The demand for retail stores is fueling owing to the availability of eyewear with different varieties, trending features, color, shape, and material glasses sold. Moreover, the retail stores are also gaining demand in the market as the optometrists are handling the retail eyewear stores that provide lenses for myopia, sunglasses, prescription lenses. Also, the need for online stores will grow in the forecast period from 2020-2027. It is due to the increasing penetration of online service is gaining customer attraction. Thus, various eyewear companies are selling glasses online by offering 3D technology to test different lenses on customer and choose accordingly.
End-Users overview in the Global Eyewear Market
Based on the end-users, the global eyewear market bifurcated into men and women. The women segment has captured the largest share in the global eyewear market. The demand for sunglasses, contact lenses is contributing to increasing the percentage of eyewear by the women segment. As women are very high risk of refractive errors and therefore, demand for eyewear with different materials, color, and patterns are dominating the market at the global level.
Region overview in the Global Eyewear Market
Based on geography, the global eyewear market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia Pacific is the world's fastest-growing eyewear market, accounting for the largest share in the global market. It is mainly owing to the changing lifestyle, fashion trends, increasing the young generation, and geriatric population risk for vision errors are growing market share of eyewear in the Asia Pacific.
Global Eyewear Market: Competitive Landscape
Companies such as Carl Zeiss AG, Essilor International S.A., Grand Vision, Johnson & Johnson, Inc., Prada S.p.A., Safilo Group S.p.A., Luxottica Group S.p.A., Valeant Pharmaceuticals, Cooper Vision, Inc., Fielmann AG, and others are key players in the global eyewear market