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The global eyewear market size was valued at USD 147.60 billion in 2020 and is anticipated to reach USD 278.95 billion by 2028. It is expected to expand at a CAGR of 8.5% from 2021 to 2028.
The rising popularity of fast fashion among millennials is encouraging eyewear manufacturers to design affordable and attractive eyewear. To quickly respond to fast fashion trends and attract fashion enthusiasts, eyewear designers regularly come up with new designs and patterns. This offers new revenue generation opportunities to companies by acquiring new customers and ensuring continuous business relations with existing customers. Eyewear providers are diversifying their service offerings to enhance the customer buying experience and to build better business relations.
Gather more insights about the market drivers, restrains and growth of the Global Eyewear Market
Companies such as Vision Express and Coolwinks have started offering an eye check-up facility to their customers from their homes. These companies also allow users to choose their frames and try them on in real-time, with Lenskart offering a wide range of choices, to offer better services and to ensure better customer relations.
The exponential growth of social media is offering new growth avenues for the market. Popular social media platforms offer eyewear companies the opportunity to carefully analyze audience demands and choices, thus enabling them to offer specially curated products according to different geographies. The presence of a sizeable audience on platforms such as Twitter, Instagram, and Facebook enable eyewear companies to penetrate the market more effectively. While creating new channels to market their products, social media platforms enable companies to engage in innovative marketing practices such as influencer marketing and affiliate marketing, thus capturing a larger revenue share.
The COVID-19 pandemic has impacted eyewear adoption trends in 2020. Countrywide lockdowns and the implementation of Work From Home (WFH) models by several companies has resulted in people spending more time on their laptops, desktops, and mobile phones for work and entertainment purposes. The longer screen times and the resulting rise in eye fatigue have facilitated the need to use vision correction and anti-fatigue glasses. This has allowed eyewear companies to capture higher sales of anti-fatigue and blue light canceling lenses, thereby resulting in overall market growth.
Based on the Product Insights, the market is segmented into Contact Lenses, Spectacles and Sunglasses.
Based on the Distribution Channel Insights, the market is segmented into E-Commerce and Brick & Mortar.
Based on the Eyewear Regional Insights, the market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa
Eyewear is slowly emerging as an ethical choice for individuals aware of the environmental welfare and wellness of people around them. The emerging trend amongst companies to mitigate climate change and waste reduction is promoting the practice of offering recycled eyewear.
Some prominent players in the global eyewear market include
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Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.
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