Eyewear Market size is set to grow by USD 76 billion from 2022-2027- Technavio
Industry: Retail & eCommerce
The increasing prevalence of vision disorders to drive the market growth
New York, NY (PRUnderground) November 20th, 2023
The Eyewear Market size is estimated to increase by USD 76 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of almost 7.9% during the forecast period. The global eyewear market is experiencing growth primarily due to the rising occurrence of vision disorders. Factors like shifts in dietary habits, extended periods engaged in activities like video gaming, television watching, and prolonged computer usage both at work and home are driving forces behind this growth. Around three-fourths of individuals in the APAC region and approximately one-third of populations in Europe and the US are affected by some form of myopia or hypermetropia. For more insights on the historic (2017 to 2021) and forecast market size (2023 to 2027) – Request a sample report
What’s New?
- Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
- Global competitiveness and key competitor positions
- Market presence across multiple geographical footprints – Strong/Active/Niche/Trivial – buy the report
Eyewear Market – Segmentation Assessment
Segment Overview
Technavio has segmented the market based on distribution channel (offline and online), product (eyeglass, sunglass, and contact lenses), and geography (Europe, North America, APAC, South America, and Middle East and Africa).
There will be noteworthy market share growth in the offline segment during the forecast period. This segment primarily involves the retail sale of eyewear in stores, including specialty outlets, malls, and branded stores. Specialized stores catering to various eyewear types dominate this segment. Furthermore, hypermarkets and supermarkets also play significant roles in the offline distribution channel.
Geography Overview
By geography, the Eyewear market is segmented into APAC, Europe, North America, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the Eyewear market.
Europe is estimated to contribute 31% to the market growth share during the forecast period. The market in Europe is driven by factors like rising household incomes, growing demand for top-quality healthcare products, and advancements in products offered by key companies. A significant portion of European consumers prefer investing in premium brands.
Insights on the market contribution of various segments including country and region wise, historic (2017 to 2021) and forecast market size (2023 to 2027) – Download a Sample Report
Eyewear Market – Market Dynamics
Leading trends influencing the market
- Global eyewear market growth is driven by increasing prevalence of vision disorders, influenced by lifestyle changes and excessive screen exposure.
- High occurrence of myopia or hypermetropia: about three-fourths in APAC, one-third in Europe and the US.
- Cataracts, a leading cause globally, prompt around 5,000 cataract surgeries per million people annually.
- Aging population is susceptible to eye diseases like AMD, diabetic retinopathy, glaucoma, and cataracts.
- Uncorrected refractive errors are a common factor in vision impairment among both children and adults globally, boosting significant demand for eyewear.
Major challenges hindering the market growth
Counterfeit and imitation products, notably affecting brands like Ray-Ban and Gucci, set a significant challenge in the global eyewear market. Their availability causes market fragmentation, pricing discrepancies, reduced profits for genuine brands, and a tarnished brand image due to inferior quality. This issue impedes established companies’ market penetration and negatively impacts the industry during the forecast period.
Insights on Market Drivers, trends, & Challenges, historic period(2017 to 2021) and forecast period(2023 to 2027)- Request a sample report
What are the key data covered in this Eyewear Market report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the Eyewear Market between 2023 and 2027
- Precise estimation of the size of the Eyewear Market size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the Eyewear Market industry across APAC, Europe, North America, South America, and Middle East and Africa
- A thorough analysis of the market’s competitive landscape and detailed information about companies
- Comprehensive analysis of factors that will challenge the growth of Eyewear Market companies
Related Reports:
Luxury Eyewear Market: The luxury eyewear market share is expected to increase by USD 3.99 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 4.52%.
Anti-Reflective Coatings Market: The anti-reflective coatings market size is estimated to grow at a CAGR of 9.13% between 2022 and 2027. The market size is forecast to increase by USD 2,618.37 million.
TOC
- Executive Summary
- Market Landscape
- Market Sizing
- Historic Market Size
- Five Forces Analysis
- Market Segmentation by Distribution Channel
- Market Segmentation by Product
- Customer Landscape
- Geographic Landscape
- Drivers, Challenges, and Trends
- Company Landscape
- Company Analysis
- Appendix
About Technavio Research
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
