Eyewear Market Size Worth $255.3 Billion By 2027

The global eyewear market size is likely to account for USD 255.3 billion by 2027, according to a new report by Million Insights. It is projected that the market would register over 8% CAGR from 2020 to 2027. With the increasing penetration of smartphone, TV, laptop and other such devices, there has been a rise in cases of myopia, which, in turn, has supplemented the market demand for eyewear.

Over the past few years, there has been significant development in eyewear products. Technological advancements have led to the development of anti-fatigue lenses. Such lenses help users from radiation coming from digital devices such as television, smartphone, laptop and others. In addition, the integration of ultraviolet rays blocking glasses has further bolstered the product demand among consumers.

The market has witnessed increased competition from the entry of new players. New players are competing by bringing new technologies in the market. Further, there has been a surge in the online sales of eyewear. Key players in the market are focusing on strengthening their presence to target millennials customers.

Asia Pacific led the market in 2019 owing to the increasing demand from China and India. China, in particular, accounts for the significant share in APAC region. In addition, the demand for eyewear as a fashion statement has bolstered. Working millennials are not shying away from trying fashionable and aesthetically appealing eyewear.

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Further key findings from the report suggest:

• By product, the spectacle segment is likely to register significant growth owing to improvement in technology and their durability.

• Over the next seven years, the bricks and mortar segment would continue to dominate the eyewear market.

• In 2019, Asia Pacific accounted for the highest share in the market owing to the rise in the number of eye-related diseases in the region.

• Leading market participants are Safilo Group S.p.A., ESSILORLUXOTTICA, Carl Zeiss AG and CooperVision among others.

Million Insights segmented the global eyewear market on the basis of product, distribution channel, and region:

Eyewear Product Outlook (Volume, Million Units; Revenue, USD Million, 2016 - 2027)
    • Contact Lenses
        • Premium Contact Lenses
        • Mass Contact Lenses
    • Spectacles
        • Spectacle Frame
            • Type
                • Premium Spectacle Frame
                • Mass Spectacle Frame
            • Style
                • Round
                • Square
                • Rectangle
                • Oval
                • Others
        • Spectacle Lenses
    • Sunglasses
        • Lens Type
            • Polarized Sunglasses
            • Non-Polarized Sunglasses
        • Lens Material
            • CR-39
            • Polycarbonate
            • Polyurethane
            • Others

Eyewear Distribution Channel Outlook (Volume, Million Units; Revenue, USD Million, 2016 - 2027)
    • E-Commerce
    • Brick & Mortar

Eyewear Regional Outlook (Volume, Million Units; Revenue, USD Million, 2016 - 2027)
    • North America
        • U.S.
        • Canada
        • Mexico
    • Europe
        • Germany
        • U.K.
    • Asia Pacific
        • China
        • India
        • Japan
        • Vietnam
    • South America
        • Brazil
    • MEA