According to a new report published by Allied Market Research, titled, “Eyewear Market by Product Type, Mode of Sale, and End User: Global Opportunity Analysis and Industry Forecast, 2021–2030,” The global eyewear market size was valued at $110,900.0 million in 2020, and is projected to reach $237,051.1 million by 2030, registering a CAGR of 8.4% from 2021 to 2030. Eyewear is a group of accessories worn over the eyes to correct eyesight or protect them from debris, harmful radiation, or too much light. Spectacles (prescription glasses), contact lenses, and sunglasses are the three types of eyewear. At the moment, all retail outlets have a wide choice of glasses ranging in price from average to high. Metal, plastic, and nylon are some of the materials used to make eyewear frames. Increased life expectancy, growing old age population, and changing fashion preferences have all contributed to increased demand for eyewear products. Consumers now wear eyewear not only for vision correction, however also to improve their appearance.

The growing new fashion trends among millennials have prompted eyewear designers to create affordable and appealing eyewear. Designers of eyewear create new styles and patterns on a regular basis to adapt rapidly to current fashion trends and attract consumers. Companies generate new revenue through acquiring new consumers and maintaining existing customer relationships. To improve the consumer buying experience and develop stronger business relationships, eyewear companies have expanded their service offerings.

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The COVID-19 pandemic had a negative impact on the eyewear market growth. The demand for eyewear products has dropped slightly in the market as a result of pandemic and shutting down of stores. The lockdown has harmed workforce and resource availability, affecting the eyewear industry’s scale of production. The supply channel system for eyewear has been harmed as a result of transportation constraints.

Demand for eyewear has increased due to rise in visual impairments and the desire for proper vision. Millennials are heavily dependent on and drawn to digital technologies such as laptops, video games, and mobile phones. They are more likely to develop vision problems as a result of spending long periods of time with these devices. As a result, increased visual defects and vision impairments are expected to boost the eyewear market during the forecast period.

The key companies profiled for the eyewear industry include, Carl Zeiss AG, Essilor Luxottica, Grand Vision, Johnson & Johnson, Inc., Safilo Group S.p.A., Prada S.p.A, Valeant Pharmaceuticals, Cooper Vision Inc., Alcon, MarcolinSpA, De Rigo Vision SpA, Hoya Corporation and, and Fielmann AG. Increased investments in R&D activities are anticipated to help in product innovations and development of customized eyewear products.

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Key findings of the study

The global eyewear market size was valued at $110,900.0 million in 2020, and is projected to reach $237,051.1 million by 2030, registering a CAGR of 8.4% from 2021 to 2030.
By product type, the prescription glasses or spectacles segment was the highest contributor to the eyewear market, with $83,439.0 million in 2020, and is estimated to reach $179,852.4 million by 2030, at a CAGR of 8.5% during the forecast period.
By mode of sale, the retail stores segment was the highest contributor to the eyewear market, with $77,153.0 million in 2020, and is estimated to reach $160,825.1 million by 2030, at a CAGR of 8.1% during the forecast period.
By end user, the men segment was the highest contributor to the eyewear market, with $60,576.2 million in 2020, and is estimated to reach $126,576.8 million by 2030, at a CAGR of 8.2% during the forecast period.
By region, North America was the highest revenue contributor, accounting for $41,809.3 million in 2020, and is estimated to reach $85,338.4 million by 2030, with a CAGR of 7.9%.

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