The global eyewear market was valued at USD 120 billion in 2017 and is anticipated to grow at a CAGR of 7.9% during the forecast period. Eyewear comprises accessories such as spectacles, sunglasses, or contact lenses, which are worn for correction or protection of eyes. These accessories assist with vision or protect eyes against the environment. Use of spectacles or contact lenses aids vision, whereas sunglasses protect eyes against dust and harmful UV rays. Consumers also wear eyewear to enhance appearance and follow fashion trends.
The major driving factors of the market include growing geriatric population and increasing lifespan. An occurrence of diseases such as cataracts and glaucoma are common in the geriatric population, which increases the demand of corrective eyeglasses. Growing demand of eyewear to correct refractive errors coupled with increasing awareness regarding eye care would further accelerate market growth. A significant increase in the usage of mobile devices and longer working hours on computers increases the risks of vision problems. Other factors driving the growth of this market include increasing standards of livings and growing fashion trends. The increasing demand for branded and luxury eyewear products, increasing disposable income, and technological advancements further supplement the growth of this market. Expansion of established companies into emerging economies and increase sales of eyewear through online channels would provide numerous growth opportunities in the market.
The global eyewear market is segmented on the basis of product type, distribution channel, and geography. Based on the type of product, the market is segmented into spectacles, lenses, and sunglasses. The distribution channel segment is categorized into offline channels and online channels. This report comprises a detailed geographic distribution of the market across North America, Europe, APAC and South America, and MEA. North America is further segmented into U.S., Canada, and Mexico. Europe is divided into Germany, UK, Italy, France, and Rest of Europe. Asia-Pacific is bifurcated into China, India, Japan, and Rest of Asia-Pacific. North America accounted for the largest share in the global eyewear in 2017.
The vendors in the market are launching new products to meet the growing customer needs. In addition, the leaders in the market are acquiring and collaborating with top companies in the market to enhance their offerings in the market and expand their customer base. For instance, in Jan 2017, Life is Good collaborated with the McGee Group to enter the eyewear market through the launch of readers, sunglasses, and optical frames. The new range of products includes “Focus on the Good" Ophthalmic Glasses for Women, Men, and Kids, "Go Places" Sunglasses, which are available in designs such as wayfarer, aviator, and classic rectangular styles, and unisex “Works of Art" Readers. In October 2017, De Rigo and Fila Luxembourg S.A.R.L. announced the renewal of their license agreement for the design, development, and distribution of FILA branded eyewear. Luxottica Group S.p.A. collaborated with Google Inc. for the design, development, and distribution of eyewear for Glass. Other leading players in the market include Luxottica Group S.p.A, Bausch + Lomb Inc., Johnson & Johnson Vision Care, Prada S.p.A, Safilo Group S.p.A, Fielmann AG, Cooper Companies, Inc., Essilor International S.A., GrandVision, Carl Zeiss AG, Hoya Corporation, De Rigo SpA. among others.