NEW YORK, March 3, 2023 /PRNewswire/ -- According to Technavio, the global eyewear market size is estimated to grow by USD 76 billion from 2022 to 2027. The market is estimated to grow at a CAGR of 7.9% during the forecast period. The growing number of vision disorders is expected to be a major driver for market growth. Changes in eating habits, and increased screen time due to exposure to video games, televisions, and computer systems. Health problems like myopia, hypermetropia, and cataracts are the leading causes of vision disorders, which in turn is growing the demand for the global eyewear market. For more insights on the historic (2017 to 2021) and forecast market size (2023 to 2027) – Request a sample report

What`s New for 2023?

• 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

Leading trends influencing the market 

• The growing adoption of omnichannel marketing and digital marketing strategies by emerging players in many regional markets is a key trend in the global eyewear market.

• Vendors are aggressively executing online marketing and promotional activities on the internet to gain access to a larger customer base and cover a bigger geographic landscape.

• Omnichannel marketing also has reduced operational costs and improved product reach for the vendors, improving their profit margins.

• Vendors are offering additional options like virtual fitting and free product trials, suggestions, and expert advice to attract customers.

• Some vendors in the market also offer online services to buy contact lenses, vision care products, and surgical products.

• Such factors are expected to tremendously impact the growth of the global market.

Major challenges hindering the market growth

• Growing adoption of refractive surgery by people with vision disorders is a major hindrance to the growth of the market in focus.

• Refractive surgery is one of the leading substitutes for eyewear among many users. Patients prefer LASIK and PRK procedures to correct the refractive state of the eye and reduce the dependency on eyewear.

• This is seen as a one-time investment by patients because it is a permanent solution to eyesight-related issues.

• Hence, people with higher disposable incomes in developed nations prefer these surgical procedures, which may impede the growth of the market during the forecast period.

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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).

• The offline segment is a significant contributing factor to the growth of the global eyewear market. This segment mainly comprises of retail store setups like specialty stores, malls, and branded stores.

• Specialty stores offering different types of eyewear are dominating this segment. A marked increase in business expansion compliments a steady rise in the number of stores offering sunglasses is a major contributing factor to the growth of the segment.

• The offline segment is thriving due to the larger range of products at different prices and quality points are available to consumers at their convenience.

Geography Overview
By geography, the global eyewear market is segmented into Europe, North America, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global eyewear market.

• Europe is estimated to contribute to 31% of the market growth during the forecast period. The major contributing factors for this are the rising household income, growing demand for high-quality healthcare products, and product advancements.

• Vendors focus on innovative product designs and quality to improve their range and scope in the market.

• Furthermore, the growing demand for premium eyewear is fueling the growth of the market in the region.

• These factors are expected to drive the growth of the market in the region during the forecast period.

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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 Europe, North America, APAC, South America, and Middle East and Africa

• A thorough analysis of the market's competitive landscape and detailed information about vendors

• Comprehensive analysis of factors that will challenge the growth of Eyewear Market vendors

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The artificial eye market size is expected to increase by USD 34140.17 thousand from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 8.16%. The increasing prevalence of ophthalmic diseases is one of the key drivers supporting the artificial eye market growth.

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Table of Contents

1 Executive Summary

• 1.1 Market overview

2 Market Landscape

• 2.1 Market ecosystem

3 Market Sizing

• 3.1 Market definition

• 3.2 Market segment analysis

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027

4 Historic Market Size

• 4.1 Global eyewear market 2017 - 2021

• 4.2 Distribution Channel Segment Analysis 2017 - 2021

• 4.3 Product Segment Analysis 2017 - 2021

• 4.4 Geography Segment Analysis 2017 - 2021

• 4.5 Country Segment Analysis 2017 - 2021

5 Five Forces Analysis

• 5.1 Five forces summary

• 5.2 Bargaining power of buyers

• 5.3 Bargaining power of suppliers

• 5.4 Threat of new entrants

• 5.5 Threat of substitutes

• 5.6 Threat of rivalry

• 5.7 Market condition

6 Market Segmentation by Distribution Channel

• 6.1 Market segments

• 6.2 Comparison by Distribution Channel

• 6.3 Offline - Market size and forecast 2022-2027

• 6.4 Online - Market size and forecast 2022-2027

• 6.5 Market opportunity by Distribution Channel

7 Market Segmentation by Product

• 7.1 Market segments

• 7.2 Comparison by Product

• 7.3 Eyeglass - Market size and forecast 2022-2027

• 7.4 Sunglass - Market size and forecast 2022-2027

• 7.5 Contact lenses - Market size and forecast 2022-2027

• 7.6 Market opportunity by Product

8 Customer Landscape

• 8.1 Customer landscape overview

9 Geographic Landscape

• 9.1 Geographic segmentation

• 9.2 Geographic comparison

• 9.3 Europe - Market size and forecast 2022-2027

• 9.4 North America - Market size and forecast 2022-2027

• 9.5 APAC - Market size and forecast 2022-2027

• 9.6 South America - Market size and forecast 2022-2027

• 9.7 Middle East and Africa - Market size and forecast 2022-2027

• 9.8 US - Market size and forecast 2022-2027

• 9.9 China - Market size and forecast 2022-2027

• 9.10 Italy - Market size and forecast 2022-2027

• 9.11 Germany - Market size and forecast 2022-2027

• 9.12 Canada - Market size and forecast 2022-2027

• 9.13 Market opportunity by geography

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape

• 11.3 Landscape disruption

• 11.4 Industry risks

12 Vendor Analysis

• 12.1 Vendors covered

• 12.2 Market positioning of vendors

• 12.3 Alcon Inc.

• 12.4 Bausch Health Co. Inc.

• 12.5 Carl Zeiss AG

• 12.6 Charmant Inc.

• 12.7 De Rigo Vision Spa

• 12.8 EssilorLuxottica SA

• 12.9 Fielmann AG

• 12.10 HOYA Corp.

• 12.11 Kering SA

• 12.12 Le petit fils de L.U. Chopard and Cie SA

• 12.13 Marcolin Spa

• 12.14 Safilo Group Spa

• 12.15 TEK Optical Inc.

• 12.16 The Cooper Companies Inc.

• 12.17 Vision Express UK Ltd.

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist

• 13.3 Currency conversion rates for US$

• 13.4 Research methodology

• 13.5 List of abbreviations

About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides 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.

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