Meticulous Research®, a leading global market research company, has published a comprehensive report titled "Eyewear Market Size, Share, Forecast, & Trends Analysis by Type (Contact Lenses [Soft, Rigid, Disposable], Sunglasses, Spectacles [Polarized, Multifocal, Sports]), Coating (Tinted, UV, Anti-reflective), Frame (Rimmed, Frameless) - Global Forecast to 2031."
According to this latest publication from Meticulous Research®, the global eyewear market is projected to reach $215.5 billion by 2031, growing at a CAGR of 4.2% from 2024 to 2031. The market's expansion is driven by factors such as the increasing prevalence of eye disorders and visual impairment, the rise in screen time, heightened awareness about eye safety and protection, growing preference for trendy eyewear, the emergence of prescription eyewear, the influence of social media on fashion choices, the growing adoption of e-commerce, and health insurance coverage for eye care services. However, market growth is restrained by the increasing adoption of vision correction methods such as laser eye surgery and the high cost associated with premium eyewear.
Furthermore, innovations in eyewear materials, coatings, and lens designs are expected to present growth opportunities. Yet, challenges such as the disposal of old eyewear and rapidly changing fashion trends remain significant hindrances. Trends in the market include 3D-printed eyewear, frames with fitness trackers, open-ear speakers, Bluetooth, and customized eyeglasses.
Key players in the global eyewear market include:
• Safilo Group SpA (Italy)
• EssilorLuxottica SA (France)
• Fielmann Group AG (Germany)
• Johnson & Johnson Vision Care, Inc. (U.S.)
• Carl Zeiss AG (Germany)
• De Rigo Vision SpA (Italy)
• Hoya Corporation (Japan)
• Marchon Eyewear, Inc.
• Alcon Inc. (Switzerland)
• Appier Inc. (Tokyo)
• The Cooper Companies, Inc. (U.S.)
• Warby Parker Inc. (U.S.)
Eyewear Market: Future Outlook
The global eyewear market is segmented by type, coating, frame material, application, age, distribution channel, end-user, and geography. The report evaluates industry competitors and analyzes the market at both global and regional levels.
Market Segmentation Highlights:
• Type: The spectacles segment is expected to hold the largest share of the eyewear market in 2024. This segment is driven by the increasing incidence of vision disorders, an aging population, increasing screen time, and changing consumer preferences for high-quality eyewear lenses. For instance, according to the Statistics Netherlands (CBS) report of September 2023, approximately 62% of the Dutch population aged four years and older wore glasses occasionally in 2022.
• Coating Type: The anti-reflective coating segment is projected to account for the largest share of the eyewear market in 2024. Its popularity is due to benefits such as increased vision clarity, reduced blue light exposure, UV protection, and reduction of reflections, glare, and halos. These coatings also protect glasses from scratches and smudges, extending the life of lenses.
• Material: The plastic segment is expected to dominate the eyewear market in 2024, owing to the availability of durable and stylish plastic frames. Plastic glasses, also known as organic glasses, are favored for sports and children due to their lightness, comfort, and high break resistance.
• Application: The vision correction segment is anticipated to hold the largest market share in 2024, driven by increasing vision problems, rising screen time across all age groups, and growing cases of myopia, hyperopia, and astigmatism. Daily screen time has increased by approximately 50 minutes per day since 2013 (Source: Exploding Topics).
Geographic Review:
The report provides a detailed analysis of the market across major regions, including North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, Netherlands, Switzerland, Sweden, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, Indonesia, South Korea, Australia, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, Rest of Latin America), and the Middle East & Africa.
Among these regions, Asia-Pacific is expected to register the highest CAGR during the forecast period. Factors contributing to this growth include the increasing geriatric population in countries like China and India, the adoption of advanced eyewear products in emerging markets, and rising awareness about the benefits of eyewear for both personal and professional use. Additionally, rising disposable income among the youth and the adoption of eyewear for fashion purposes are notable trends in the market.
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Key Questions Answered in the Report:
• Which are the high-growth market segments in terms of type, coating, material, application, age, distribution channel, end user, and geography?
• What was the historical market size for eyewear globally?
• What are the market forecasts and estimates for the period 2024–2031?
• What are the major drivers, restraints, challenges, opportunities, and trends in the global eyewear market?
• Who are the major players in the global eyewear market?
• What is the competitive landscape like, and who are the market leaders in the global eyewear market?
• What are the recent developments in the global eyewear market?
• What are the different strategies adopted by the major players in the global eyewear market?
• What are the geographical trends and high growth regions/countries?
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