Eyewear Market Size & Analysis Report, 2022

The global eyewear market size is expected to grow at a CAGR of over 3%, with revenue estimated to exceed USD 140 billion by 2022. The growth can be attributed to dynamic lifestyle and rising visual inadequacy.

Lifestyle trends, such as substantial use of computers, increase in formal employment, increasing diabetic population, consciousness and compliance of corrective or refractive surgeries is a key factor for the rising demand, along with rising prevalence of medical conditions such as hypermetropia, myopia, presbyopia, and astigmatism.
Contact lenses market growth is also likely to serve as another potential driver in the eyewear industry. Properties such as convenience, flexible modality and cheap price thus play a key role in boosting eyewear market demand.

Robust demand for plano sunglasses is expected to challenge contact lens growth. Increasing consent of vision correction surgeries such as LASIK and PRK may hamper growth over the forecast period. However, supplementary contact lens pricing compared to other products is forecasted to have less economical significance over the forecasted period. Price differentiation between branded and unbranded frames can hinder the industry growth. Developing markets, especially Asia and Latin America, are expected to provide significant growth opportunities to industry participants.

The eyewear market can be segmented by product into spectacles, plano sunglasses, and contact lenses. Spectacles include spectacle lenses and frames. Plano sunglasses are further categorized as polyurethane, polarized, CR-39, non-polarized, polycarbonate sunglasses and others. Contact lenses are further classified into soft contact lenses, these are easy adaptable lenses whereas and rigid gas permeable lenses mainly focuses on rectifying astigmatism.

Asia Pacific eyewear market is anticipated to witness high growth and it is estimated to grow at a rapid rate owing to increasing purchasing power and consumer base, over the forecast period. North America is estimated to be the largest eyewear market owing to high consumer awareness and numerous distribution channels. Europe is expected to have lucrative growth on account of existence of key market players such a Luxottica and Humphrey etc.

The major participants in the eyewear market include Carl Zeiss, Marcolin, Luxottica, Marchon, Safilo, Johnson & Johnson, Bausch & Lomb, Hoya Corporation, and Essilor, CooperVision, Charmant, and CIBA Vision.