The eyewear market will reach 172.42 billion USD in 2028;

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Pune, India, May 27, 2021 (GLOBE NEWSWIRE) – The world eyewear market is expected to gain ground with the introduction of 3D printing. These innovations have enabled the glasses to be personalized quickly and easily. Stratasys, for example, unveiled in March 2020 a multi-material 3D printer capable of printing custom sunglasses and eyewear. A report of Fortune Business Insights ™, entitled, “Eyewear market, 2021-2028” indicates that the market size was 105.56 billion USD in 2020. It is expected to grow from 114.95 billion USD in 2021 to 172.42 billion USD in 2028 with a CAGR of 6.0% during the forecast period .

COVID-19 pandemic: postponement or cancellation of non-essential eye exams to hamper growth

The COVID-19 pandemic outbreak has severely affected sales of eyeglasses, sunglasses, contact lenses and other eyewear products. Regulators around the world have come up with stringent standards, such as social distancing and lockdowns, which, in turn, have led to the temporary closures of retail stores and eye clinics. Also, appointments for a non-essential eye exam have been canceled or postponed because of this. According to Johnson and Johnson Services, Inc., in 2020 it saw an 11.7% drop in sales in terms of the vision care business segment.

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Strong demand for sportswear sunglasses to accelerate growth

The demand for sunglasses and other related eyewear products is expected to increase rapidly in the near future due to the growing awareness of the harmful effects of UVB and UVA rays on vision. In addition, the growing acceptance of sports sunglasses among the general population of developed countries is expected to propel the growth of the eyewear market in the coming years. At the same time, to correct vision, people mainly turn to prescription sunglasses. However, declining demand for luxury sunglasses, especially in emerging economies like Brazil and India, could hamper growth.

Growing Demand for Premium Eye Care Products to Help North America Dominate

In 2020, North America held $ 30.87 billion in revenue. It is expected to remain at the forefront, supported by the growing demand for premium eyewear products and the acceptance of eye care products. In Europe, developed countries like the UK, France and Germany are experiencing a high demand for fashionable frames and glasses. The Asia-Pacific region, on the other hand, is expected to experience tremendous growth due to the rising incidence of eye diseases and the growing population.

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The Entertainment segment obtained a share of 79.0% in 2020: Fortune Business Insights ™

On the basis of distribution channel, the market is categorized into retail stores, online stores, and eye clinics. By type of product, it is divided into glasses, sunglasses and contact lenses. Of these, the eyewear segment generated 79.0% eyewear market share in 2020. It is expected to remain in the dominant position due to the higher prevalence of hyperopia and myopia.

Cover of the report

The research report is based on growth drivers, restraints, trends and challenges that will help companies get a complete picture of the future status of this eyewear industry. It contains the names of renowned companies and the vital strategies they have adopted to generate high income. These strategies include investments in research and development, mergers and acquisitions, contracts, collaborations, new product launches and others. The data provided in the report is taken by conducting primary and secondary research.

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Major players focus on new product development and acquisitions to gain more shares

The market is fragmented with the presence of both international and local companies. Most of them focus on acquiring local businesses to gain a competitive advantage. A few others aim to launch new products to enhance their eyewear product portfolios. Here are the two latest developments in the industry:

  • August 2020: Bausch + Lomb has unveiled its latest daily disposable silicone hydrogel (SiHy) contact lens named Bausch + Lomb INFUSE ™. It is equipped with ProBalance ™ technology to reduce symptoms of dryness and help with ocular surface homeostasis.
  • December 2020: The approximately 80% share of Óptica & Audiología Universitaria was acquired by Fielmann AG to expand its presence in the European market. It would also help the company to strengthen its position.

A list of the main eyewear manufacturers present in the global market:

  • Alcon (subsidiary of Novartis AG) (Switzerland)
  • Essilor Luxottica (France)
  • CooperVision (United States)
  • Johnson & Johnson Services, Inc. (US)
  • Bausch Health Companies Inc. (United States)
  • Carl Zeiss (Germany)
  • Fielmann AG (Germany)
  • Safilo Group SpA (Italy)
  • Other leading players

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Contents:

  • introduction
    • Scope of research
    • Market segmentation
    • Research methodology
    • Definitions and assumptions
  • summary
  • Market dynamics
    • Market factors
    • Market restrictions
    • Market opportunities
  • Key ideas
    • New product introduction / approvals (by major players)
    • Eye Disease Epidemiology – For Key Countries
    • Key Industry Developments – Mergers, Acquisitions and Partnerships
    • Snapshot: U.S. Reading Glasses Market
    • Main trends in the eyewear market
    • Impact of COVID-19 on the global market
  • Global Eyewear Market Analysis, Outlook and Forecast, 2017-2028
    • Main findings / summary
    • Market Analysis, Outlook & Forecast – By Product Type
      • Glasses
      • Sun glasses
      • Contact lenses
    • Market Analysis, Outlook and Forecast – By Distribution Channel
      • Retail store
      • Online Store
      • Ophthalmic clinics
    • Market Analysis, Outlook & Forecast – By Region
      • North America
      • Europe
      • Asia Pacific
      • Latin America
      • Middle East and Africa
  • North America Eyewear Market Analysis, Outlook and Forecast, 2017-2028
    • Main findings / summary
    • Market Analysis – By Product Type
      • Glasses
      • Sun glasses
      • Contact lenses
    • Market analysis – By distribution channel
      • Retail store
      • Online Store
      • Ophthalmic clinics
    • Market analysis – by country
  • Europe Eyewear Market Analysis, Outlook and Forecast, 2017-2028
    • Main findings / summary
    • Market Analysis – By Product Type
      • Glasses
      • Sun glasses
      • Contact lenses
    • Market analysis – By distribution channel
      • Retail store
      • Online Store
      • Ophthalmic clinics
    • Market analysis – By country / sub-region
      • UK
      • Germany
      • France
      • Spain
      • Italy
      • Scandinavia
      • The rest of europe
  • Asia-Pacific Eyewear Market Analysis, Outlook and Forecast, 2017-2028
    • Main findings / summary
    • Market Analysis – By Product Type
      • Glasses
      • Sun glasses
      • Contact lenses

TOC Continued…. !!!!!

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