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The global eyewear market size is projected to reach $237,051.1 million by 2030, registering a CAGR of 8.4% from 2021 to 2030.
By mode of sale, the retail stores segment was the highest contributor to the eyewear market is estimated to reach $160,825.1 million by 2030, at a CAGR of 8.1% during the forecast period.” - Allied Market ResearchWILMINGTON, DE, UNITED STATES, September 5, 2024 /EINPresswire / -- The global eyewear market is a dynamic and rapidly evolving sector, encompassing a wide range of products, including prescription glasses, contact lenses, sunglasses, and frames. As vision care becomes increasingly important in a digital age, the eyewear market is experiencing significant growth driven by technological advancements, changing consumer preferences, and a heightened focus on eye health. This article provides an in-depth look at the current state of the eyewear market, key trends, innovations, and the future outlook.
Market Overview
The global eyewear market size was valued at $110,900.0 million in 2020, and is projected to reach $237,051.1 million by 2030, registering a CAGR of 8.4% from 2021 to 2030.
The global eyewear market is segmented by product type (prescription glasses, sunglasses, contact lenses, and others), distribution channel (online and offline), and region. The market is witnessing robust growth, particularly in regions such as North America, Europe, and Asia-Pacific. Factors contributing to this growth include increasing screen time, rising awareness of eye health, fashion trends, and the aging population, which leads to a higher prevalence of vision-related issues.
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Key Trends Shaping the Eyewear Market
Rising Demand for Blue Light Blocking Glasses: With the surge in digital device usage, there has been a significant increase in demand for blue light blocking glasses. These glasses are designed to filter out the harmful blue light emitted by screens, reducing eye strain and improving sleep quality. As more people work from home and spend extended hours in front of screens, this segment is expected to continue its upward trajectory.
Customization and Personalization: Consumers are increasingly seeking eyewear that reflects their personal style and preferences. This has led to a rise in the demand for customizable frames and lenses, where customers can choose colors, materials, shapes, and even engrave their names. The trend towards personalized eyewear is particularly strong in the premium and luxury segments, where consumers are willing to pay a premium for unique, bespoke designs.
Sustainable and Eco-Friendly Materials: As sustainability becomes a key concern across industries, the eyewear market is no exception. Manufacturers are adopting eco-friendly materials such as recycled plastics, biodegradable acetate, and sustainable wood for frames. This shift towards sustainable eyewear is being driven by both consumer demand and regulatory pressures, as brands strive to reduce their environmental footprint.
Advances in Lens Technology: Innovations in lens technology are transforming the eyewear market. Progressive lenses, photochromic lenses (which darken in response to sunlight), and anti-reflective coatings are becoming increasingly popular. Additionally, smart glasses with augmented reality (AR) capabilities and integrated health tracking features are emerging, offering consumers a blend of fashion, function, and technology.
Growth of Online Retail: The eyewear market has seen a significant shift towards online retail, driven by the convenience of e-commerce and the availability of virtual try-on technologies. Consumers can now try on glasses virtually using augmented reality, making it easier to shop for eyewear online. This trend has been accelerated by the COVID-19 pandemic, which has changed shopping habits globally.
Challenges and Opportunities
Despite its growth, the eyewear market faces several challenges. Counterfeit products, particularly in the sunglasses segment, pose a significant threat to both brands and consumers. Additionally, the high cost of premium eyewear can be a barrier for some consumers, particularly in developing regions.
However, these challenges also present opportunities. Brands can combat counterfeiting through the use of blockchain technology for product authentication. Furthermore, there is potential for growth in emerging markets, where rising disposable incomes and increasing awareness of eye health are driving demand for quality eyewear.
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Key findings of the study
The global eyewear market size was valued at $110,900.0 million in 2020, and is projected to reach $237,051.1 million by 2030, registering a CAGR of 8.4% from 2021 to 2030.
By product type, the prescription glasses or spectacles segment was the highest contributor to the eyewear market, with $83,439.0 million in 2020, and is estimated to reach $179,852.4 million by 2030, at a CAGR of 8.5% during the forecast period.
By mode of sale, the retail stores segment was the highest contributor to the eyewear market, with $77,153.0 million in 2020, and is estimated to reach $160,825.1 million by 2030, at a CAGR of 8.1% during the forecast period.
By end user, the men segment was the highest contributor to the eyewear market, with $60,576.2 million in 2020, and is estimated to reach $126,576.8 million by 2030, at a CAGR of 8.2% during the forecast period.
By region, North America was the highest revenue contributor, accounting for $41,809.3 million in 2020, and is estimated to reach $85,338.4 million by 2030, with a CAGR of 7.9%.
David Correa
Allied Market Research
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