-- The global eyewear market is experiencing steady growth, with a market size of USD 170.53 Billion in 2022, which is expected to reach USD 340.89 Billion in 2032, with a revenue CAGR of 8% during the forecast period. The growth is attributed to a variety of factors, including an increase in the prevalence of visual impairments, growing awareness of eye health, and an ageing population.
The demand for trendy and fashionable eyewear goods is also driving market revenue growth, with customers willing to pay higher prices for eyewear that enhances both their vision and beauty. The expansion of e-commerce and online retail platforms has also made it easier for consumers to access a variety of eyewear goods from the comfort of their homes.
The global eyewear market can be divided into several categories, including prescription eyewear, sunglasses, and contact lenses. The rising frequency of vision impairments and the ageing population is expected to drive market revenue growth during the forecast period. The demand for contact lenses is also projected to increase due to the growing popularity of daily disposable lenses and technological developments.
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Market Segments: -
The market has been segmented based on product, distribution channel, end-use, and region. The report covers historical data from 2020 to 2021 and forecasts revenue growth up to 2032, with quantitative units measured in USD billion. The report also covers revenue forecasts, company rankings, competitive landscape, growth factors, and trends.
The eyewear market has been segmented based on product outlook, distribution channel outlook, and regional outlook. The product outlook includes contact lenses, spectacles, and sunglasses. The distribution channel outlook includes e-commerce and brick & mortar. The regional scope covers North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
In conclusion, the eyewear market is a rapidly growing industry with significant potential for revenue growth. The market's expansion can be attributed to the increasing use of eyewear as a fashion accessory and the rising prevalence of eye-related diseases. With the increasing adoption of e-commerce channels, the eyewear market is expected to continue to grow in the coming years.
Strategic developments in the market:
In 2021, Luxottica Group announced the acquisition of GlassesUSA.com, an e-commerce platform for eyewear in the United States. The acquisition is aimed at expanding Luxottica's digital presence and enhancing its direct-to-consumer offerings in the eyewear industry.
In 2020, EssilorLuxottica announced the acquisition of GrandVision, a leading eyewear retailer with stores in over 40 countries. The acquisition is aimed at expanding EssilorLuxottica's retail presence and strengthening its position in the eyewear market.
In 2021, Luxottica Group launched a new collection of eyewear called ‘Ray-Ban Stories.’ The collection includes smart glasses with integrated speakers and microphones, allowing users to take phone calls, listen to music, and capture photos and videos hands-free.
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Competitive Landscape:
In the global eyewear market, there are several major companies that dominate the industry. These companies include Luxottica Group S.p.A., Safilo Group S.p.A., and EssilorLuxottica S.A. Luxottica Group S.p.A. is one of the largest eyewear companies in the world and is known for its brands such as Ray-Ban and Oakley. Safilo Group S.p.A. is another major player in the industry, with a strong portfolio of licensed brands and proprietary brands. EssilorLuxottica S.A. is a recently merged company between Essilor International and Luxottica Group, creating one of the largest eyewear companies in the world.
Other notable companies in the industry include Johnson & Johnson Vision Care, Inc., Bausch & Lomb Incorporated, Alcon Vision LLC, and Hoya Corporation. Johnson & Johnson Vision Care is a leading contact lens manufacturer, while Bausch & Lomb Incorporated is known for its contact lenses and eyecare products. Alcon Vision LLC is a subsidiary of Novartis and produces a wide range of eyecare products. Hoya Corporation is a Japanese company that produces eyewear lenses and other optical products.
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