Global eyewear market to reach $ 186.8 billion by 2026


FACTS AT A GLANCE
Editing: 19; Posted: May 2021
Management commitments: 13581
Companies: 1751– Players covered include Carl Zeiss AG; From Rigo SpA; Essilor International SA; Hoya Company; Indo optical SLU; Luxottica SpA Group; Oakley Inc .; Rodenstock GmbH; Safilo SpA Group; TEK Optical Canada and others.
Blanket: All major geographies and key segments
Segments: Product segment (lenses, frames, sunglasses); Distribution channel (retail, online); Gender Male Female)
Geographies: World; United States; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia Pacific; Australia; India; South Korea; Rest of Asia Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UNITED ARAB EMIRATES; Rest of Middle East; Africa.

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ABSTRACT-

Global eyewear market to reach $ 186.8 billion by 2026
Globally, the number of people living with some form of visual impairment is estimated at nearly 65% ​​of the total population. People’s eyesight changes constantly with advancing age, with thickening of the eye lenses, loss of flexibility that gradually leads to visual impairment. This in turn represents a large market for eyewear products including prescription lenses, reading glasses and contact lenses. Globally, over 75% of the population aged 45 to 55 need some form of vision correction, while over 80% of the population over 55 uses glasses. or contact lenses. Global Productivity Losses Due to Uncorrected Vision Problems Are Huge 300 billion dollars per year. In the midst of the COVID-19 crisis, the global eyewear market is estimated at US $ 139.9 billion in 2020, is expected to reach a revised size of 186.8 billion US dollars by 2026, with a CAGR of 5% over the analysis period. Lenses, one of the segments analyzed in the report, is expected to register a CAGR of 4.8% and reach US $ 76.9 billion at the end of the analysis period. After a thorough analysis of the business implications of the pandemic and the induced economic crisis, the growth of the Executives segment is readjusted to a revised CAGR of 5.8% for the next 7 year period.

The US market is estimated at $ 40.3 billion in 2021, when China is expected to reach $ 20.1 billion by 2026
The eyewear market in the United States is estimated at US $ 40.3 billion in 2021. China, the world’s second-largest economy, is expected to reach a projected market size of US $ 20.1 billion by 2026, with a CAGR of 7.2% over the analysis period. Other notable geographic markets include Japan and Canada, each forecasts growth of 3.8% and 4.4% respectively during the analysis period. In Europe, Germany is expected to grow about 4.3% CAGR. The pandemic has accelerated the trend of online sales and purchases of eyewear products, including frames, glasses and sunglasses. Another important factor that makes online retailing one of the most successful retail channels is the ability of customers to make product and service comparisons. Virtual trial is becoming a preferred option for customers, allowing them to try out a product using mobile devices or other devices equipped with a camera. Thanks to AR (augmented reality) technology, customers can visualize themselves with the products of their choice. While the concept of virtual try-on has been in vogue for some time, in recent times its use has increased due to the rise of filters used on social media sites.

Sunglasses segment to reach $ 50.1 billion by 2026
Sunglasses are glasses that are particularly used for the protection of eyesight. These glasses are generally used to protect the eyes from the harmful rays of the sun such as ultraviolet rays, infrared rays, blue light, haze and reflected glare. Growing awareness, factors such as increasing urbanization, especially in developing countries, increasing per capita income, are catapulting demand for plano sunglasses and other sunglasses products to the fashion. In the global sunglasses segment, United States, Canada, Japan, China and Europe will lead to the estimated 4.1% CAGR for this segment. These regional markets representing a combined market size of US $ 31.6 billion in 2020 will reach a projected size of US $ 41.9 billion before the end of the analysis period. China will remain among the most dynamic of this group of regional markets. Led by countries such as Australia, India, and South Korea, the market of Asia Pacific should reach US $ 5.7 billion by 2026, while Latin America will increase at a 5% CAGR throughout the analysis period. Following

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