The global eyewear market will reach $186.9 billion by 2026


Editing: 20; Published: February 2022
Executive Pool: 13581
Companies: 488 – Players covered include Carl Zeiss AG; De 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 $186.9 billion by 2026
The proliferation of all forms of eyewear across the world has traditionally been driven by the increase in the number of people requiring vision correction and the growing emphasis on eye protection. With the growing number of cases of visual impairment due to myopia, hyperopia, presbyopia and growing astigmatism across the world, the demand for eyeglasses and other vision correction modalities continues to grow. The prescription eyewear market remains buoyant despite high market penetration in most geographies, primarily driven by demographic factors such as urbanization, rising per capita income, increasing access to healthcare, the burgeoning aging population and the increasing incidence and prevalence of diabetes. Living conditions are another major factor, with the increasing rate of office jobs, increasing frequency of travel, and increased use of electronic devices/devices leading to a dramatic increase in exposure to harmful radiation from personal computers. , smartphones, tablet PCs, televisions, CFLs. bulbs and LEDs. Despite the great popularity of contact lenses as an alternative to eyeglasses, the eyewear market continues to hold its own in part due to the ease of use associated with eyeglasses compared to contact lenses, as well as improved technological qualities and aesthetics of spectacle lenses and frames. Due to low access to eye examination facilities providing prescriptions, developing countries continue to be under-penetrated compared to developed economies. Improved public and private healthcare infrastructure in developing markets is therefore expected to benefit the prescription eyewear market in the near future.

Amid COVID-19 crisis, Global Eyeglasses Market Estimated at US$149.6 billion in 2022, is expected to reach a revised size of US$186.9 billion by 2026, growing at a CAGR of 5% over the analysis period. Glasses, 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 Frames segment is readjusted to a revised CAGR of 5.8% for the next 7-year period. While prescription eyeglass lenses and frames are purchased as a single unit, prescription changes lead to a higher frequency of lens replacement, resulting in the lens products segment contributing a larger share. sales volume and value in the overall eyewear market.

The US market is estimated at $41.8 billion in 2022, when China is expected to reach $20.2 billion by 2026
The eyewear market in the United States is estimated at US$41.8 billion in the year 2022. Chinathe second largest economy in the world, is expected to reach a projected market size of US$20.2 billion by 2026 with a CAGR of 7.2% over the analysis period. Other notable geographic markets include Japan and Canada, each predicting growth of 3.8% and 4.4% respectively over the analysis period. In Europe, Germany is expected to grow at around 4.3% CAGR. North America and Western Europe are a relatively mature market for eyewear, given the high level of consumer awareness of eyewear and the prescription-driven nature of the market, coupled with higher adoption of sunglasses. The consumers in North America show a great affinity for high-end, fashionable and branded eyewear frames and sunglasses equipped with lenses with UV filters, anti-glare and anti-scratch. Europe higher contribution to global eyewear in terms of sales value is due to higher consumption of high-end and high-priced products, and strong brand awareness among consumers. The market is witnessing a growing trend of online retailing of eyewear products. The strong presence of major industry players such as the Safilo group and the Luxottica group also presents favorable prospects for the European eyewear market. Become thin Asia Pacific region is led by emerging economies such as China and India with high population density and growing eyewear penetration.

Segment of sunglasses to reach $50.1 billion by 2026
While polarized sunglasses represent about one-fifth of global sunglasses shipments, plane sunglasses represent one of the fastest emerging product segments. Consumers are also migrating from traditional non-polarized sunglasses to more expensive polarized sunglasses, which filter out horizontally polarized light, thereby enabling visual clarity and protecting eye health. Plano sunglasses do not come with Rx lenses and are therefore driven by fashion trends as well as the need to protect the eyes from ultraviolet rays rather than prescriptions. In the global sunglasses segment, United States, Canada, Japan, China and Europe will drive the CAGR of 4% estimated for this segment. These regional markets representing a combined market size of US$31.6 billion will reach a projected size of US$41.9 billion at the end of the analysis period. China will remain among the most dynamic in this group of regional markets. Led by countries such as Australia, Indiaand South Koreathe market of Asia Pacific should reach US$5.8 billion by 2026, while Latin America will increase at a CAGR of 5% over the analysis period.
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