The global eyewear market size was valued at USD 147.60 billion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 8.5% from 2021 to 2028. The rising popularity of fast fashion among millennials is encouraging eyewear manufacturers to design affordable and attractive eyewear.
Growing visual impairment and need for vision correction have resulted in increased demand for eyewear. Presently, the younger generation is more inclined towards digital devices, spending most of their time on digital devices, such as mobile, laptops and video games. Moreover, health concerns such as diabetes also affect vision of people, resulting in blindness. Thus, people suffering from diabetes, need to undergo regular eye checkups to avoid vision problems. Hence, growing visual deficiencies and vision impairments would affect the growth of the eyewear market, during the forecast period.
The exponential growth of social media is offering new growth avenues for the market. Popular social media platforms offer eyewear companies the opportunity to carefully analyze audience demands and choices, thus enabling them to offer specially curated products according to different geographies. The presence of a sizeable audience on platforms such as Twitter, Instagram, and Facebook enable eyewear companies to penetrate the market more effectively. While creating new channels to market their products, social media platforms enable companies to engage in innovative marketing practices such as influencer marketing and affiliate marketing, thus capturing a larger revenue share.
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Conscious efforts are now being put into standardization of medical and vision care facilities in rural areas, in a bid to reduce eyesight related issues. Governments in various countries in partnership with different organizations are initiating programs to provide reasonable eye care facilities to the rural population. With such initiatives in place, rural population would benefit from efficient healthcare and eye care facilities. Thus, these collaborations with different institutions would drive the growth of eyewear market.
Key Player Mentioned:
Johnson & Johnson Vision Care, Inc.
Carl Zeiss AG.
Bausch & Lomb Inc.
Safilo Group S.p.A
The study needed to concentrate on Leading manufacturers environments, and analysis for its market that is Keyword. The report centered on sections and the trends which influence or drive the development of the business Along with exploring regions. The researchers focused on development tendencies in addition to the sector. The players are Focusing on acquisitions and mergers approaches create earnings and to acquire a foothold on the industry. Additionally, the marketplace is anticipated to quicken alliances which are implemented across the globe as a result of exponential need for keyword over companies and businesses.
Product Segment Analysis:
- Contact Lenses
Regional Segment Analysis: North America, Europe, Asia Pacific, Latin America, and Mideast and Africa.
Based on product type, the systems and parts segment held 39.9% of the market share in 2020. Nonetheless, over the forecast period, dental laser equipment is predicted to experience the quickest 6.8% CAR. Increasing focus on the development of new devices with the latest technologies is propelling the demand of the market. The dental radiology equipment segment is deemed to have the highest CAGR in the coming years with the increasing incidences of dental problems worldwide.
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Eyewear is slowly emerging as an ethical choice for individuals aware of the environmental welfare and wellness of people around them. The emerging trend amongst companies to mitigate climate change and waste reduction is promoting the practice of offering recycled eyewear. Companies such as Sea2see Eyewear and PEL China utilize plastic waste from the sea, recycled metal, and recycled wood to make eyewear. Additionally, Sea2see Eyewear has also collaborated with fishermen from Spain, France, and West Africa to get abandoned fishnets and marine plastic waste to make attractive eyewear products.
Good Reasons to Buy a Global Eyewear Market Report:
- Offers detailed market breakdown and data triangulation that will help guide the market trends.
- The methodology used in the report gives the absolute authentic data that helps advising whether the market has an opportunity in the upcoming years.
- Provides a detail analysis about the Covid-19 impact on the market and how it will help boost the market in the near future.
- Give’s a thorough analyst’s viewpoint which guides the client through market collaterals for the better opportunities in the market.
- Pinpoints the most valued region and how the market can be expanded in the industry to generate more revenue with all the important government guidelines and environmental policies.
The study objectives of this report are:
- To research global status, future forecasts, growth opportunities, key markets and key players.
- To present the market development in us, Europe and China.
- To strategically profile the key players and comprehensively analyze their development plan and methods.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.