Global Eyeglasses Market to Reach $ 186.9 Billion by 2026

Edition: 20; Released: February 2022
Executive Pool: 13581
Companies: 488 – Players covered include Carl Zeiss AG; De Rigo SpA; Essilor International SA; Hoya Corporation; Indo Optical SLU; Luxottica Group SpA; Oakley Inc .; Rodenstock GmbH; Safilo Group SpA; TEK Optical Canada and Others.
Coverage: All major geographies and key segments
Segments: Product Segment (Lenses, Frames, Sunglasses); Distribution Channel (Retail, Online); Gender (Male, Female)
Geographies: World; USA; 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; UAE; Rest of Middle East; Africa.

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ABSTRACT-

Global Eyeglasses Market to Reach $ 186.9 Billion by 2026
The proliferation of all forms of eyewear across the globe has traditionally been driven by the rise in the number of individuals requiring vision correction and by the rising emphasis placed on eye protection. With the increasing number of cases of visual impairments due to myopia, hyperopia, presbyopia and astigmatism growing across the world, demand for eyeglasses and other vision correction modalities continues to grow. Prescription glasses market remains buoyant despite the high market penetration in most geographic regions, primarily due to demographic factors such as the urbanization, increase in per capita incomes, increasing access to healthcare, burgeoning aging population, and the increasing incidence and prevalence of diabetes. Lifestyle conditions represent another major factor, with the increasing rate of office jobs, rising frequency of travel, and higher usage of electronics devices / appliances leading to a dramatic increase in exposure to harmful radiation from personal computers, smartphones, tablet PCs, televisions, CFL bulbs, and LEDs. Despite the high popularity of contact lenses as an alternative to spectacles, eyeglasses market continues to hold its own partly due to the ease of use of associated with eyeglasses compared to contact lenses, as well as the improvement in technological and aesthetic qualities of eyeglass lenses and frames. Due to the low access to eye-testing facilities providing prescriptions, developing countries continue to be underpenetrated compared to developed economies. The improving public and private healthcare infrastructure in developing markets is therefore expected to benefit the prescription eyeglasses market in the near future.

Amid the COVID-19 crisis, the global market for Eyeglasses estimated at US $ 149.6 Billion in the year 2022, is projected to reach a revised size of US $ 186.9 Billion by 2026, growing at a CAGR of 5% over the analysis period. Lenses, one of the segments analyzed in the report, is projected to record a 4.8% CAGR and reach US $ 76.9 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Frames segment is readjusted to a revised 5.8% CAGR for the next 7-year period. While prescription eyeglass lenses and frames are purchased as a single unit, changes in prescription lead to higher frequency of lens replacement, as a result of which the lenses product segment contributes a greater share of volume and value sales in the overall eyeglasses market.

The US Market is Estimated at $ 41.8 Billion in 2022, While China is Forecast to Reach $ 20.2 Billion by 2026
The Eyeglasses market in the US is estimated at US $ 41.8 Billion in the year 2022. Chinathe world`s second largest economy, is forecast to reach a projected market size of US $ 20.2 Billion by the year 2026 trailing a CAGR of 7.2% over the analysis period. Among the other noteworthy geographic markets are Japan spirit Canada, each forecast to grow at 3.8% and 4.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.3% CAGR. North America spirit Western Europe are relatively mature market for eyeglasses, given the high levels of consumer awareness about eyewear and the prescription-driven nature of the market, coupled with higher uptake of sunglasses. Consumers in North America show a high affinity for premium, fashionable and branded eyeglass frames and sunglasses fitted with lenses with UV-filter, anti-glare, and scratch-proof coatings. Europe’s higher contribution to the worldwide eyeglass in terms of value sales is due to higher consumption of high-end and high-priced products, and high brand awareness among consumers. The market is witnessing an increasing trend towards online retail of eyewear products. The strong presence of leading industry players such as Safilo Group and Luxottica Group also presents favorable prospects for the European eyewear market. Growth in Asia-Pacific region is being spearheaded by emerging economies such as China spirit India with high population density and increasing eyewear penetration.

Sunglasses Segment to Reach $ 50.1 Billion by 2026
While polarized sunglasses account for about a fifth of overall sunglass shipments, plano 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 sharpness and protecting eye health. Plano sunglasses are not fitted with Rx lenses, and therefore are driven by fashion trends as well as the need to protect the eyes from ultraviolet radiations, rather than prescriptions. In the global Sunglasses segment, USA, Canada, Japan, China spirit Europe will drive the 4% CAGR estimated for this segment. These regional markets accounting for a combined market size of US $ 31.6 Billion will reach a projected size of US $ 41.9 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, Indiaand South Koreathe market in Asia-Pacific is forecast to reach US $ 5.8 Billion by the year 2026, while Latin America will expand at a 5% CAGR through the analysis period.
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