Meticulous Research® has released data indicating that the global eyewear market will reach $215.5 billion by 2031, growing at a CAGR of 4.2% from 2024 to 2031. This growth is driven by rising eye disorders, increased screen time, and heightened awareness of eye safety. Additionally, trends such as a preference for fashionable eyewear and advancements in prescription eyewear contribute to this positive growth. The influence of social media on fashion, the rise of e-commerce, and improved health insurance coverage for eye care services further bolster market expansion.
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Despite these growth drivers, challenges such as the growing adoption of laser eye surgeries and the high cost of premium eyewear could impede market progress. Innovations in eyewear materials, coatings, and lens designs offer substantial growth opportunities, though issues such as old eyewear disposal and rapidly evolving fashion trends present significant hurdles. Emerging trends include 3D-printed eyewear and glasses equipped with fitness trackers and Bluetooth technology.
The spectacles segment is projected to dominate the market in 2024, thanks to its effectiveness in vision correction and evolving consumer preferences for high-quality eyewear. This segment encompasses various types of spectacles, including prescription and non-prescription glasses, and a range of lens and frame styles. According to Statistics Netherlands, approximately 62% of the Dutch population aged four years and older wore glasses occasionally in 2022.
However, challenges persist, notably the increasing adoption of vision correction methods such as laser eye surgery and the high costs associated with premium eyewear. These factors could impede market growth. Innovations in eyewear materials, coatings, and lens designs present opportunities for market expansion, but issues related to the disposal of old eyewear and fast-evolving fashion trends pose significant obstacles. Emerging trends such as 3D-printed eyewear, fitness-tracking frames, open-ear speakers, and Bluetooth-enabled glasses highlight the industry's dynamic nature.
In 2024, spectacles are anticipated to dominate the eyewear market due to their widespread use in addressing vision disorders and adapting to changing consumer preferences.
Anti-reflective coatings are expected to be the leading coating type in 2024 due to their benefits such as enhanced vision clarity, reduced glare, and UV protection. These coatings also provide additional protection for lenses, extending their lifespan by resisting scratches and smudges.
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Plastic is anticipated to be the dominant material in the eyewear market in 2024. Its popularity stems from the availability of durable, stylish plastic frames that are lightweight and break-resistant. Plastic frames are particularly favored for sports and children's eyewear and come in a wide range of colors and styles.
The vision correction segment is forecasted to be the largest application area in 2024. This is driven by the rising prevalence of vision problems like myopia, hyperopia, and astigmatism, as well as increased daily screen time, which has risen by about 50 minutes per day since 2013.
Asia-Pacific is expected to show the highest growth rate among regions during the forecast period. This growth is fueled by an aging population in countries such as China and India, the adoption of advanced eyewear products in emerging markets, and increased awareness of eyewear benefits. Additionally, rising disposable incomes and a growing trend towards fashion-conscious youth contribute to market expansion in this region.
The key players operating in the global eyewear market are Safilo Group SpA (Italy), EssilorLuxottica SA (France), Fielmann Group AG (Germany), Johnson & Johnson Vision Care, Inc. (U.S), Carl Zeiss AG (Germany), De Rigo Vision SpA (Italy), Hoya Corporation (Japan), Marchon Eyewear, Inc., Alcon Inc. (Switzerland), Appier Inc. (Tokyo), The Cooper Companies, Inc. (U.S.), and Warby Parker Inc. (U.S).
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Key Questions Answered in the Report:
- Which are the high-growth market segments in terms of type, coating, material, application, age, distribution channel, end user, and geography?
- What was the historical market size for eyewear globally?
- What are the market forecasts and estimates for the period 2024–2031?
- What are the major drivers, restraints, challenges, opportunities, and trends in the global eyewear market?
- Who are the major players in the global eyewear market?
- What is the competitive landscape like, and who are the market leaders in the global eyewear market?
- What are the recent developments in the global eyewear market?
- What are the different strategies adopted by the major players in the global eyewear market?
- What are the geographical trends and high growth regions/countries?
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