What are the factors driving the eyewear market. Government bodies across the globe had enforced strict lockdowns in the initial phase of the pandemic's spread. Moreover, the growing popularity of clear eyeglasses and bright translucent glasses has also augmented the demand for spectacles. Hugo has more than 25 years' experience working for some of the biggest and best-known, global consumer brands including The Body Shop and running marketing and international expansion at Dyson. Swiss Eyewear Group - New International Eyewear Company Established In Along with this, the report provides an elaborative analysis of the market dynamics and competitive landscape. Higher costs of luxury sunglasses and contact lenses owed to costly import duties are the major factors attributed to the limited product acceptance in these emerging nations. The increasing prevalence of visual impairment in people worldwide are expected to drive the growth of the market for eyewear. Furthermore, manufacturers are focusing on the recent development of smart glasses that are equipped with built-in electronics, displays, cameras, and sensors to provide several features, such as voice recognition, health tracking, audio/video control, and navigation, which is positively influencing the market growth. The global eyewear market size was USD 105.56 billion in 2020 and is projected to grow from USD 114.95 billion in 2021 to USD 172.42 billion in 2028, exhibiting a CAGR of 6.0% in the 2021-2028 period. Please wait while we are processing your request Eyewear Market Size, Share, Growth Analysis [2023 Report]. Awareness campaigns are carried out in the developing countries where visual disabilities are commonly undetected as well as uncorrected. Luxottica Group S.p.A. is an Italy-based eyewear manufacturer that produces fashion, luxury, and sports eyewear under brand names such as Ray-Ban, Presol, Oliver Peoples, Oakley, Costa del Mar, and Arnette. This trend is owing to the increasing prevalence of myopia and hypermetropia. We know where we will be getting business intelligence from in the future., Thank you for sending the market report and data. Polarised lenses provide better vision service at night and for rainy weather as they have anti-glare features. Statista. Based on our analysis, the global market exhibited a lower growth of -13.3% in 2020 compared to the average year-on-year growth during 2017-2019. A global eyewear company with diverse channel distribution across 70k+ retail outlets in over 80 countries. Impact of COVID-19 on Global . Marchon Eyewear employs more than 2,700 people worldwide in over 20 countries. Their manufacturing processes are highly automated with the use of robotics, sterilisation systems, and vision and injection moulding. Eyewear Market will reach US$ 223.22 Billion in 2030 - Yahoo Finance Capri Holdings is a Fashion Luxury Group company. Lenskart has700 stores across India as on 2019. Brilliant Vision has grown into a global, value-added innovator and manufacturer of high quality optical frames, reading glasses, anti blue light glasses, designer sunglasses and related accessories(making safety goggles and protective eyewear to fight Coronavirus since March of 2020). Latin America is estimated to grow at a steady rate owing to the unmet demand for these products. Chart. It is expected to reach USD 376.69 billion in the forecast period. It is a full range of expert optical services, high quality and affordable prescription glasses including frames and lenses, contact lenses and sunglasses both plain and with prescription lenses are delivered to customers. What is the key factor driving the market? For further information review ourPrivacy Policy. It is known for creating premium quality products that also have characteristics of being durable and safe. Eyeglasses frames which filters out harmful blue lights. [Online]. Our support available to help you 24 hours a day, five days a week. The global eyewear market size reached US$ 140 Billion in 2021. "Designing Growth Strategies is in our DNA", Region : Global | Format: PDF | Report ID: FBI101749. In her free time, Shree enjoys reading, feeding stray animals, and watching crime documentaries, Level III, B-7 , Sector 2, Noida, Uttar Pradesh 201301, India, Copyright IMARC Services Private Limited 2023. For instance, in July 2021, Luxexcel announced Luxexcel VisionPlatform 7, the companys next-generation manufacturing platform, to assist businesses in integrating prescription lenses into the production of smart glasses in their manufacturing facilities. All rights reserved. The headquarters is in Canada. Alcon Vision LLC is a global eye care device company with a complementary business in surgical and vision care. Moreover, the increasing consumer awareness regarding the importance of eye health and regular checkups is one of the key factors driving the market growth. What was the value of the global eyewear market in 2020? - Global Vision Data Breaches That Have Happened in 2023 So Far - Updated List - Tech.co This website is secure and your personal details are safe. On the flip side, Asia Pacific is projected to follow the lead after North America in the global market in terms of revenue in 2028. In 2021, the global eyewear market was valued at USD 156.7 billion. Please fill out the form below for a free PDF report sample & They provide a variety of eye care solutions ranging from protection and to treatment, including disposable contact lenses. The global eyewear market reached a value of US$ 149.3 Billion in 2022. Additionally, these eyewear products are beneficial in reducing the strain caused on the eyes as a result of fatigue. As per the analysis by Expert Market Research, the market is expected to be driven by increasing demand for customised and premium eyewear products. The rise in CAGR is attributable to this markets demand and growth, returning to pre-pandemic levels once the pandemic is over. The company is committed to sustainable development goals and has manufactured new products using eco-friendly materials and processing techniques. This is a very good piece of work and will be very helpful to us going forward. I appreciate the timeliness and responsiveness of you and your team., (applicable to 1 report only for the same license type), The global eyewear market is projected to grow from $114.95 billion in 2021 to $172.42 billion in 2028 at a CAGR of 6.0% in forecast period, 2021-2028, 2020 Fortune Business Insights . TR90, PC, Tritan (BPA free), PET, Arkema (Bio), etc. A higher population of individuals suffering from ocular diseases is estimated to be one of the key drivers influencing the key market trends. Explore purchase options. Personal Website. The increasing adoption of daily disposable lenses, rising mergers and acquisitions of companies, and the high demand for quality sunglasses are major trends influencing the global market. The sunglasses segment is divided into Plano and prescription sunglasses. There are 3 regional headquartered offices in New York, Amsterdam, and Hong Kong. Complimentary 10 hours free analyst time for market review, 3. The longer screen times forced consumers to spend on anti-fatigue and vision correction glasses, allowing eyewear companies to increase their sales of blue light-canceling and anti-fatigue lenses. Our design teams around the world follow the latest trends in eyewear, consumer fashion and technology. Research and Markets This technology combines objects such as waveguides and liquid crystal foils during the 3D printing process. As the first not-for-profit eye health company, care and compassion have led our growth for nearly 70 years. The global eyewear market is expected to grow at a CAGR of about 3.1% in the forecast period of 2022-2027. Global Eyewear Market (2022 to 2027) - Industry Trends, - GlobeNewswire Use Ask Statista Research Service. We are looking for reliable partners for long time business. Surging Use of Cheaper Frames and Sunglasses in Emerging Countries to Hamper Growth. Norville Group Ltd acquired Lens manufacturer, (Apr.) Globally, there is a surge in the incidence of ocular disorders such as myopia, hypermetropia, and astigmatism, among others. Luxottica Group S.p.A., Essilor of America, Johnson & Johnson Vision Care, Inc. (Johnson & Johnson Medical GmbH), Safilo Group S.p.A, Alcon Vision LLC, Prada S.p.A., Oakley, Inc., Silhoutte International Schmied AG, LVMH Group, and Cooper Companies Inc., among others, are the major players in the global eyewear market. Global Eyewear Markets, 2021-2026 - PR Newswire The fashion industry significantly influences the trends in this business. The elderly population is more commonly diagnosed with fatal ocular disorders, such as cataract and age-related macular degeneration (AMD). Research and Markets, Dublin, Feb. 11, 2022 (GLOBE NEWSWIRE) -- The "Eyewear Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering. Queens award for enterprise International Trade, (Feb.) Became PLC London Stock Exchange, Acquired 1st proprietary brand Saville Row, Queens award for enterprise International Trade, First eyewear brand supplied to a multiple retailer, 2000 HK, 2009 USA, 2014 Scandinavia, 2017 Portugal, 2019 Italy. The market is segregated into retail stores, online stores, and ophthalmic clinics based on the distribution channel. See for yourself. Read more about this report - REQUEST FREE SAMPLE COPY IN PDF. The segment is projected to maintain its dominating position at the end of the forecast period. In 2018, North America. statistic alerts) please log in with your personal account. Due to the increasing population and declining number of people opting for LASIK and contact lenses in the United States, the total population of adults wearing prescription spectacles has increased in the past few years. LinkedIn is the world's largest business network, helping professionals like Rafaela Caraush discover inside connections to recommended job candidates, industry experts, and business partners. Furthermore, the company is focused on developing cutting-edge innovations and technologies to treat eye diseases and conditions. This is attributed to the higher population of people who depend on eyeglasses products for vision correction in China, Japan, and India, which is owing to the higher prevalence of ocular diseases in the region. The global eyewear market size was USD 105.56 billion in 2020 and is projected to grow from USD 114.95 billion in 2021 to USD 172.42 billion in 2028, exhibiting a CAGR of 6.0% in the 2021-2028 period. For year ending Dec-2021Fielmann AG Annual Revenue was1,678MillionEURand Annual Net Income was 136 Million EUR. Several methodologies and approaches are adopted to make meaningful assumptions and views. They are constantly researching, innovating, and designing to produce high-tech and quality eyewear. Keeping in mind the uncertainties of COVID-19, they are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. Avail customized purchase options to meet your exact research needs. Premium Acetate sunglasses and optical frames. This report provides strategists, marketers and. Learn more about how Statista can support your business. | Source: Additionally, the rising lucrative product offering by major players in the market is estimated to further augment the segments growth. CVS is caused mainly due to the rising use of mobile phones and digital screens among the global population. Chris has been involved with INSPECS since it was founded in 1988 and served as a Board Member for Inspecs Holdings Limited since 13 November 2013.
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