Eyewear Market size is set to grow by USD 76 billion from 2022-2027 | The increasing prevalence of vision disorders to drive the market growth - Technavio

    NEW YORK, NY, December 05, 2023 /24-7PressRelease/ -- Technavio forecasts a substantial USD 76 billion surge in the Eyewear Market size from 2022 to 2027, projecting a commendable 7.9% CAGR during the forecast period. This growth is predominantly attributed to the escalating prevalence of vision disorders, driven by factors such as changes in dietary habits, prolonged engagement in activities like video gaming, television watching, and extensive computer usage both at work and home. Notably, around three-fourths of individuals in the APAC region and approximately one-third in Europe and the US are affected by myopia or hypermetropia.

To delve deeper into the market trends, our report provides insights into the historic (2017 to 2021) and forecasted market size (2023 to 2027). For a comprehensive understanding, request a sample report.

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Eyewear Market - Segmentation Assessment Segment Overview

Technavio segments the market based on distribution channels (offline and online), products (eyeglass, sunglass, and contact lenses), and geography (Europe, North America, APAC, South America, and Middle East and Africa). Anticipate noteworthy market share growth in the offline segment, driven by retail sales in stores, including specialty outlets, malls, and branded stores. Offline distribution also involves hypermarkets and supermarkets playing significant roles.

Geography Overview Explore the segmented Eyewear market across APAC, Europe, North America, South America, and the Middle East and Africa. Our report provides actionable insights and estimates the contribution of each region to the overall market growth. Europe, with an estimated 31% contribution, is driven by rising household incomes, growing demand for top-quality healthcare products, and advancements by key companies, with a preference for premium brands among consumers.

Eyewear Market – Market Dynamics Leading trends influencing the market include the global growth driven by increasing prevalence of vision disorders due to lifestyle changes and excessive screen exposure. Notably, myopia or hypermetropia affects three-fourths in APAC and one-third in Europe and the US. Cataracts, a leading cause globally, prompt around 5,000 cataract surgeries per million people annually. The aging population is susceptible to eye diseases, boosting demand for eyewear.

Major challenges hindering market growth include counterfeit and imitation products, notably affecting brands like Ray-Ban and Gucci. These products lead to market fragmentation, pricing discrepancies, reduced profits for genuine brands, and a tarnished brand image due to inferior quality. This issue impedes market penetration for established companies.

For detailed insights on market drivers, trends, challenges, and a comprehensive analysis of the Eyewear Market, including the historic period (2017 to 2021) and forecast period (2023 to 2027), request a sample report.

Key Data Covered in this Eyewear Market Report

• CAGR of the market during the forecast period
• Detailed information on factors driving the growth between 2023 and 2027
• Precise estimation of the market size and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth analysis across APAC, Europe, North America, South America, and the Middle East and Africa
• Thorough analysis of the market's competitive landscape and detailed information about companies
• Comprehensive analysis of factors challenging the growth of Eyewear Market companies

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Related Reports:

Luxury Eyewear Market: The luxury eyewear market share is expected to increase by USD 3.99 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 4.52%.

Anti-Reflective Coatings Market: The anti-reflective coatings market size is estimated to grow at a CAGR of 9.13% between 2022 and 2027. The market size is forecast to increase by USD 2,618.37 million.

TOC

1. Executive Summary
2. Market Landscape
3. Market Sizing
4. Historic Market Size
5. Five Forces Analysis
6. Market Segmentation by Distribution Channel
7. Market Segmentation by Product
8. Customer Landscape
9. Geographic Landscape
10. Drivers, Challenges, and Trends
11. Company Landscape
12. Company Analysis
13. Appendix

About US

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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