Eyeglasses are increasingly being used by fashion designers as a vital fashion item to enhance their designs. Eyewear now sits amid expensive purses and designer boutiques in any branded store, demonstrating the luxury goods industry’s new focus on its eyeglasses product. It’s no longer the sidelined licensing cash cow it once was, and it’s no longer taken for granted.
Niche players have entered the eyewear sector, similar to how niche companies have entered the perfume industry, offering distinction and quality. Designer labels are sitting up and paying attention. To compete, luxury brands are boosting their emphasis and effort into their eyewear product, as well as the quality and workmanship. At the same time, thanks to labels like Gucci, eyewear has become an essential element of a style or ensemble, and right now, it’s the bolder, the better mindset that’s driving eyewear sales. Some prevalent statistic in the eyewear market include:
- In terms of value, the eyewear market is expected to register a CAGR of 7.6%, reaching USD 245.11 billion in 2027.
- Spectacle lenses is the market’s largest category, with a market volume of USD 49,489 million in 2021.
- In 2021, per person revenue in the eyewear market amounted to USD 15.66
- By 2025, the eyewear market is expected to sale 10,405.4 million units per year.
- In 2021, the average volume per person in the eyewear market is estimated to be 1.18 pieces.
There are certain key trends that are driving the growth in the eyewear market
Increasing Commoditization in The Eyewear Industry
Eyewear is becoming increasingly commoditized, as witnessed in apparel and fashion accessories. This is especially true when it comes to spectacles. In order to keep up with quickly shifting fashion trends, an increasing number of buyers are speeding up their replacement cycles and opting for less expensive references. Retailers are fueling the trend by offering “2-for-1” or “second unit half price” bargains on corrective glasses all the time. Many people regard sunglasses as a fashion accessory rather than a protective eyewear device. The growing popularity of fashion businesses and related platforms clearly demonstrates that appearances trump practicality.
Vision Enhancement and Prevention to Drive Market Growth
Consumers all over the world are increasingly opting to take greater control of their own health and thinking about it in terms of long-term prevention rather than treatment for specific problems. This proactive approach provides more potential for eyewear producers and retailers as the consumer base grows as a result of more diagnostics on the one hand, and noncorrective/preventive referrals generating additional money on the other.
The Growing Geriatric Population of The World
One of the most important global demographic elements affecting eyeglasses is age. In 2017, 29% of the world’s population was 45 or older (average onset age of presbyopia). By 2030, this percentage will have risen to over 33%, with over 2.6 billion people in need of presbyopia-related eye care. This offers a global market opportunity of roughly 500 million new customers. However, as people get older, they face new problems, particularly in terms of product creation. Because senior consumers (65 and over) are more likely to suffer from dry eye disease, fitting contact lenses for them requires special attention. Low utilization among the elderly is attributed to a lack of consumer understanding of the benefits, as well as a lack of professional support for older customers to try these.
Omnichannel Distribution System
Online shopping is gaining traction across the globe, with a growing number of young companies using the internet to market their products. They are vigorously implementing their online marketing and promotional efforts in order to improve volume and value sales as well as broaden client reach. Customers benefit from easier access to information, while vendors benefit from lower operational expenses.
Premium Eyewear and Personalization of Eyewear
Premium eyeglasses and sunglasses are becoming more popular among buyers in European countries such as Germany, the United Kingdom, France, Spain, and Italy. Tom Ford, Burberry, Gucci, Louis Vuitton, and Giorgio Armani are some of the most well-known premium eyewear companies. Despite low volume sales compared to mass-produced products, the global eyeglasses market will benefit from increased consumer spending on luxury brands during the projected period.
Eyewear as A Fashion Accessory
Manufacturers and designers of eyeglasses and sunglasses are progressively focusing on developing new styles, shapes, sizes, colors, and structural orientations. Consumers now have the choice of selecting products based on the occasion, such as workplace wear, casual wear, party wear, and beachwear, thanks to constant product development and innovation. Prescription sunglasses have grown in popularity throughout time, and many consumers now have two pairs of glasses for daily use: one pair of standard prescription eyeglasses and one pair of prescription sunglasses.