Global Eyeglasses Market to Reach $186.8 Billion by 2026
SAN FRANCISCO, May 19, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Eyeglasses - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 19; Released: May 2021
Executive Engagements: 13581
Companies: 1751– Players covered include Carl Zeiss AG; De Rigo S.p.A.; Essilor International S.A.; Hoya Corporation; Indo Optical S.L.U.; Luxottica Group S.p.A.; Oakley Inc.; Rodenstock GmbH; Safilo Group S.p.A.; 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 $186.8 Billion by 2026
Worldwide, the number of people living with some form of visual disability is estimated to be close to 65% of the total population. Eyesight of people constantly changes with progression of age, with eye lenses thickening, losing flexibility which gradually results in visual disability. This in turn amounts to a large market for eyewear products including prescription lenses, reading glasses, and contact lenses. Across the world, more than 75% of the population aged between 45-55 years require some form of vision corrective wear, while more than 80% of the population aged above 55 use either spectacles or contact lenses. Productivity losses across the world due to uncorrected vision disorders are pegged at a whopping US$300 billion per year. Amid the COVID-19 crisis, the global market for Eyeglasses estimated at US$139.9 Billion in the year 2020, is projected to reach a revised size of US$186.8 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.
The U.S. Market is Estimated at $40.3 Billion in 2021, While China is Forecast to Reach $20.1 Billion by 2026
The Eyeglasses market in the U.S. is estimated at US$40.3 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$20.1 Billion by the year 2026 trailing a CAGR of 7.2% over the analysis period. Among the other noteworthy geographic markets are Japan and 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. The pandemic has accelerated the trend online sales and purchases of eyewear products including frames, lenses and sunglasses. Another prominent factor that makes online retail one of the most prosperous retail channels is the ability of customers to carry out product and service comparisons. Virtual try-on is becoming a preferred option for customers, enabling them to try a product using mobile or other camera-equipped devices. Using AR (augmented reality) technology, customers can view themselves with the products of their choice. While the concept of virtual try-on has been in vogue for some time, the recent times have witnessed a surge in its use due to the boom in filters that are being used in social media sites.
Sunglasses Segment to Reach $50.1 Billion by 2026
Sunglasses are eyeglasses particularly used for vision protection. These glasses are generally used for protecting eyes from harmful rays of the sun such as ultraviolet rays, infrared rays, blue light, haze and reflected glare. Growing awareness, factors such as increasing urbanization, particularly in developing countries, rising per capita incomes, are catapulting demand for plano sunglasses and other fashionable sunglass products. In the global Sunglasses segment, USA, Canada, Japan, China and Europe will drive the 4.1% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$31.6 Billion in the year 2020 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, India, and South Korea, the market in Asia-Pacific is forecast to reach US$5.7 Billion by the year 2026, while Latin America will expand at a 5% CAGR through the analysis period. More
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Phone: 1-408-528-9966
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SOURCE Global Industry Analysts, Inc.
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