ALBANY, N.Y., June 10, 2021 /PRNewswire/ -- Eyewear Market: Growth Summary
The expanding popularity of fast fashion among the millennial and Gen-Z category coupled with the rising eye disorders worldwide will serve as vital growth factors for the eyewear market across the forecast period of 2019-2027. In addition, the extensive availability of sunglasses and spectacles in online and retail channels across various developing and developed regions will bring tremendous growth opportunities for the eyewear market.
Transparency Market Research (TMR), after a scrutinized analysis on each growth aspect, expects the eyewear market to expand at a CAGR of 8.30 % during the assessment period of 2019-2027. The global eyewear market is expected to reach a value of US$ 319,015 mn by 2027, the end year of the forecast period.
Continuous research and development activities carried out by numerous countries to provide excellent products to the customers will help accelerate the growth of the eyewear market. Furthermore, new entrants are entering the eyewear market with novel eyewear products and innovative designs. These factors will have a considerable influence on the growth of the eyewear market. Recycled eyewear is also emerging as a popular option for many individuals due to growing consumer awareness about environmental conservation. Hence, this segment will help in increasing the growth opportunities.
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Key Findings of the Report
Heightening Number of Vision Impairment Cases to Bring Immense Growth Opportunities for the Eyewear Market
Vision correction is an essential factor that has a large hand in the growth of the eyewear market. According to the Centers for Disease Control and Prevention (CDC), approximately 12 mn people aged 40 years and above have vision impairment of some kind in the U.S. These statistics highlight the growing concerns regarding vision impairment and the need to overcome it. Eyewear products are crucial in tackling vision impairment, and hence, this factor will invite extensive growth for the eyewear market.
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Tech-Savvy Eyewear Products to Reign Supreme
Manufacturers in the eyewear market are adapting to the vast number of technological advancements across the globe. One of the significant advancements that are gaining traction in the eyewear industry is audio-enables sunglasses and spectacles. This trend is spreading its wings across various regions and countries.
Aether, an eyewear brand, recently launched sunglasses and spectacles with integrated open-ear audio technology. The eyeglasses enable an individual to access audio files and varied podcasts. Similar eyeglasses were launched by Bose too. Such developments lay a red carpet of growth across the eyewear market.
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Eyewear Market: COVID-19 Impact
The growth of the eyewear market fractured for a considerable time due to the lockdown enforcements on the back of the COVID-19 outbreak. Factories and production units were shut, which led to great losses.
However, as the relaxations in the lockdown were introduced, the eyewear market gained considerable traction. With many employees working from home, constant screen time due to work and online video meetings is leading to great strain on the eyes. Eyewear products are coming to the rescue for many individuals, and hence, this aspect will bring profitable growth.
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Wearing eyeglasses can prevent contact of the hand with the eyes. Constantly touching the eyes can lead to the contraction of COVID-19. Thus, using eyewear products for protection against COVID-19 will expand the growth opportunities immensely.
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