The global eyewear market size was valued at USD 147.60 billion in 2020 and is expected to reach USD 278.95 billion by 2028.It is expected to grow at a CAGR of 8.5% from 2021 to 2028.
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The growing popularity of fast fashion among millennials is encouraging eyewear makers to design affordable and attractive eyewear.In order to respond quickly to fast fashion trends and attract fashion lovers, eyewear designers regularly introduce new designs and patterns.This provides the company with new revenue-generating opportunities by acquiring new customers and ensuring continued business relationships with existing customers.Eyewear suppliers are diversifying their service offerings to enhance the customer buying experience and build better business relationships.
Companies such as Vision Express and Coolwinks have started offering eye exam facilities to customers at home.These companies also allow users to select their frames and try them on in real-time, and Lenskart offers a wide range of options to provide better service and ensure better customer relationships.
The exponential growth of social media has provided the market with new avenues for growth.Popular social media platforms offer eyewear companies the opportunity to carefully analyze audience needs and choices, allowing them to offer specially curated products by region.Large audiences on platforms such as Twitter, Instagram and Facebook allow eyewear companies to enter the market more effectively.While creating new channels to market their products, social media platforms enable companies to engage in innovative marketing practices, such as influencer marketing and affiliate marketing, to capture a larger share of revenue.
The COVID-19 pandemic has impacted 2020 eyewear adoption trends.Nationwide lockdowns and the work-from-home (WFH) model implemented by several companies have resulted in people spending more time on laptops, desktops and mobile phones for work and play purposes. Longer screen time and the resulting Eyestrain exacerbates the need for vision correction and anti-fatigue glasses.This allows eyewear companies to capture higher sales of anti-fatigue and blue light-cutting lenses, leading to overall market growth.
Based on product insights, the market is segmented into contact lenses, eyeglasses, and sunglasses.
Based on distribution channel insights, the market is segmented into e-commerce and brick-and-mortar stores.
On the basis of regional eyewear insights, the market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa
For individuals who are aware of the environmental well-being and health of those around them, glasses are increasingly becoming a moral choice.Emerging trends in companies mitigating climate change and reducing waste are promoting the practice of offering recycled glasses.
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Grand View Research is a full-time market research and consulting firm registered in San Francisco, California.The company comprehensively provides customized and syndicated market reports based on in-depth data analysis.It also provides consulting services to the business community and academic institutions and helps them understand the global and business scene to a large extent.The company operates in a variety of sectors including chemicals, materials, food and beverages, consumer products, healthcare and information technology to provide consulting services.
Post time: May-16-2022
