Eyewear Market size to record USD 98.28 mn growth from 2024-2028, Increasing adoption of omnichannel distribution system and digital marketing is one of the key market trends, Technavio
NEW YORK, March 28, 2024 /PRNewswire/ -- The global eyewear market size is estimated to grow by USD 98.28 mn from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of 9.19% during the forecast period. The US eyewear market is expected to see an influx of new products due to FDA's increased focus on approving generic epinephrine autoinjectors. Companies like Bausch Health and ALK Abello, with significant European market shares, may enter the US market. Teva Pharmaceutical Industries recently launched AJOVY in the US. Eyewear trends include luxury frames, contact lenses, and online sales. Millennials prefer fashionable eyewear, and companies like Essilor cater to this demand. Social media and remote work drive the need for blue light-canceling and anti-fatigue lenses.
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Innovation Sparks Market Growth:
The Eyewear market continues to evolve, with a focus on addressing various eye conditions through innovative products. This includes glasses, contact lenses, designer frames, and sunglasses. Regulatory bodies ensure the quality and safety of these luxury eyewear products, while style and celebrity endorsements drive demand. The Spectacles segment, dominated by Essilor and other eyewear makers, offers solutions for vision problems. The Contact lenses segment, including light-adaptive and multifocal toric lenses, caters to diverse needs. Brick-and-mortar stores and online services, including e-commerce channels, cater to millennials and those adapting to remote working models and online learning. PHILIPP PLEIN and other brands leverage social media platforms like Instagram, Twitter, and Facebook for marketing. Emerging trends include blue light-canceling and anti-fatigue lenses. Regulatory bodies continue to play a crucial role in ensuring the safety and effectiveness of these advanced eyewear solutions.
Addressing Challenges:
The eyewear market caters to various eye conditions and preferences, offering glasses, contact lenses, designer frames, sunglasses, and more. Regulatory bodies ensure the quality and safety of luxury eyewear products, with fashion trends and celebrity endorsements influencing consumer choices. Essilor and Amneal Pharmaceuticals dominate the spectacles and contact lenses segments, respectively. Innovations include light-adaptive and multifocal toric lenses. Brick-and-mortar stores and online services via e-commerce channels cater to millennials and remote working models. Eyewear makers like PHILIPP PLEIN prioritize style and technology, integrating social media platforms like Instagram, Twitter, and Facebook for marketing. Blue light-canceling and anti-fatigue lenses address vision problems in the digital age.
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Market Overview
The Eyewear Market is a significant sector in the Fashion industry, comprising Marketers, Producers, and Brands. Eyewear includes various types of glasses and contact lenses, made from materials like plastic and metal. Eyewear caters to different needs, such as prescription lenses, sunglasses, and protective goggles. The industry is segmented based on product type, distribution channel, and geography. Companies like EssilorLuxottica, LensCrafters, and Warby Parker dominate the market. Contact lenses are a growing segment, driven by technological advancements and increasing consumer preference. The industry trends include the use of lightweight materials, customized designs, and online sales. The market is expected to grow due to increasing consumer awareness, an aging population, and rising disposable income. The Philips Vision Care, Lens Technology, and Carl Zeiss Vision are some of the key players in the contact lens segment. The industry faces challenges like intense competition, regulatory requirements, and changing consumer preferences. Overall, the Eyewear Market is a dynamic and evolving sector, driven by innovation, consumer demand, and technological advancements.
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Key Companies:
Eyewear Market is fragmented ; the companies are competing with competitors and are trying to get greater market share. The market is growing, and the chances of new entrants cannot be overlooked. The major companies have well-established economies of scale and market presence and generally rely on positioning technological advances, and the price of the products. Eyewear Market report includes information on the product launches, sustainability, and prospects of leading vendors including Charmant Inc., De Rigo Vision Spa, Dealskart Online Services Pvt. Ltd., EssilorLuxottica, HOYA CORP., JINS Eyewear US Inc., Kering SA, Le petit fils de L.U. Chopard and Cie SA, Marcolin Spa, OC VISION, The Cooper Companies Inc., Titan Co. Ltd., Vision Service Plan, Alcon Inc., Bausch Health Companies Inc., Carl Zeiss AG, Fielmann AG, Safilo Group Spa, TEK Optical Inc., Bespoke Inc.
Key Topics Covered:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Distribution Channel
- Offline
- Online
- Product
- Eyeglass And Spectacles
- Sunglass
- Contact Lens
- Geography
- Europe
- North America
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Venodr Landscape
11 Vendor Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides 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.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/
SOURCE Technavio
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