The Business Research Company’s global market reports provide comprehensive analysis on the various markets in 27 industries across 60 geographies.

As per The Business Research Company’s Eyewear Global Market Report 2023, The global eyewear market is expected to grow from $129.77 billion in 2022 to $139.88 billion in 2023 at a compound annual growth rate (CAGR) of 7.8%. The market size of global eyewear is expected to grow to $188.25 billion in 2027 at a CAGR of 7.7%.

What was the major driver in the eyewear market?
The increasing cases of deteriorating eye health are driving the growth of the eyewear market. Eye deterioration refers to losing the ability to see clearly or the emergence of some defects in the eyes. The most prevalent causes of eye deterioration include age-related macular degeneration, cataract, diabetic retinopathy, glaucoma, and prolonged screen usage. The increasing prevalence of eye deterioration will drive significant demand for eyewear as it helps in correcting eye disorders and helps in gaining clear vision. For instance, according to a news release in October 2021 by the World Health Organization (WHO), at least 1 billion people worldwide have near or distant visual impairment that could be prevented or has yet to be addressed. Vision impairment majorly affects people over the age of 50 and the leading causes are untreated cataracts and uncorrected refractive error. Therefore, the increasing cases of deteriorating eye health is expected to boost demand for eyewear during forecast period.

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What was the key trend in the eyewear market?
Technological advancement is a key trend gaining popularity in the eyewear market. Technological advancements in eyewear such as smart glasses are gaining traction in the market. Smart glass refers to a gadget that places a computer screen/display in front of a person’s eyes using appropriate technology to convey data from a background information system. The display can be shown/reflected on the lens of glasses or delivered to the eyesight as a separate component. The smart glasses also come with other smart features such as Bluetooth connectivity, open ear speakers, a fitness tracker, and others. These have a modular design and provide functionalities for convenience and ease for users. The key market players are focusing on offering smart glasses to strengthen their market position. For instance, in January 2022, Titan, an Indian luxury products company introduced its new smart glasses Titan EyeX. Open-ear speakers, touch controls, and fitness tracking systems are the intriguing features of Titan EyeX smart glasses. The Bluetooth v5.2-enabled wearable is compatible with Android and iOS smartphones. The product also includes an inbuilt fitness tracker and is dust and water-resistant. The smart glasses’ open-ear speakers also enable voice navigation and warnings during heavy use.

Which was the largest region in the eyewear market?
North America was the largest region in the eyewear market in 2022. Asia-Pacific is expected to be the fastest-growing region in the eyewear market during the forecast period. The regions covered in global eyewear market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

Who are the eyewear market prominent players?
Major players in the eyewear market are Luxottica Group SpA, Essilor International, Zeiss International, Johnson & Johnson Vision Care Inc., Bausch & Lomb Inc., Marchon Eyewear Inc., Fielmann AG, HOYA Corporation, De Rigo SpA, Alcon Vision LLC, GKB Opticals Limited, Titan Company Limited, Lenskart Solutions Private Limited, Ronak Optik Private Limited, Prada SpA, and Rayban Sun Optics India Private Limited.

Key eyewear market segments
The global eyewear market is segmented –
1) By Product: Contact Lenses, Spectacles, Sunglasses
2) By Gender: Men, Women, Unisex
3) By Distribution Channel: Optical Stores, Independent Brand Showrooms, Online Stores, Retail Stores

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The Eyewear Global Market Report 2023  provides a comprehensive overview on the eyewear market size, trends and drivers, opportunities, strategies, and companies analysis. Through our reports businesses can effectively analyze data and frame well-informed strategies

View More Related Reports –
Vision Care Devices And Equipment Global Market Report 2023
Sunglasses Global Market Report 2023
Optical Instrument And Lens Global Market Report 2023

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