The global eyewear market size is anticipated to reach USD 255.3 billion by 2027, exhibiting a CAGR of 8.1% over the forecast period, according to a new report by Grand View Research, Inc. The rise in the adoption of influencer marketing techniques has led to meaningful customer interaction, which is expected to drive the market over the forecast period. Endorsements by influencers have increased the demand for designer and premium eyewear globally.
Key players using influencer marketing strategies has led customers to use trendy designs as showcased by famous personalities. Higher engagement rates offered by micro-influencers is further promoting emerging eyewear companies to leverage these strategies to capture higher revenue share. Additionally, the adoption of such marketing strategies allow eyewear manufacturers to generate awareness regarding new product launches, create campaigns to target different sections of the society, as well as create a more relatable public image. Increased awareness helps companies to penetrate deeper into the market and cater to the needs of the niche population, which enables new and established players in the market to ensure continual business practices.
The development of innovative products, such as anti-fatigue lenses, is expected to help users exposed to radiation from digital devices such as laptops, televisions, and smartphones. The development of such products aims to capture the niche crowd and offer attractive growth prospects to the eyewear industry. Additionally, the integration of traditional UV rays blocking sunglasses with blue-light filtering technology offers better buying options to customers. Eagle Eyes, a U.S.-based eyewear technology company, in partnership with NASA, is the only company that offers TriLenium range of sunglasses, which incorporates the above-mentioned technology.
New concepts in designing and development of eyewear due to the emerging trend amongst designers to provide radically different types of designs as compared to traditional spectacles, are further expected to positively impact the eyewear market growth. Designing firms such as Hilla Shamia have started offering eyewear that are entirely made of glass, infused with layers of transparencies, patterns, forms, and colors. Such products offer an aesthetic charm and enable the user to experience a more positive outlook. Additionally, designers have also started developing eyewear that is influenced by the use of organic material, such as wicker, owing to its tendency to retain dimensional consistency and industrial manufacturing capability. Furthermore, eyeglasses built on connectors and clamping mechanisms enable users to change each part manually according to the user’s individual taste, which promises impressive growth prospects.
Further key findings from the report suggest:
- The spectacles segment is expected to grow fast over the forecast period due to improvement in manufacturing techniques offering durability
- The brick and mortar segment is expected to witness the highest CAGR over the forecast period due to the growing number of online players
- Asia-Pacific is expected to dominate the eyewear market over the forecast period. The rise in number of cases of eye fatigue has created the need to use corrective eyewear
- Key players in the market are Johnson and Johnson Vision Care, Inc.; ESSILORLUXOTTICA; CooperVision; Carl Zeiss AG.; Bausch and Lomb Inc.; and Safilo Group S.p.A.