The Business Outlook of Eyewear In 2022
In 2020, the global eyewear market size was valued at $110 billion and expected to record a CAGR of 8.4% by 2030. According to the research, the eyewear market has seen significant growth in the recent couple of years. An increase in eyesight issues and visual injuries and current fashion trends are known as the main factors behind the recorded growth of the industry. Ecommerce and online marketing is popular among optical businesses as a key player to drive more customers. This is the reason, eyewear companies are implementing the latest digital marketing techniques and tools to reach target customers and boost their consumer base.
An Overview of the Eyewear Industry
Eyewear products are accessories worn over the eyes for a variety of reasons. Such products can be used for vision correction, to protect eyes from harmful rays of the sun, or as a fashion statement to enhance overall personality. Eyewear products include prescription glasses, sunglasses, spectacles, contact lenses, etc. Men, women, and unisex are the end consumers of the industry. The products are distributed to end consumers using both offline and online channels. Due to the rise of the eCommerce industry, optical businesses and companies are spending more money on digital marketing and online stores to drive more customers online.
Major Factors behind the growth of the industry
Advanced technology has increased the exposure of youth to mobile devices like smartphones and tablet PCs. This is leading to several visual disorders and eyesight issues like myopia, and astigmatism. As a result, the demand for prescription glasses and lenses is increased exceptionally. Eyewear companies are expected to produce quality products with enhanced UV protection and reduced glare. Not only this, improved living standards, developing countries, and increased incomes are the other factors to the adoption of branded eyewear products.
The global eyewear market has also witnessed a huge surge in the demand for eyewear products specifically designed for female consumers. Since female professionals are becoming an integral part of every industry around the globe, the adoption of premium and high-quality eyewear products among women is amplified remarkably. Youngsters also opt for contact lenses instead of prescription sunglasses which has also boosted the overall growth of the eyewear market.
COVID-19 and Eyewear Market
The overall eyewear market was enormously impacted by the global Coronavirus pandemic. From value chain, and workforce losses, to the disrupted supply of raw materials and uncertain consumer demand, the COVID-19 had impacted every stage of the industry. The huge recession in different sectors of the eyewear market has been a significant reason for the deterioration in the demand for visual solutions and other eyewear products. The lockdown imposed in different countries across the globe resulted in disruptions in the supply chain making it difficult for eyewear products to reach end consumers. However, eyewear sales are expected to boost exceptionally in the upcoming years.
Growing Popularity of Sports Sunglasses
More and more consumers are likely to embrace sports and fitness as an integral part of their day-to-day lives. This is the major reason behind altering their lifestyle preferences and now they need a variety of sports accessories including UV sunglasses. People involved in outdoor activities like hiking and skiing spend money on quality eyewear products to enjoy enhanced sports experience. This is the reason, popular brands like Gucci, Prada Linea Rossa, and Leight, are focusing more on the latest designs in sports sunglasses and enhanced eye protection.
Advanced Technology and Eyewear Market
Rapid economic development and changing preferences for artistic products among individuals has led to the growing adoption of fashion and designer sunglasses. They use such eyewear products to improve the overall personal appeal and to protect their eyes from UV rays and other pollutants. The increasing sales of high-quality eyewear products is also linked to the sprouting purchasing patterns of individuals and growing preferences for inspiring their living standards and social status. This is the reason, eyewear companies and brands are producing improved products with better designs, materials, and coatings.
Some key players of the industry are also producing smart glasses that are expected to gain popularity among youngsters in years to come. Smart glasses are designed with AR (augmented reality) using internal and external sensors to gather and store varied information and data. These advanced eyewear products can be controlled with connected digital devices like smartphones. Smart glasses are cabal of projecting the required information or data on the lenses of the glasses. They offer greater convenience of checking real-time notifications without using connected devices like smartphones or tablet PC. Smart glasses would be a key factor in the growth of the global eyewear market in the coming years.
Ecommerce and Eyewear
Due to the advanced mobile technology and eCommerce solutions, consumer preference for eyewear shopping online is increasing day by day. Secured payment gateways, improved eCommerce supply chain and growing confidence of customers on online transactions are the other key elements strengthening the growth of the eyewear market these days. Key players in the industry are focusing more on improving the online experience for end consumers by leveraging advanced eCommerce tools and apps. They are investing in product virtualization and facial analysis technologies to recommend the appropriate eyewear products based on facial features and individual needs of end consumers.
Integration of chatbots and AI bot guides also help consumers in navigating through product categories and overall website or online store to improve user experience. Furthermore, some optical businesses and brands also offer 3D printing technology to design highly personalized frames tailored to the individual needs and requirements of consumers. The rising availability of eyewear products online is anticipated to boost the growth of the industry.
Along with advanced technologies and changing consumer preferences, fast fashion changes in the eyewear products like sunglasses is another important factor eyewear manufacturers need to consider to outpace their competitors and drive better growth. The sunglasses segment of the industry is anticipated to grow the CAGR exceptionally due to the extreme climate change and increased awareness about the harmful effects of UV rays on vision.