Asia Pacific Eyewear Market: Applications Analysis and Forecast (2023-2029)

Asia Pacific Eyewear Market size was valued at USD 42.50 Bn. in 2022 and the total Eyewear revenue is expected to grow by 13.5% from 2023 to 2029, reaching nearly USD 103.12 Bn.
Asia Pacific Eyewear Market Overview:
Eyewear are corrective or protective devices designed to safeguard the eyes from harmful radiations, improve vision and enhance the overall appearance. The growing elderly population would thrust the demand for vision correction spectacles, as vision deteriorates with aging, thus generating the need for spectacles and other corrective eyewear. Owed to reducing birth and fertility rates, countries such as China and Japan are experiencing vigorous growth in the number of old aged people, thereby creating an amplifying demand for spectacles in the region.

In addition, the market is witnessing an increasing demand for branded international eyewear labels by fashion enthusiasts, due to increasing accessibility and affordability. Increasing cases of visual impairment and eye defects coupled with an inclination for the latest fashion trends are the major factors driving the growth of the eyewear market. The growing prominence of digital devices and gadgets among the younger population has adversely affected the eyes, leading to increasing incidences of eye disorders. Therefore, the demand for vision correction products has risen sharply.

The demand for the Asia Pacific Eyewear Market has shifted from actual requirements to desired requirements. Conventionally, eyewear was utilized to overcome the deficiencies of poor eyesight. This increased the usage of spectacles more on the personal front, overusing them for physical ailments. Gradually, an individual’s mindset has changed over a period of time, also the alternate uses of spectacles gave a major push to the eyewear market. The demand for sunglasses emerges from the increasing consciousness of the ill effects of the market. Contemporary innovations and technological advancements have added to the variety and quality of eyewear with an aesthetic appeal and style, making eyewear a personality-enhancingcing accessory. The young generation’s growing use of digital devices and gadgets has led to a growth in the sequence of y diseases, pushing rising demand for eyewear and vision correction products.

Furthermore, in developing countries such as India and Bran, factors like increased disposable money and a higher standard of living have pushed the acceptance of high-end, branded eyewear leading to rising demand for eyewear Consumer’s proactive attitude is creating chances the for eyewear market and retailers to grow their customer base. The significant disparity in access to modern, inexpensive, and effective eye care solutions, especially in marginalized economies, are a major hurdle to the eyewear market's long-term growth.To know about the Research Methodology :- Request Free Sample Report
Asia Pacific Eyewear Market Dynamics:
Asia Pacific Eyewear Market Drivers:

High Incident Rate of Myopia of Market

Asians suffer from myopia to a greater extent than non-Asian populations because Asian young adults have higher rates of high myopia than non-Asian young adults. According to the National Health Commission, around 50% of Chinese people have myopia, and in comparison, to this, the global average is about 30%. Likewise, in Korea, where the majority of the population already suffers from vision problems, the number of children with myopia is multiplying steeply. Myopia is also a major issue in India. According to India Vision Institute, Myopia is currently a problem for 7 to 8% of children aged 5 to 15 in India, and this number is expected to grow substantially in the coming years.

Growing Awareness About Eye Protection

The growing awareness of eye protection has created an increased demand for eyewear products in the country in recent years. As people started becoming aware of the benefits of protecting their eyes from harmful radiation and excessive electricity use, they have begun using eyewear products like sunglasses and refractive glasses to protect their eyes. Extreme mobile phone or laptop use can cause computer/mobile eye strain, dry eye and irritation, painful throbbing headaches around the eye region, and even blurred vision. Moreover, the depletion of the ozone layer allows more UV rays to enter the atmosphere, further affecting the vision of the people. As a result, people are looking to protect themselves by using protective eyewear, the increased demand of which is favoring the growth of the Asia Pacific eyewear industry.

Asia Pacific Eyewear Market Restraints:

Fragile Nature of Eyewear & Growing Popularity of Corrective Eye Surgery

The penetration and awareness of corrective eye surgeries are growing steadily across the Asia Pacific, which is expected to hamper the Asia Pacific Eyewear Market. Moreover, insurance coverage for eye surgeries (Lasik surgery) has increased in China, causing an increase in demand for corrective eye surgeries. Thus, the growing penetration of insurance, and government schemes, coupled with technological advancements, encourage people to opt for corrective eye surgeries, which can hamper the region’s eyewear market during the forecast period. Additionally, eyewear tends to get lost and broken over time, as well as fogging up in cold temperatures or while wearing a face mask, which will further restrict the adoption of eyewear during the forecast period.

Asia Pacific Eyewear Market Opportunities:

Growing Prevalence of Myopia across the Asia Pacific

Asian young adults have higher rates of high myopia than non-Asian young adults, Asian populations suffer from myopia to a greater extent than non-Asian populations. According to the National Health Commission, approximately 50% of Chinese people are myopic, while the global average is around 30%. India also struggles with myopia, which affects 7 to 8% of children aged 5 to 15 in India, and this number is expected to increase significantly over the next few years. Over the past few years, Japan has also witnessed a rapid increase in the number of people enrolling for eye care treatment. A JAMA Ophthalmology and Association of Optometrists report indicates that myopia has been prevalent among the younger generation across Japan. The number of myopic children aged 6 to 11 and the number of myopic children aged 12 to 14 has been estimated at 76.5% and 95%, respectively, in 2019. The prevalence of such occurrences can be largely attributed to excessive screen time and a decline in outdoor activities.
Asia Pacific Eyewear Market Segment Analysis:
Based on the Product,
The spectacles segment dominated the Asia Pacific Eyewear Market in the year 2022 and is expected to continue its dominance during the forecast period. The market is segmented into contact lenses, spectacles, and sunglasses. Among these, the spectacles segment accounted for the largest share of the market and is expected to grow at a healthy CAGR during the forecast period. Spectacles, also called glasses, have lenses affixed to their frames. Spectacles are used by people suffering from eye disease, retinal disorder, myopia, and other conditions. Approximately one-third of adults suffer from myopia, which is prevalent in 80 to 90% of Asian countries. It is predicted that over half of the world's population will have myopia by 2050, with 9.8% having high-grade myopia.


Based on the End-User,
The men segment dominated the Asia Pacific Eyewear Market in the year 2022 and is expected to continue its dominance during the forecast period. The APAC eyewear market can be grouped into men, women, kids, and the unisex segment. Among these, the men segment dominates the APAC eyewear market and is expected to continue its dominance over the coming years. However, the women segment is expected to grow at the fastest rate during the forecast period. According to National Library Association worldwide, people aged above 50 are prone to severe eye disorders and almost 250 million people over 50 are blind or severely visually impaired (with 66% visually impaired and 82% blind). According to the association, two out of three blind people in developed and developing countries are women. Additionally, women in developing countries have more cases of cataracts and eye diseases.

Based on the Distribution Channel,
The store-based segment dominated the Asia Pacific Eyewear Market in the year 2022 and is expected to continue its dominance during the forecast period. The eyewear market is segmented store-based, non-store-based, and others. The store-based segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. This can be due to people's growing knowledge of the importance of routine eye exams and the use of eyeglasses, which has prompted the sale of eyeglasses from physical storefronts. To acquire a competitive advantage in the market, several businesses are concentrating on store expansion, creating a positive market for eyewear, and growing the market growth.
Asia Pacific Eyewear Market Regional Insights:
Asia Pacific region dominated the Asia Pacific Eyewear Market in the year 2022 and is expected to continue its dominance during the forecast period. The Asia-Pacific Eyewear Market is expected to grow at the fastest CAGR from 2022 to 2030 due to the need for eyewear in this area, rising due to rapid population development, lack of accessibility for eyewear, and ignored handicaps. China’s Eyewear market holds the largest market share, and the India Eyewear market is the fastest-growing.
Asia Pacific Eyewear Market Scope: Inquire Before Buying



Asia Pacific Eyewear Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 42.50 Bn.


Forecast Period 2023 to 2029 CAGR:
13.5%
Market Size in 2029:
US $ 103.12 Bn.


 Segments Covered:
by Product
Contact lenses
Spectacles
Sunglasses


by End User
Men
Women
Kids
Unisex


by Distribution Channel
Store-based
On-store-based
Others



Asia Pacific Eyewear Market Key Players
1. Essilor International S.A.
2. Safilo Group S.P.A
3. GrandVision
4. Prada S.P.A.
5. Luxottica Group S.P.A
6. Fielmann AG
7. Carl Zeiss AG
8. Johnson & Johnson, Inc.
9. Marcolin S.p.A.
10. Valeant Pharmaceuticals International
11. Hoya Corporation
12. Essilor International S.A
13. Prada S.p.A
14. Carl Zeiss AG
15. CooperVision
16. Bausch & Lomb Inc.
17. Marchon
18. Alcon Vision
19. Grand Vision
20. Cooper Companies Inc.
21. Safilo Group Spa
22. De Rigo S.p.A.
Frequently Asked Questions:
1] What segments are covered in the Asia Pacific Eyewear Market report?
Ans. The segments covered in the Asia Pacific Eyewear Market report are based on Product, End-User, and Distribution Channel.

2] Which Region is expected to hold the highest share in the Asia Pacific Eyewear Market?
Ans. The Asia-Pacific Region is expected to hold the highest share of the Asia-Pacific Eyewear Market.

3] What is the market size of the Asia Pacific Eyewear Market by 2029?
Ans. The market size of the Asia Pacific Eyewear Market by 2029 is expected to reach USD 103.12 Bn.

4] What is the forecast period for the Asia Pacific Eyewear Market?
Ans. The forecast period for the Asia Pacific Eyewear Market is 2023-2029.

5] What was the market size of the Asia Pacific Eyewear Market in 2022?
Ans. The market size of the Asia Pacific Eyewear Market in 2022 was valued at US$ 42.50 Bn.