Spectacle Market: Global Industry Analysis and Forecast (2023-2029)

Spectacle Market size was valued at US$ 17.18 Bn. in 2022. Lens, one of the segments reviewed in our reports dominated the Spectacle Market.
Spectacle Market Overview:
Spectacles, sunglasses, and lenses are all types of eyewear that are worn to correct eyesight or protect the eyes from dust particles. Rising refractive error rates, particularly among the younger population, are expected to drive up product demand.

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Though market forecasting through 2029 is based on real output, demand, and supply of 2022, numbers are also estimated on real numbers published by key players as well all-important players across the world. Market forecasting till 2029 is done based on past data from 2018 to 2022 with the impact of global lockdown on the market in 2020 and 2021.
Spectacle Market Dynamics:
Demand for eyeglasses is expected to increase as vision problems are widespread among the younger generation due to the technical shortcomings of long-term use of computers, smartphones, televisions, and other digital devices. The increased risk of computer vision syndrome (CVS) is boosting demand for anti-glare eyewear and driving market growth through the forecast period. In 2022, 78 % of Chinese teens and young adults were affected by myopia or myopia, so corrective lenses were needed to clear vision.

The commercialization of the eyewear industry, the impact of media and entertainment personality, and the willingness to fashionable eyewear are some of the factors driving product demand. The growing fashion awareness of millennials and the availability of fashionable eyeglasses are expected to drive the market. Demand for plastic frames is rising due to increased durability and ease of repair.

Manufacturers are focused on meeting the growing demand for glass made from a variety of materials. The growing popularity of trendy designs such as cat-eye frames and trendy colors, materials, and sizes of oversized square glasses. The high demand for transparent and transparent eyeglass frames. These factors are expected to drive the growth of the spectacle market through the forecast period.

Increasing population aging, combined with the prevalence of presbyopia, is expected to generate new growth opportunities for new entrants. Manufacturers focus on manufacturing different types of eyeglasses for different tasks and activities such as computing, driving a car, and playing games.

Increasing reliance on technologies such as computers, laptops, and mobile phones. This increases the incidence of eye diseases associated with long-term use. Reflective coated glass is also being adopted due to the increased awareness of technological disadvantages. These reflective coatings protect the user's eyes from the blue light emitted by laptop, computer, and mobile phone screens. These factors are rising the demand for spectacle in the market.

With the growing global population of the elderly and increase in life expectancy, the prevalence of refractive eye disease in the elderly population is increasing worldwide. Increased availability of eyeglasses online and in retail channels has led to increased acceptance of eyeglasses among the elderly.

Increasing disposable income of the population, the acceptance of premium eyeglasses is increasing in some developing countries. The decline in contact lens use and the shift to eyeglass acceptance are expected to have a positive impact on the market growth of spectacle.

Market trends and challenges are analyzed and compiled in the report. The data of 2022 is considered for a better understanding of the client. Moreover, Analytics of the market is based on real numbers of past years from 2018 to 2022 with market forecast until 2029.
Spectacle Market Segment Analysis:
By Product, the Lens segment dominated the market with a 61 % share in 2022. High demand for bifocal lenses due to the aging population and Manufacturers are investing heavily in research and development to bring new products to market that meet the specific needs of consumers. Increasing demand for different types of spectacle lenses, including single vision, bifocal, triple focus, and progressive lenses is driving the segment growth. These factors are driving the segment growth in the market.

Frame segment is expected to grow at a CAGR of 5 % through the forecast period. Increasing adoption of durable fiber frames. Introduction of trendy products and the heightened awareness of fashion among consumers. These factors are expected to drive the segment growth in the market through the forecast period.

By Distribution Channel, the Offline segment dominated the market with a 76 % share in 2022. Increasing demand for functional eyeglasses is contributing to an increase in the number of retail stores. These stores offer comprehensive eye examinations to help consumers choose the right eyeglasses and it provides easy repair and replacement services for lenses and frames, saving consumers time and money. Offline stores such as opticians and specialty stores provide consumers with convenience, customization, and personalized attention. These factors are driving the growth of the segment in the market.

The online segment is expected to grow at a CAGR of 4.2 % through the forecast period. Availability of a wide range of products and attractive discounts are expected to drive segment growth. Increasing the availability of chatbots and FAQ pages, you can ask your customers questions about search, prescribing, and other aspects of the user experience. This factor enhances the consumer shopping experience. The online store offers custom configurations and step-by-step instructions for consumers who buy eyeglasses, lenses, and frames online. These factors are expected to drive the market growth of the segment through the forecast period.
Regional Insights:
North America dominated the market with a 37 % share in 2022. The increasing prevalence of visual impairment due to the increased use of computers, laptops, smartphones, and other devices is driving the product demand in the region. Factors such as the aging of the population and the prevalence of presbyopia. These are the factors driving the market growth of the product in the market.

Asia Pacific Region is expected to grow at a CAGR of 4 % through the forecast period. The high prevalence of myopia in children and young adults. About 70 % to 73 % of the young population in China, Japan, Singapore, and South Korea suffers from myopia. According to the MMR Report, about 53% of children and adolescents in mainland China suffered from the disease. A surge in the workforce in India, China, and Vietnam could boost demand for computer eyeglasses. These factors are expected to drive the market growth in this region.

The objective of the report is to present a comprehensive analysis of the Spectacle market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Spectacle market dynamics, structure by analyzing the market segments and projecting the Spectacle market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Spectacle market make the report investor’s guide.
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Spectacle Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 17.18 Bn.


Forecast Period 2023 to 2029 CAGR:
6 %
Market Size in 2029:
US $ 25.83 Bn.


 Segments Covered:
by Product
Frame
Lens


by Distribution Channel
Offline
Online


by Modality
Prescription
Over-the-counter



Spectacle Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (razil, Argentina Rest of South America)
Key Players
1. Johnson & Johnson Vision
2. Zeiss International
3. Hoya Corporation
4. Zenni Optical, Inc
5. Warby Parker
6. Lenskart
7. Titan Company Limited
8. Modo
9. Carl Zeiss Ag
10. Jand, Inc
11. Novartis Ag (Ciba Vision)
12. Safilo Group S.P.A
13. Prada S.P.A
14. Essilor
15. Fielmann Ag
16. Gkb Ophthalmics Ltd
17. Rodenstock Gmbh
18. Seiko Optical Products Co. Ltd
19. Nikon Corporation

Frequently Asked Questions:

1. Which region has the largest share in Global Spectacle Market?
Ans: Asia Pacific region holds the highest share in 2022.

2. What is the growth rate of Global Spectacle Market?
Ans: The Global Spectacle Market is growing at a CAGR of 6% during forecasting period 2023-2029.

3. What is scope of the Global Spectacle market report?
Ans: Global Spectacle Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Spectacle market?
Ans: The important key players in the Global Spectacle Market are – Johnson & Johnson Vision, Zeiss International, Hoya Corporation, Zenni Optical, Inc, Warby Parker, Lenskart, Titan Company Limited, Modo, Carl Zeiss Ag, Jand, Inc, Novartis Ag (Ciba Vision),

5. What is the study period of this market?
Ans: The Global Spectacle Market is studied from 2022 to 2029.