October 04, 2022 12:05 ET | Source: SkyQuest Technology Consulting Pvt. Ltd. SkyQuest Technology Consulting Pvt. Ltd.
Westford, USA, Oct. 04, 2022 (GLOBE NEWSWIRE) -- With more and more people spending time staring at screens, it's no surprise that eye problems are on the rise. And with increasing number people wanting to protect their eyes from the harmful effects of blue light. As a result, the eyewear market is booming. As the weather gets warmer, people are spending more time outdoors. And that means they're also buying more sunglasses, contact lenses, and spectacles.
Sales of sunglasses in the global eyewear market have increased by 13% over the past year, while sales of contact lenses and spectacles have both increased by 6.3%. And it's not just adults who are buying them – demand for children's sunglasses and contact lenses is also on the rise. Sunglasses help protect against UV radiation and also reduce glare, making them ideal for outdoor activities such as hiking, cycling, and driving.
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There are a few key factors driving this demand for the global eyewear market. First, as people live longer and healthier lives, they're wanting to keep their eyes healthy into old age. Secondly, as screen time increases, so does the risk of digital eye strain. And finally, as we become more aware of the damaging effects of blue light, more and more people are looking for ways to protect their eyes from it.
With such strong demand for eyewear, it's no surprise that companies in the eyewear market are racing to provide innovative products that meet consumers' needs. From blue light filtering glasses to contact lenses that reduce digital eye strain, there's a growing market for products that can help us stay healthy and connected in our increasingly digital world.
2.5 Billion Units of Eyewear Sold in 2021
In 2021, the total number of sunglasses, contact lenses, and spectacles sold was 2.5 billion units. The total revenue from the sales of these products was valued at around $157.51 billion. The largest portion of this revenue came from sales of spectacle. On the other hand, sunglasses held the largest market share by volume.
The most popular type of sunglasses in the eyewear market sold were aviator style sunglasses, which made up 21% of all sales. Round sunglasses were the second most popular type, accounting for 17% of sales. Other popular styles included wayfarer (16%), cat eye (9%), and rectangle (8%). The average price of a pair of sunglasses was $. The most expensive style of sunglasses sold were cat eye sunglasses. The least expensive style were rectangle sunglasses. In 2021, it is estimated that there were about 21 million units of sunglasses sold in the United States, 11 million units of contact lenses sold, and 6 million units of spectacles sold.
When it comes to annual revenue, the sunglasses market generated a revenue of about $18.30 billion in sales in 2021, the contact lens market generated a revenue of over $10 billion. On the other hand, the spectacles market is expected to generate a revenue of over $143 billion by 2028. In terms of value, the North America is expected to be the largest market for sunglasses, followed by Europe, and Asia Pacific. As per SkyQuest analysis, North America to hold over 33% share of the global eyewear market. Wherein Europe to hold around 28%. The Asia-Pacific region is also anticipated to be the fastest-growing market for sunglasses, with a CAGR of 6.9%.
These figures show that spectacles continue to be the most popular type of eyewear among consumers across the global eyewear market. Contact lenses are also very popular, although their popularity has remained relatively constant over the past few years. Sunglasses, on the other hand, have seen a growth in popularity, but only make up a small percentage of overall market.
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Luxottica, Safilo, and Essilor are Top Players in Global Eyewear Market
These three companies dominate the market, and their dominance is unlikely to change anytime soon. That's because they each have a unique combination of scale, brand recognition, and distributor relationships that gives them a significant competitive advantage over smaller rivals. The average selling price for eyewear has remained relatively stable over the past few years in the eyewear market. However, there has been a significant increase in production volume which has driven down costs and increased competition.
Based on SkyQuest’s analysis, it has been found that the top producers of these products vary depending on the region. In Europe, for example, Luxottica is the top producer of sunglasses while Essilor is the top producer of contact lenses and spectacles. In Asia-Pacific, meanwhile, Zenni Optical is the top producer of sunglasses while Johnson & Johnson is the top producer of contact lenses and spectacles.
The top three manufacturers of sunglasses in the global eyewear market are Ray-Ban, Oakley, and Quiksilver. These companies account for almost 50% of the total market share. While Ray-Ban has been dominating the market for a while now, Oakley and Quiksilver have both been increasing their market share steadily over the past few years.
The top three manufacturers of contact lenses in the global eyewear market are Johnson & Johnson, CooperVision, and Bausch + Lomb. These companies control nearly 33% of the total market share. Johnson & Johnson has been the leader in this space for a while now, but CooperVision and Bausch + Lomb have both been making significant gains in recent years.
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Prominent Players in Global Eyewear Market
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