Global Spectacle Market By Parts (Lens and Frames), By Distribution Channel (Online and Offline), By Region, Industry Analysis and Forecast, 2020 - 2026
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Market Report Description
The Global Spectacle Market size is expected to reach $102.7 billion by 2026, rising at a market growth of 7% CAGR during the forecast period. Eyewear includes accessories that are used for eyes either to protect them from debris or for vision correction, harmful radiations or extreme light. Eyewear comprises of spectacles, sunglasses, and lenses used for vision correction or to save the eyes from dust particles. Factors like expanding life span, rising geriatric population, and shifting fashion trends have promoted the demand for spectacle across the globe. In the current scenario, eyewear is not only used for vision correction, but also for improving one’s appearance. Several market players are providing innovative spectacles and lenses. This is credited to the availability of lightweight materials and technological developments.
An increase in demand for prescribed contact lenses and spectacles due to age-related impairment like presbyopia will boost the global spectacle market. As per the WHO report in 2018, more than 1.3 billion people are already suffering from some or other form of visual impairment in the world, of which around 188.5 million are vulnerable to distance vision, and about 217 million have moderate to severe visual impairment, and approximately 826 million people suffer from near vision impairment. The modern healthcare systems and better life expectancy will increase the geriatric population, thereby impacting the market outlook positively.
Commoditization of the eyewear industry, the impact of entertainment and media personalities, and the inclination towards fashionable spectacles are the factors boosting the product demand. Increasing fashion consciousness among millennials along with the availability of a varied range of trendy spectacles is expected to boost the market. Increasing demand for plastic frames due to their enhanced durability and easy repairing, is expected to push the market growth.
Based on Parts, the market is segmented into Lens and Frames. The frame segment is likely to show the highest CAGR from the year 2020 to 2026. Regular replacement of sight frames is anticipated to boost the growth of the segment. In addition to this, increasing adoption of fiber frames due to their durability is likely to further increase the demand. Furthermore, the introduction of fashionable products united with increasing fashion consciousness among consumers is likely to drive the growth of the segment.
By Distribution Channel
Based on Distribution Channel, the market is segmented into Online and Offline. In 2019, the offline distribution channel garnered the largest market share. Growing demand for handy eyewear is likely to contribute to the growing number of retail stores. Offline stores such as specialty stores and optical shops offer customization, personal assistance, and convenience to the consumers, which in turn will push the segment growth. These stores also provide complete eye check-ups for the consumers to select the correct eyeglasses. Moreover, they offer easy exchange and repair services for lens and frames, which ultimately saves customers money and time.
|Market size value in 2019||USD 71.1 Billion|
|Market size forecast in 2026||USD 102.7 Billion|
|Historical Period||2016 to 2018|
|Forecast Period||2020 to 2026|
|Revenue Growth Rate||CAGR of 7% from 2020 to 2026|
|Number of Pages||133|
|Number of Tables||240|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling|
|Segments covered||Parts, Distribution Channel, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. North America acquired the largest market share in 2019. The increasing occurrence of vision impairment that is affected by the augmented use of laptops, computers, smartphones, and other gadgets is expected to boost regional product demand. Factors including a rise in the old age population and occurrence of presbyopia are likely to boost the regional market for spectacles. Asia Pacific is the fastest-growing market of spectacles. Rising inclinations for labelled products along with product accessibility at lesser costs is fuelling the development of business.
Free Valuable Insights: Global Spectacle Market to reach a market size of $102.7 Billion by 2026
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include EssilorLuxottica SA (Essilor Instruments USA), Johnson and Johnson (Johnson and Johnson Vision Care, Inc.), Novartis AG (Ciba Vision), Carl Zeiss AG, Zenni Optical, Inc., Jand, Inc. (Warby Parker), Lenskart Solutions Pvt. Ltd., Hoya Corporation, MODO and Titan Group Limited (Tata Group).
Recent Strategies Deployed in Spectacle Market
- Nov-2020: Hoya Group Optics Division announced its partnership with Dispelix, a designer and fabless manufacturer of mass-manufacturable diffractive waveguide displays and display modules. The partnership was aimed to provide the highest quality waveguide displays for form factor, image quality, and clarity for the AR & MR wearables market.
- Sep-2020: EssilorLuxottica collaborated with Facebook, Inc., an American Technology Company. The collaboration was aimed to develop the next generation of smart glasses. The collaboration combined Facebook apps and technologies, Luxottica’s category leadership and iconic brands, and Essilor’s advanced lens technology for helping people stay better connected to their friends and family.
- May-2020: Zenni unveiled a new fashion collection with lauded designer Cynthia Rowley, “Zenni x Cynthia Rowley”. This includes fresh styles of Blokz blue light-blocking glasses and ready-to-wear sunglasses.
- Jun-2019: Zeiss in collaboration with STEPPER Eyewear Ltd., introduced the new Zeiss Eyewear Signature Collection. Its eight models stand for premium frames that reflect the current trends, especially in terms of their design and materials.
- May-2019: Zenni Optical announced the launch of its 3D Virtual Try-On feature. This feature provides customers a true-to-life preview of Zenni glasses on their face using a state-of-the-art facial analysis tool. Zenni Virtual Try-On feature was developed in partnership with technology company, DITTO. It enabled consumers to use their mobile device or computer camera for capturing a short five-second video that includes a 3D 180-degree scan of their face.
- Jan-2018: Titan Eyewear invested ?30 crore in its manufacturing plant in Bengaluru. The expansion aimed to produce frames and also aimed to launch satellite manufacturing labs for speeding up the delivery.
- Jan-2017: Carl Zeiss came into partnership with Apple, a technology company. The partnership was signed for new augmented reality (AR) smart glasses.
- Sep-2016: Hoya Vision Care together with Materialise NV and Hoet Design Studio launched the world’s first vision-centric 3D-tailored eyewear, Yuniku. Yuniku enables individualized lens and frame design, with a sophisticated end-to-end digital supply chain that transformed the eyewear industry.
Scope of the Study
Market Segments Covered in the Report:
By Distribution Channel
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
- EssilorLuxottica SA (Essilor Instruments USA)
- Johnson and Johnson (Johnson and Johnson Vision Care, Inc.)
- Novartis AG (Ciba Vision)
- Carl Zeiss AG
- Zenni Optical, Inc.
- Jand, Inc. (Warby Parker)
- Lenskart Solutions Pvt. Ltd.
- Hoya Corporation
- Titan Group Limited (Tata Group)
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Spectacle Market Related Reports:
What would be the value of global spectacle market by 2026?
The spectacle market size is projected to reach USD 102.7 billion by 2026.
What are the factors that anticipated to drive spectacle market trends?
There are several reason that cause high demand of this market one of them is spending more time on screen on various digital gadgets.
Which segment shows high revenue share of the spectacle market in 2019?
The Lens held the largest market revenue share in 2019 and is likely to maintain its dominance over the upcoming period.
Who are the top market players in the spectacle industry?
EssilorLuxottica SA (Essilor Instruments USA), Johnson and Johnson (Johnson and Johnson Vision Care, Inc.), Novartis AG (Ciba Vision), Carl Zeiss AG, Zenni Optical, Inc., Jand, Inc. (Warby Parker), Lenskart Solutions Pvt. Ltd., Hoya Corporation, MODO and Titan Group Limited (Tata Group).