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Spectacle Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
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Report Overview
The global spectacle products market was valued at USD 32.3 billion in 2022 and is expected to expand at a CAGR of 5.2% from 2023 to 2030. The market growth is attributed to the increasing number of people suffering from vision impairments, the rise in the aging population, and the increasing disposable incomes of people. Furthermore, the growing awareness about vision health and the availability of a wide variety of spectacle products are expected to propel the market growth.
Spectacle frames are the most commonly used eyewear products among people with vision impairments. The increasing demand for spectacle frames is due to the rising demand for fashion-oriented frames, featuring various styles and designs. The increasing availability of ready-to-wear frames from various brands is further propelling the demand for spectacle frames. Moreover, the rising number of optical stores is expected to drive the market growth.
Moreover, the increasing demand for contact lenses is driving the demand for spectacle lenses. Growing awareness about vision health and the rising adoption of contact lenses among the younger population are expected to drive the market growth. Furthermore, growing popularity of colored contact lenses is projected to propel the demand for spectacle lenses.
The increasing demand for advanced spectacle lenses is driving the market growth. The demand for advanced spectacle lenses is growing due to their ability to provide a clear vision and protection from ultraviolet radiation. Furthermore, the increasing demand for progressive lenses is expected to drive the market growth. Progressive lenses are designed to provide clear vision at all distances, unlike bifocal and trifocal lenses.
The increasing demand for online spectacle products is expected to drive the market growth. The convenience of ordering spectacle products online is boosting the market growth. Moreover, the availability of various discounts and offers is expected to further support the growth of the market. Furthermore, the rapid growth of the e-commerce sector is further anticipated to propel the market growth.
Product Insights
The prescription spectacle segment accounted for the largest share of the market in 2022. Increasing rate of vision loss due to the growing aging population, rising cases of uncorrected refractive errors, and growing awareness about eye health and vision correction products among consumers are some of the major factors driving the growth of the segment. According to an article published by AIPCT, in July 2020, over 2.5 billion people are affected by vision impairment and blindness, with an estimated 1.8 billion of those people having vision problems that could be corrected with glasses.
The sunglasses segment is expected to expand at the fastest CAGR of 8.3% during the forecast period. Increasing prevalence of outdoor activities such as skiing, rock climbing, and cycling, along with rising trends of fashion and style, are some of the major factors driving the demand for sunglasses. According to an article published by Brandwatch, in October 2018, the sunglasses market had grown by more than 10% over the previous year. In addition, technological advancements in the production of sunglasses, such as the use of polarized lenses and scratch-resistant coatings, are further driving the growth of the segment.
Distribution Channel Insights
The opticians segment constituted the largest share of the market in 2022. The growth of the segment is attributed to the increasing number of opticians and optical stores offering a wide range of spectacle frames and lenses, with various brands and styles. According to a study by the American Optometric Association (AOA), the number of optometrists in the U.S. increased from 27,836 in 2002 to 33,332 in 2020. In addition, the growth of the segment is attributed to the rising popularity of online and offline opticians offering spectacle products at discounted rates.
The internet retail segment is expected to expand at a significant CAGR during the forecast period. The growth of the segment is attributed to the increasing availability of a wide range of spectacle products on e-commerce websites, such as Amazon and Alibaba. These websites offer a wide range of spectacle frames and lenses from various brands and styles at discounted prices. In addition, the increasing popularity of online optical stores offering various discounts and promotional activities to attract customers is boosting the growth of the segment.
Type Insights
The prescription spectacle product segment held the largest market share of 42.2% in 2022. The increasing number of people suffering from visual impairments such as nearsightedness, farsightedness, and astigmatism is providing an upsurge to the market. Moreover, the continuous technological advancements in lens design such as progressive lenses, bifocal lenses, and trifocal lenses are driving the demand for prescription spectacle products. In addition, the growing awareness regarding eye health and increasing disposable income are also contributing to the growth of the prescription spectacle products segment.
The sunglasses product segment is expected to witness the highest CAGR of 8.4% over the forecast period. The rising trend of outdoor activities and increasing adoption of sunglasses to protect eyes from sun damage is driving the demand for sunglasses. The availability of a wide range of sunglasses in various shapes, designs, and colors is generating curiosity among the youth population. Furthermore, the increasing adoption of online platforms for sunglasses products is also augmenting the market growth.
Regional Insights
Asia Pacific is expected to witness the fastest growth over the forecast period due to the presence of a large population and rising disposable incomes. Additionally, increasing awareness regarding eye health and the launch of new products are also expected to drive the demand for spectacle products in the region. For instance, in February 2021, Chinese tech giant Xiaomi launched its new Mi Air 2 Pro wireless earphones with the latest active noise cancellation technology in the Asia Pacific region.
Europe is expected to hold the second-largest share of the market during the forecast period. Increasing awareness regarding personal care and hygiene, coupled with the presence of a large number of manufacturers in the region are the key factors behind the growth of the market. Moreover, the growing trend of customization and personalization of products is expected to further fuel the market growth. For instance, in January 2021, Berlin-based eyewear brand Kapten & Son launched a range of customizable spectacle products.
Financial Projections
In this part of the spectacle products business plan, we will provide a detailed breakdown of all income and expense categories of the business. These projections will include cash flow projections and capital requirements for your business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main sources of revenue for a spectacle products business come from the sale of products, fees for services, and advertising. Here you will find a list with a description of each of them and other possible sources of profit such as sponsorship and partnerships.
Projecting Expenses
In this section, all the regular expenses related to keeping the spectacle products business running will be described. The list of operating expenses includes salaries, rent, utilities, insurance policies, advertising, supplies, and others.
Key companies & market share insights
Some of the key companies operating in the spectacle products market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:
– In June 2022, Luxottica Group launched a new collection of sunglasses and prescription eyeglasses for both men and women.
– In August 2022, Safilo Group launched a new collection of eyewear frames, lenses, and accessories catering to different customer needs.
– In October 2022, Essilor International launched a new range of progressive lenses with advanced features.
Some of the prominent players in the spectacle products market include:
– Luxottica Group
– Safilo Group
– Essilor International
– De Rigo Vision
– Fielmann AG
– Marcolin Group
– Hoya Corporation
– Kering Eyewear
– ZEISS International
– Rodenstock GmbH
Global Spectacle Market Segmentation
This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global spectacle products market based on product, distribution channel, type, and region:
1. Product Outlook (Revenue, USD Million, 2017 – 2030)
– Spectacles
– Sunglasses
– Contact Lenses
– Accessories
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Optical Stores
– Online Stores
– Others
3. Type Outlook (Revenue, USD Million, 2017 – 2030)
– Fashion
– Sport
– Reading
4. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the Factors Driving the Spectacle Products Market?
[A]: The growing awareness of eye-related health issues, the increasing demand for fashionable spectacles, the rising disposable income of consumers, technological advancements in spectacle frames, and the emergence of online retailing are some of the factors driving the growth of the spectacle products market.
[Q]: Who are the Key Players in the Spectacle Products Market?
[A]: The key players in the spectacle products market are Luxottica Group S.p.A, Essilor International S.A., Alcon, Inc., Safilo Group, Marchon Eyewear, Inc., ZEISS International, HOYA Corporation, De Rigo Vision S.p.A., Johnson & Johnson Vision Care, Inc., and Seiko Optical Products Co., Ltd.
[Q]: What are the Different Types of Spectacle Products?
[A]: The different types of spectacle products include spectacle frames, lenses, contact lenses, and sports eyewear.
[Q]: What Region Offers the Largest Opportunity for Sales of Spectacle Products?
[A]: The Asia Pacific region is expected to be the largest spectacle products market over the forecast period, owing to the increasing disposable income of consumers, rising awareness of eye-related health issues, and the emergence of online retailing.
[Q]: What are the Trends Shaping the Spectacle Products Market?
[A]: The growing demand for fashionable spectacle frames, rising popularity of contact lenses, and advancements in lens technology are some of the trends shaping the spectacle products market.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
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