Spectacle Market Growth Analysis | 2023-2028

Market Insights

The spectacle market was estimated at USD 74.9 billion in 2022 and is likely to grow at a CAGR of 2.27% during 2023-2028 to reach USD 85.97 billion in 2028.

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Market Dynamics

Introduction

Spectacles are optical instruments consisting of a frame that holds a pair of lenses for correcting the defective vision of an individual.

Market Drivers

The growing demand for spectacle is mainly due to the high predominance of vision-related issues among the youthful age due to the extensive usage of smartphones, televisions, computers, and other digital devices.

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Key Players

Some of the major spectacle manufacturers are:

• Ciba Vision
• Essilor
• HOYA Corporation
• Johnson & Johnson Vision
• Lenskart
• MODO
• Titan Company Limited
• Warby Parker
• ZEISS International
• Zenni Optical, Inc.

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

By Parts Type

Based on the parts type, the market is segmented as frames and lens. The lens segment held the largest share of the market in 2022 and is expected to remain dominant during the forecast period. The growth of the segment can be attributed to the rising concerns in the eyesight of every age group on account of extensive usage of electronic devices and increasing age. In addition, the demand for single-vision, bifocal, and trifocal is increasing because of these reasons.

By Distribution Channel Type

Based on the distribution channel type, the market is segmented as offline and online. The offline segment is expected to remain dominant during the forecast period due to personal assistance, customization, and convenience to the consumers in physical stores such as optical shop or specialty stores. Further, they provide easy repair and exchange services to customers.

Regional Insights

In terms of regions, North America is estimated to be the largest market for spectacles during the forecast period, with the USA, Canada, and Mexico being the major countries offering substantial growth opportunities. The growth of the region’s market is owing to the increasing aged population and their concerns regarding eyesight.

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Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects spectacle market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The spectacle market is segmented into the following categories:

By Parts Type

• Frames
• Lens

By Distribution Channel Type

• Offline
• Online

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the part types by distribution channel type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.