Ben Madilynn
A global business research company is predicting rapid growth for the eyewear industry in the next few years and market revenue to pass US$240 billion (AU$350b).
And it is tipping the Asia-Pacific region to drive much of that growth as the “fastest-growing region in the eyewear market”.
India-based The Business Research Company studied historical data and current and future trends.
Based on that data it predicted the size of the eyewear market to hit US$244.24b (AU$357b) in 2028 at a compound annual growth rate of 10.7%.
Its latest market report said the global market had grown to US$162.66b (AU$236b) in 2024, from US$146.08b (AU$213b) in 2023, despite strong economic headwinds, and rising costs and inflation around the world.
And the company predicted that growth to continue because of fashion and style trends, increasing vision problems, an ageing population, rising awareness of the need for UV protection, and the growing endorsements of celebrities and influencers.
“The increasing cases of deteriorating eye health are driving the growth of the eyewear market,” the report said.
These included age-related macular degeneration, cataract, diabetic retinopathy, glaucoma and prolonged screen use.
The firm highlighted technological advancement as a “key trend gaining popularity in the eyewear market”.
It predicted smart glasses would continue to “gain traction”, especially within the major companies operating within the market.
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