Market for Car Accessories: Overview
In 2021, the size of the world’s eyeglasses market was estimated at USD 157.9 billion. From 2022 to 2030, it is anticipated to increase at a compound annual growth rate (CAGR) of 8.4%. The shift in millennials’ lifestyle preferences and their growing use of expensive accessories promote market expansion. Encouraged by the rising consumer demand for their products, eyewear manufacturers concentrate on creating stylish and reasonably priced eyewear. In an effort to quickly respond to current fashion trends and draw in fashion fans, they are releasing fresh designs and patterns. The main market players’ ongoing efforts to win new clients and keep hold of existing ones are having a favourable impact on market statistics.
In 2021, the eyewear market accounted for more than 55% of all sales, which can be attributed to rising product demand brought on by computer vision syndrome’s increasing prevalence (CVS). This is mostly because more people worldwide are using mobile phones and digital devices. The use of anti-glare and anti-fatigue glasses has been prompted by the rise in cases of CVS among youngsters due to the growing trend of online learning, particularly during the pandemic. Additionally, the demand for spectacles has increased as clear and colourful translucent glasses gain in popularity.
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Insights Into Distribution Channels
By securing a significant revenue share of more than 79% in 2021, the brick-and-mortar sector had established its dominance in the market. This can be due to people’s growing knowledge of the importance of routine eye exams and the use of eyeglasses, which has prompted the sale of eyeglasses from physical storefronts. To acquire a competitive advantage in the market, a number of businesses are concentrating on store expansion. For instance, Lenskart opened 73 outlets in 19 Indian states in January 2022 and declared its intention to open a further 400 stores. Due to the lockdown restrictions in numerous countries, the segment’s revenue share slightly decreased during the pandemic. However, the category growth will be favoured in the upcoming years by the relaxation of regulations and increased consumer demand for physical stores.
Due to rising demand for eyeglasses such as sunglasses, coloured contact lenses, and frames as fashion accessories, Europe dominated the market in 2021 with a revenue share of over 27%. A lucrative market is provided by the presence of numerous prominent fashion labels in the area, including Guccio Gucci S.p.A., Prada S.p.A., TOM FORD, and Christian Dior. Additionally, the market is heavily controlled because eyewear and sunglasses are classified as personal protective equipment (PPE) in EU countries, which requires suppliers to follow the rules.
Key Organizations & Market Share Information
The key players in the market concentrate mostly on stepping up R&D efforts and creating goods with top-tier features, such smart glasses. In order to increase their position in the market, they are also forming strategic collaborations. For instance, Meta (formerly Facebook) and Ray-Ban introduced Stories in September 2021. These smart glasses feature two 5-megapixel cameras that can record videos of up to 30 seconds and photos. The LED lights on the outside of the glasses serve as a working indicator for the cameras. Additionally, it has touch-activated controls for calls, volume, and music playback on its temples, which also double as earbuds.
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- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa