According to a recent report by ReportLinker, the global market for eyeglasses, which was estimated at US$139.9 billion amid the Covid-19 crisis in 2020, is projected to reach a revised size of US$197.2 billion by 2027, growing at a CAGR of 5% over the period of 2020-2027. It is mentioned that the lenses segment is projected to record a 4.8% CAGR and reach US$76.9 billion by the end of the analysis period. After an early investigation on the implications of the pandemic to businesses and the economy in general, growth in the frames segment is readjusted to a revised 5.8% CAGR for the next seven years.

The US and Chinese Markets are Forecast to Grow

The eyeglasses market in the US is estimated at US$39.4 Billion in the year 2020. China, the second largest economy around the world, is forecast to reach a projected market size of US$21.8 billion by the year 2027, trailing a CAGR of 7.2% over the analysis period from 2020 to 2027. Among the markets forecast to grow at 3.8% and 4.4%, over the 2020-2027 period are Japan and Canada, respectively. Moreover, Germany is forecast to grow at approximately 4.3% CAGR within Europe.

Sunglasses Market to Record 4.5% CAGR

The report also mentioned that USA, Canada, Japan, China and Europe will drive the global sunglasses market with an estimated 4.1% CAGR. These regional markets accounting for a combined market size of US$31.6 billion in 2020 will reach a projected size of US$41.9 billion by the end of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$28.4 billion by the year 2027, while Latin America will expand at a 5% CAGR through the analysis period.