The eyewear market is expected to grow almost 8 percent a year between 2020 and 2024, resulting in an increase of $57.69 billion, according to a report published by the research and advisory company Technavio. Asia Pacific (APAC) will contribute to 32 percent of the growth, it forecast.
In 2020, the global market is estimated to have increased by 7.28 percent, it added.
The eyeglasses market is expected to grow by $41.98 billion, progressing at a compound annual growth rate (CAGR) of over 7 percent between 2020-2024. About 29 percent of the market’s overall growth is expected to originate from Europe. In 2020, the overall market is estimated to have risen by more than 7 percent.
Technavio also forecast that the ophthalmic lens market will grow by $3.21 billion during 2020-2024, progressing at a CAGR of over 4 percent during the period. APAC will contribute 43 percent to growth. In 2020, the market is estimated to have increased by 4.12 percent.