Eyewear - Gambia | Statista Market Forecast

In 2024, the revenue generated in the Eyewear market in Gambia is estimated to reach US$7.44m.
It is projected to grow by 7.63% annually (CAGR 2024-2029).
The largest segment in the market is Spectacle Lenses, with a market volume of US$3.39m in 2024.
When compared globally, United States generates the highest revenue of US$35bn in 2024.
In terms of per capita revenue, in Gambia is expected to generate US$2.62 in 2024.
The volume in the Eyewear market in Gambia is expected to reach 845.0k pieces by 2029.
In 2025.0, the market is expected to show a growth rate of 0.8%.
The average volume per person in the Eyewear market is expected to be 0.3pieces in 2024.
Furthermore, by 2024, 94% of sales in the Eyewear market is expected to be attributable to Non-Luxury.
In Gambia, the demand for affordable prescription eyewear is increasing due to the rising prevalence of vision impairments.

Definition:

The Eyewear market comprises a range of eyewear products designed for private end consumers. The market is diverse and encompasses various product categories, such as spectacle lenses, sunglasses, frames for spectacles, and contact lenses. Products such as protective eyewear and safety glasses, professional devices, glasses, lenses, magnifying glasses, as well as contact lens solutions are not included in the Eyewear market. Growth drivers in this market include a combination of changing consumer preferences, e.g., a stronger focus on health and wellness, technological innovations, and underlying macroeconomic factors.

Structure:

The Eyewear market is divided into four main sections:

The Spectacle Lenses market includes glass and plastic lenses, corrective and non-corrective lenses, as well as progressive lenses.
The Sunglasses market includes sunglasses made of glass and/or plastic and sunglasses with corrective or non-corrective lenses.
The Eyewear Frames market covers plastic eyewear frames and non-plastic eyewear frames. Frame parts (e.g., screws, temples, and nose pads) as well as frames for protective eyewear and safety glasses are not included in this market.
The Contact Lenses market comprises all kinds of contact lenses that are worn to correct vision. This includes both rigid and soft lenses (daily, weekly, monthly, and yearly lenses).

Additional information:

The market comprises revenues, average revenue per capita, volume, average volume per capita, and price. Revenues are generated through both online and offline sales channels. Key players in the market include Varilux, Transitions, Crizal, Gucci, and Hoya. These companies are leaders in their respective segments and are known for their innovative products, brand reputation, and extensive distribution networks. For more information on the data displayed, use the info button right next to the boxes.

Spectacle Lenses
Sunglasses
Frames
Contact Lenses

Protective eyewear and safety glasses
Professional devices, glasses, or lenses (e.g. to determine visual acuity)
Magnifying glasses
Contact lens solutions

The global Eyewear market is expected to experience robust annual growth over the next five years, driven by shifting consumer megatrends, changing market structures, and technological innovations. Aging is one of the most significant global demographic factors impacting eye care because the need for vision correction increases and becomes more complex as a person grows older. Additionally, longer screen time, especially among youngsters, may have more serious effects than previously thought, boosting demand for preventive eye care.

Consumer preferences:

Consumers across the globe are becoming increasingly health-conscious, and this trend is driving the demand for eyewear products that offer both vision correction and protection from harmful UV rays. Demand for eyewear products that incorporate advanced technology, such as smart glasses and contact lenses, is also on the rise. Consumers are looking for products that are not only functional but also fashionable, with a focus on quality and durability.

Trends in the market:

The Eyewear market in the Asia-Pacific region is expected to experience the highest growth over the next five years, with a CAGR of 8.1%. This growth is driven by an increasing number of people requiring vision correction due to aging populations, rising disposable incomes, and changing consumer preferences. The market in North America is projected to grow at a CAGR of 6.4%, fueled by an increasing prevalence of eye disorders and a growing awareness of the importance of preventive eye care. In Europe, the Eyewear market is expected to experience moderate growth, with a CAGR of 4.3%. This growth is spurred by a rising prevalence of myopia and hyperopia, as well as aging populations. The market in Latin America is forecast to grow at a CAGR of 4.2%, driven by an increasing demand for eyewear products and rising disposable incomes.

Special local circumstances:

In the Asia-Pacific region, the Eyewear market is highly fragmented, with a large number of small and medium-sized players. This fragmentation is expected to persist over the next five years, as local players continue to dominate the market. In North America, the market is dominated by a few major players, which are likely to maintain significant market share in the five years to come. Meanwhile, the market in Europe is characterized by a high level of regulation, which is expected to limit the entry of new players into the market. In Latin America, the market is highly competitive, with a large number of players competing for market share.

Underlying macroeconomic factors:

The global Eyewear market is being driven by various underlying macroeconomic factors, including aging populations, rising disposable incomes, and changing consumer preferences. The increasing prevalence of eye disorders, such as myopia and hyperopia, is boosting demand for eyewear products as well. Additionally, technological innovations, such as smart glasses and contact lenses, are expected to drive market growth over the next five years. The Eyewear market is also being affected by changing consumer trends, such as an increasing focus on health and wellness, and a growing awareness of the importance of preventive eye care. Furthermore, the market is being impacted by changing fashion trends, with consumers looking for eyewear products that are both functional and fashionable. Overall, the global Eyewear market is projected to experience robust growth in the next five years, driven by a combination of changing consumer preferences, technological innovations, and underlying macroeconomic factors. The market is expected to experience the highest growth in the Asia-Pacific region; however, there are also significant growth opportunities in North America, Europe, and Latin America.

Data coverage:

The data encompasses B2C enterprises. Figures are based on consumer spending on eyewear products, which include spectacle lenses, sunglasses, eyewear frames, and contact lenses that are produced for private end consumers. Retail sales through both offline and online sales channels are included.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, market data from third-party sources (e.g., independent databases), historical developments, current trends, as well as survey results from our primary research (e.g., the Statista Consumer Insights Global survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and healthcare spending. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, exponential trend smoothing is well suited for making forecasts about the Eyewear market, which is projected to grow steadily. The main drivers are GDP per capita, consumer spending per capita, and healthcare spending.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).

This report presents a comprehensive analysis and additional information on the Consumer market, in a PDF format.

The eyewear market includes corrective eyewear, such as spectacles and contact lenses, as well as sunglasses and other eyewear products. The global market was valued at around 170 billion U.S. dollars in 2022 and, by 2029, the value of the worldwide eyewear market was forecast to reach close to 300 billion U.S. dollars. This market can be segmented in various ways. For example, vision care products sold at optical retail locations in the United States is a multi-billion dollar market. Alternatively, the market can be divided into four main categories: spectacle lenses, frames, sunglasses, and contact lenses. In the United States, the revenue of all of these eyewear categories are forecast to grow over the coming years.