The eyewear market is currently valued at about $100 USD Billion and is expected to grow at a CAGR of 6% between 2023 to 2031. This growth is due to a few main factors:
1. The increased spending power of developed and developing nations has given the ability for more people to buy glasses.
2. People are increasingly more interested in wearing sunglasses. In fact, even if someone has a prescription, when going outside of their home they would rather wear contacts and a pair of sunglasses versus simply wearing a regular pair of glasses. This is due to two main reasons. Firstly, people are starting to realize the dangers of UV rays and hence are more likely to wear sunglasses, as sunglasses proved great protection from UV rays. Secondly, the trend of people wearing stylish sunglasses is increasing.
Peeq sunglasses not only provide consumers with a stylish pair of sunglasses and top of the line UV protection, they are also the world's FIRST reversible sunglasses!