Eyewear Market

Global Eyewear Market Size (2024 to 2032)

The global eyewear market was valued at USD 132.30 billion in 2023. The global market size is expected to grow at a CAGR of 7.74% from 2024 to 2032 and be worth USD 258.79 billion by 2032 from USD 142.54 billion in 2024.

Current Scenario of the Global Eyewear Market

Technological advancements in the eyewear market have revolutionized by enhancing comfort and performance. Innovative lens materials, such as high-index plastics and photochromic compounds, offer lighter and more durable products. Advanced coatings, like anti-reflective, anti-scratch, and blue light filters, improve clarity and protect against any damage. Meanwhile, cutting-edge manufacturing processes, such as 3D printing and precision laser cutting, enable various custom-fit frames. These advancements not only cater to consumers seeking superior vision correction but also attract those embracing eyewear as a fashion statement. The convergence of technology and eyewear has expanded market share by meeting diverse needs and preferences.

MARKET DRIVERS

As people increasingly prioritize their vision, routine eye checkups have become the norm, leading to earlier detection of eye conditions.

The rising awareness of eye health is propelling the eyewear market growth. Therefore, there is a surge in eyeglass and contact lens prescriptions. Consumers now view eyewear not only as a corrective tool but also as a proactive measure to maintain healthy vision. This heightened awareness is propelling the eyewear market growth as individuals seek stylish and functional eyewear options that not only address vision issues but also contribute to their overall well-being.

MARKET RESTRAINTS

Cost and pricing dynamics pose a significant restraint in the eyewear market. Many consumers, particularly those seeking prescription glasses, are cost-conscious, and the high price tags associated with designer frames or specialized lenses can deter them. This sensitivity to pricing pressures eyewear retailers and manufacturers to find a delicate balance between offering quality products and competitive pricing. Also, the price differential can impact the market's growth potential by limiting the reach of eyewear to a niche audience willing to pay a premium for quality and fashion. Therefore, companies that can provide affordable yet stylish and functional eyewear options, perhaps through online platforms or budget-friendly lines, are better positioned in the market.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Eyewear Market By Product Type

The spectacles segment is predicted to account for the leading share of the global eyewear market during the forecast period.

Spectacles have become a necessity for many individuals who require vision correction to see clearly. The aging population contributes more to prescription eyewear, as vision problems tend to increase with age.

The sunglasses segment has also gained the second-largest share of the global market in 2023 and is expected to grow at a healthy CAGR in the coming years. Sunglasses are famous as a fashion accessory and are often worn for aesthetic reasons. Therefore, increased awareness of the harmful effects of UV radiation on eye health has led to demand for protective eyewear.

The contact lenses segment is anticipated to progress at a promising CAGR in the coming years. Contact lenses offer a degree of convenience and freedom not provided by glasses. They provide a clear field of vision without the need for frames, and they can be used for various vision conditions, including myopia and astigmatism. Advances in contact lens technology, including breathable materials, have also contributed to their popularity.

Global Eyewear Market By Distribution Channel

The offline segment had the major share of the global market in 2023 and is estimated to grow at a healthy CAGR during the forecast period.

The offline stores offer personalized services, including eye exams, frame fitting, and adjustments that are crucial for prescription eyewear. Consumers often value the expertise and guidance provided by trained opticians, which leads to the growth of the offline segment. Independent retailers often focus on unique and designer eyewear brands, appealing to customers seeking distinct styles and personalized service.

The online segment is gaining traction and is expected to register a prominent CAGR during the forecast period. Online platforms offer a wide range of eyewear products at various price points, making it convenient for customers to browse and compare options from the comfort of their homes.

REGIONAL ANALYSIS

North America held the leading share of the global market in 2023.

North America region is expected to continue during the forecast period owing to the high prevalence of vision-related issues and a strong emphasis on fashion and style. The region also benefits from a mature and competitive eyewear industry, with numerous renowned eyewear brands and a wide range of product offerings, including prescription glasses, sunglasses, and contact lenses. Also, the presence of a significant aging population has contributed to the sustained demand for eyewear, particularly prescription glasses.

In Europe, the eyewear market holds the second-largest share of the global market at present.

Characterized by a strong focus on quality and design. European consumers have a penchant for luxury eyewear brands, contributing to the market's growth. Furthermore, stringent regulations and standards ensure the safety and reliability of eyewear products, instilling confidence in consumers.

The Asia-Pacific region is witnessing remarkable growth in the worldwide eyewear market, primarily driven by its vast population and increasing urbanization.

Rising disposable incomes, changing lifestyles, and a growing awareness of eye health have led to a surge in demand for both prescription and fashion eyewear. Countries like China and India, with their expanding middle-class populations, are significant contributors to the market's growth.

In the Middle East and Africa, the eyewear market is gradually growing as economic development.

Increasing consumer awareness contribute to higher demand for eyewear products. The region's consumers, particularly in urban areas, are increasingly adopting eyewear as a fashion accessory.

Latin America also plays a notable role in the eyewear market, with a focus on both vision correction and fashion.

The region's consumers prioritize eyewear brands that offer style and quality, contributing to the market's growth.

KEY MARKET PLAYERS

Luxottica, Essilor International S.A., Alcon, Johnson & Johnson, Bausch & Lomb, Hoya Corporation, Cooper Vision, Fielmann AG, Rodenstock, De Rigo SpA, Carl Zeiss, Safilo Group SpA and Marcolin are some of the notable companies in the global eyewear market.

RECENT HAPPENINGS IN THE MARKET

• In 2022, Luxottica expanded its digital capabilities, offering virtual try-on and online prescription services. The company continued to launch new eyewear collections under brands like Ray-Ban and Oakley.
• In 2022, Johnson & Johnson Vision Care introduced new contact lens products with advanced technology for enhanced comfort and vision.
• In 2021, EssilorLuxottica focused on promoting vision health, launching campaigns to raise awareness about eye care; the merger between Essilor and Luxottica was finalized, creating a global eyewear giant.
• In 2020, Safilo collaborated with fashion brands to design and produce exclusive eyewear collections. The company emphasized sustainability efforts by using eco-friendly materials in eyewear production.

DETAILED SEGMENTATION OF THE GLOBAL EYEWEAR MARKET INCLUDED IN THIS REPORT

This research report on the eyewear market has been segmented & sub-segmented based on the product type, distribution channel, and region.

By Product Type

• Contact Lenses
• Spectacles
• Sunglasses

By Distribution Channel

• Offline
• Online

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa