Eyewear Market Analysis

Global Eyewear Market Overview

Eyewear Market Size was valued at USD 196.49 million in 2023. The Eyewear Industry is projected to grow from USD 211.21 Million in 2024 to USD 360.42 million by 2032, exhibiting a compound annual growth rate (CAGR) of 6.91% during the forecast period (2024 - 2032). The shift in millennials' lifestyle preferences and their growing use of expensive are the key eyewear market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Eyewear Market Trends

• Growing number of eye health issues to boost market growth

globally, there is a rise in ocular disorders awareness, particularly in emerging nations, which is predicted to enhance consumer demand for eyewear. One of the major factors driving the major market trends is an increase in the number of people suffering from eye illnesses. According to the World Health Organization's (2015) predictions, by 2020, there will be an estimated 2.2 billion additional cases of myopia worldwide. People who want to improve their aesthetic worth wear colored contact lenses in nations like China, South Korea, and Japan. Additionally, it is predicted that the market will grow during the forecast period as more people in developed and developing countries have access to eyeglasses and sunglasses through retail and online channels. The growing disposable incomes of people in emerging countries have increased the demand for more expensive sunglasses. It is also anticipated that rising brand consciousness will propel the industry internationally. This is propelling the eyewear industry.

Figure 1: Eye health issues with weightage Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Therefore, such rowing use of sunglasses during sports has enhanced the eyewear market CAGR across the globe in recent years.

The growing disposable incomes of people in emerging countries have increased the demand for more expensive sunglasses. It is also anticipated that rising brand consciousness is another factor driving the growth of the Eyeglasses market revenue.

Eyewear Market Segment Insights Eyewear Type Insights

The eyewear industry segmentation, based on product type, includes spectacles, sunglasses, contact lenses, and others. The spectacles eyewear segment held the majority share in 2021, contributing around ~55% concerning the eyewear Industry revenue. This is primarily attributed to the rise in product demand caused by computer vision syndrome's increasing incidence. This is primarily due to the increase in mobile phone and digital gadget usage across the globe. The rise in CVS instances among young people caused by the expanding trend of online learning, especially during the pandemic, has pushed the introduction of anti-glare and anti-fatigue spectacles.

August 2021: As a new addition to its well-known JINS&SUN brand, JINS Eyewear has unveiled a new collection of biodegradable sunglasses. The newest sunglasses collection from JINS&SUN will be made of biodegradable, bioplastic materials and will debut in the USA.

Contact lenses were the fastest-growing segment. This is due to the introduction of light-adaptive and multifocal toric lenses; it is anticipated to experience rapid growth in the ensuing years. These contemporary lenses adapt fast and seamlessly to various lighting situations, which lessens the irritation and dryness that contact lenses frequently cause.

Eyewear Type Insights

The eyewear industry segmentation is based on distribution channels, store-based, non-store-based, and others. The store-based segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. This can be due to people's growing knowledge of the importance of routine eye exams and the use of eyeglasses, which has prompted the sale of eyeglasses from physical storefronts. To acquire a competitive advantage in the market, several businesses are concentrating on store expansion, creating a positive market for eyewear, and growing the market growth.

January 2022: For instance, Lenskart opened 73 outlets in 19 Indian states and declared its intention to open a further 400 stores.

Figure 2: Eyewear Market, by Distribution Channel, 2021 & 2030 (USD Million)Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Additionally, to non-store was the fastest growing segment. As a result of people being obliged to practice social seclusion during the pandemic, online services experienced tremendous growth. The capacity to compare prices and services offered, the widespread use of smart devices, and the substantial discounts provided by online platforms are likely to drive sector growth throughout the projection period.

Eyewear Regional Insights

By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. North America Eyewear industry accounted for USD 63.8 million in 2021 and is expected to exhibit a significant CAGR growth during the study period. Due to the region's established e-commerce delivery system, which enhances the user experience for eye power consultation and spectacle choosing. The American Academy of Ophthalmology has created rules for eye clinics and doctors to offer planned appointments and telemedicine sessions. The availability of these services and the increased local manufacturing in the area produce positive eyewear Industry growth prospects.

Further, the major countries studied in the contact lenses report are The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: EYEWEAR MARKET SHARE BY REGION 2021 (%)Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe's Eyewear Market accounts for the second-largest market share due to the rising demand for eyewear as fashion accessories, including sunglasses, colored contact lenses, and frames. A lucrative market is provided by numerous prominent fashion labels in the area, including Guccio Gucci S.p.A., Prada S.p.A., TOM FORD, and Christian Dior. Additionally, the market is heavily controlled because eyewear and sunglasses are classified as personal protective equipment (PPE) in EU countries, which requires suppliers to follow the rules. Further, the Germany Contact Lenses Market held the largest market share, and the UK Eyeglasses market was the fastest-growing market in the European region

The Asia-Pacific eyewear Industry is expected to grow at the fastest CAGR from 2022 to 2030. This is due to the need for eyewear in this area rising due to the area's rapid population development, lack of accessibility for eyewear, and ignored handicaps. Various research projects are carried out to enhance products and improve eyeglasses functionality suitably. China, particularly, has a sizable number of glass wearers in the Asia-Pacific region. With Hyderabad's LV Prasad Eye Institute joining F1000Research Eye Health Gateway as a founding partner, India is preparing for international collaboration in the field of eye health research. Moreover, China smart Sunglass market held the largest market share, and the India Eyewear industry was the fastest-growing market in the Asia-Pacific region.

May 2022: Neso Brands, a Singapore-based company, established a partnership with Lenskart, the top eyewear e-commerce site in India, intending to invest in consumer eyeglasses and focus on rapid expansion.

Eyewear Key Market Players & Competitive Insights

Major market players are investing a lot of money in R&D to expand their product offerings, which will spur further growth in the eyewear Industry. With market development changes like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their presence. To grow and remain in a market that is becoming increasingly competitive, eyewear industry competitors must provide affordable products.

Manufacturing locally to cut operational costs is one of the manufacturers' main business methods in the contact lenses to benefit customers and develop the market sector. The eyewear industry has provided medicine with some of the most significant benefits in recent years.

The Sunglasses market major players such as Johnson & Johnson Vision Care Inc, Essilor Luxottica, Safilo Group S.p. A, Carl Zeiss, and others are working on expanding the market demand by investing in research and development activities.

Mojo is committed to assisting people in achieving their full potential in life, work, and play while maintaining a connection to other people and real-world activities. The Mojo team comprises people from all over the world and from different backgrounds. To help people be their best selves in every situation, they've joined forces to provide them with superpowers. In May 2022, With a variety of features, including the world's tiniest and densest 14,000 pixels per inch MicroLED display at just 0.5 millimeters (mm) in diameter and a pixel-pitch of only 1.8 microns, Mojo Vision has announced the launch of smart contact lenses for its real-world testing. It aids in continuous eye tracking using specially designed gyroscopes, accelerometers, and magnetometers with an eye-controlled interface, which guarantees a 10 times improvement for creating an eye-controlled user interface.

With its headquarters in Mountain View, California, Alphabet Inc. is an American technological conglomerate holding company. Alphabet Inc. was founded to make the main Google operation "cleaner and more accountable" while giving group firms that work in industries other than Internet services more autonomy. In May 2022, After a decade of launching "Google Glass," Alphabet Inc. developed smart eyeglasses, a wearable computing device, to translate between different languages in real-time utilizing the most recent advancements in artificial intelligence. The public was shown this prototype at the Google I/O developer conference. Compared to the first Google Glass, which allowed users to record what they saw, this device is more dissimilar from a regular pair of glasses.

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  Fielmann AG (Germany)

  
  


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  The Cooper Companies Inc. (US)

  
  


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  Bausch Health Companies Inc. (Canada)

  
  


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  Luxottica Group S.p.A. (Italy)

  
  


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  Carl Zeiss AG (Germany)

  
  


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  Safilo Group S.p.A. (Italy)

  
  


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  GrandVision (Netherlands)

  
  


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  Alcon Vision LLC (US)

  
  


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  Johnson & Johnson Vision Care Inc. (US)

  
  


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  Marcolin SpA (Italy)

  
  


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  Marchon Eyewear Inc. (US)

  
  


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  De Rigo Vision S.p.A. (Italy)

  
  


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  Essilor International (France)

  
  


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  Rodenstock GmbH (Germany)

  
  


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  Charmant Inc. (US) among others

  
  

December 2021: Smith imprint 3D technology is now available, according to Saflio Group, which will address a variety of facial shapes and features without using a one-size-fits-all approach to sports apparel. Customers had many problems with 3D-printed snow goggles, including increased all-day comfort, elimination of light leaks caused by faulty fit, removal of pressure points or hot areas, and an increased field of view.

September 2021: The Stories smart glasses, developed by Meta (formerly Facebook) and Ray-Ban, include dual 5-megapixel cameras that can take photos and 30-second films. The LED lights outside the glasses serve as a working indicator for the cameras. Additionally, it has touch-activated controls for calls, volume, and music playback on its temples, which also double as earbuds.

December 2023: The trend of providing entire eyeglasses was demonstrated by the acquisition of a lens producer by the Italian firm.

February 2024: This prominent Indian eyeglasses brand wants to use video analytics to provide customers a more tailored experience.

Eyewear Industry Segmentation

Eyewear Product Type

• Spectacles


• Sunglasses


• Contact Lenses


• Others

Eyewear Distribution Channel

• Store-Based


• Non-Store-Based


• Other

Eyewear Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America