USD 157.9 billion
Eyewear Market Size, Share, Growth Analysis, By Products(Contact Lenses, Spectacles, Sunglasses), By Distribution Channel(Retail Stores, Online Stores, Ophthalmic Clinics), By Region - Industry Forecast 2024-2031
Report ID:
SQSG35B2025 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|Tables:
63
|Figures:
75
Eyewear Market Insights
Eyewear Market size was valued at USD 201.13 billion in 2022 and is poised to grow from USD 218.02 billion in 2023 to USD 415.66 billion by 2031, growing at a CAGR of 8.40% in the forecast period (2024-2031).
The global eyewear market is driven by the growing demand for corrective lenses and prescriptions especially among the elderly population. According to, the National Health and Aging Survey study in the United States in 2021 that 27.8% of United States adults over the age of 71 have low vision increased. Also, increasing consumer awareness towards eye care drives the eyewear market immensely along with rising disposable income and demand for fashion trends among the youth is another key factor as it increases eyeglasses and sunglasses over the forecast period.
Over the last few years, the market has witnessed a high conversion rate based on factors such as increased interest among consumers to opt for performance-related sunglasses due to the adoption of sunglasses for outdoor activities. For example, according to the Outdoor Foundation, there were more than 64 million people in the U.S. engaged in outdoor activities in 2021, with walking and E-retailing being the most popular and online advertising is gaining prominence in the market. Key operators offer online marketing and promotions using the systems. Online marketing and promotions facilitate customer access and help retailers reduce operating costs. This feature is expected to increase the sales of eyeglasses through online platforms in the coming years.
US Eyewear Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Retail Shops
Fastest Growth
Retail Shops
Growth Rate
8.4% CAGR
Global Eyewear Market ($ Bn)
Country Share for North America Region (%)
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Eyewear Market Segmental Analysis
The global eyewear market is segmented based on products, distribution channels, and region. Based on products, the market is segmented into contact lenses, spectacles, and sunglasses. Based on the distribution channel, the market is segmented into retail stores, online stores, and ophthalmic clinics. Based on region, the global Eyewear market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Eyewear Market Analysis by Product
Prescription eyeglasses segment accounted for the largest revenue share of above 70.0% in 2023. Increasing prevalence of eye conditions such as myopia, hyperopia, astigmatism and presbyopia is driving the demand for corrective lenses. Advancements in eyeglass technology, a development including thinner, lighter, more scratch resistant eyeglasses more comfortable aesthetically and made it attractive. Also, the market perception of prescription eyeglasses has improved with more options for eyeglasses are prescribed with designer frames, customized lenses available. The prescription eyeglasses segment is a key driver of the eyewear market, accounting for a large portion of total sales. This segment is expanded by increasing vision problems with factors such as myopia, hyperopia and astigmatism caused by aging population, increased screen time and lifestyle changes. When eye health knowledge increases, more individuals require corrective lenses, making prescription eyeglasses necessities. Also, advances in contact lens technology such as blue light filtering, anti-reflective coatings, and lightweight materials have made prescription lenses available comfort and performance have increased.
The sunglasses segment is expected to register the highest CAGR of over 10.0% between 2024 and 2030. The production of thermosensitive drugs, including biologics and vaccines is driving the demand for storage solution's cold reliability has increased. Stricter regulations on chemical storage and distribution are driving investment in precision refrigeration systems with advanced monitoring capabilities. Personalized medicine and gene therapy drive greater demand for ultra-low-temperature storage, leading to volumetric growth. The sunglasses segment plays an important role in the eyewear market, driven by practical and aesthetic factors. Sunglasses are essential for protecting the eyes from harmful ultraviolet (UV) rays, reducing glare and preventing cataracts. While the importance of UV protection is being recognized and outdoor activities a more prevalent, the demand for high-quality safe sunglasses has increased features.
Analysis by Distribution Channel
The brick-and-mortar segment accounted for the largest revenue share in 2023 due to high consumer demand, as many associated benefits allow consumers to get personalized advice from optometrists as they are trained there on frame selection, lens prescribing and modification. Additionally, these stores help consumers physically test out wooden furniture for better fit and comfort, making purchasing decisions faster. Additionally, these stores offer attractive deals and have discounted prices and have a variety of products, increasing customer demand, leading to segment growth. The brick-and-mortar segment continues to play an important role in the eyewear market, especially for consumers who prioritize personalized service and the physical experience of wearing glasses prior to purchase. Traditional retail outlets including eyeglass chains, department stores and specialty lens stores offer consumers the opportunity to perform comprehensive eye exams, obtain prescriptions, test frames and lenses in person. This is especially important for prescription eyeglasses and Contact lenses, where a perfect fit and in-store advice can significantly increase customer satisfaction.
The e-commerce segment is expected to record the fastest CAGR from 2024 to 2030 owing to increasing purchases of eyewear products through online shopping due to greater convenience and accessibility. Online retailers offer a variety of products, including many designer brands and niche offerings offer, often at competitive prices. Additionally, eCommerce platforms offer detailed product information, customer reviews and virtual tryout tools, enabling consumers to make informed purchasing decisions. Growing mobile commerce and smartphones will boost the eCommerce segment rapid growth in the coming years. E-commerce is rapidly emerging as a key component in the eyewear market, driven by changing consumer preferences for convenience and increasing adoption of online shopping. Buying eyeglasses online has become more accessible and attractive due to the cost of creation decreased in price on complex surfaces and to increased virtual reality testing technology, where consumers can use augmented reality (AR) devices to visualize what images look like in front of them.
Global Eyewear Market By Products (%)
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Eyewear Market Regional Insights
North America plays a dominant role in the global eyewear market, driven by several factors. The region has a high prevalence of vision loss, mainly due to an aging population and increased use of digital devices, leading to increased cases of vision issues. The market is also characterized by early adoption of new glass technologies, including smart glasses and augmented reality (AR) devices. North America manufacturers are leading the way in trend and functionality will integrate and ensuring that the lenses are not only a discipline but also a matter of style. In addition, the company’s focus on sustainability is encouraging companies to invest in environmentally friendly products and processes to keep up with growing consumer demands. Overall, North America’s very popular market, high leverage and technological leadership ensure its continued popularity in the global eyewear market.
Asia-Pacific is emerging as the fastest growing and most influential region in the global eyewear market, with expanding middle class, increasing urbanization and rising disposable income in the region. The region is seeing a significant increase in vision related issues due to the growing demand for fashionable glasses and sunglasses especially due to the extended screening time. Locals are investing heavily in new technologies and producing affordable glasses, quality, making the region a competitive market for both domestic and international brands of products. Commerce is another important driver of growth in this sector, as Web sites are more accessible to a wider audience. The large Asia Pacific population, coupled with the growing demand for high-quality and functional glass, makes it a key driver for the future global demand of the sector.
Global Eyewear Market By Geography
- Largest
- Fastest
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Eyewear Market Dynamics
Eyewear Market Driver
Increased Eye Health Awareness
- Increased awareness about the importance of eye health is a key driver for the eyewear market apart from people who realize the effects of long-term exposure to screens on the eyes. UV rays and aging of the eyes, which leads to the demand for corrective lenses such as glasses and contact lenses, order various initiatives being taken by government and healthcare organizations towards increasing eye care awareness helps to expand the opportunities of the market.
Advances in Eyeglass Technology
- Technological advancements in the eyewear market, such as smart lenses, lightweight and durable materials, are another factor driving the growth of the market. Companies use bright anti-reflective lenses, blue light filters and adjustable frames are constantly updated to enhance user comfort. These innovations appeal to a wide range of customers seeking function and style.
Restraints
High Cost of Luxury Products
- The major restraining factor in the eyewear market is the high cost associated with luxury products, specially manufacturing design and advanced lens technology. This limits the ability of consumers to reach the limits of affordability, especially in developing regions, where affordability remains a key concern.
Increasing Use of Corrective Surgery
- Rising popularity of corrective surgeries such as LASIK is restraining the eyewear market. These procedures provide permanent solutions to eye problems, reducing the need for long-term glasses or contact lenses. As more consumers opt for these surgeries, the use of traditional glasses may decline.
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Eyewear Market Competitive Landscape
The eyewear market is highly competitive and fragmented, with a mix of large multinational companies, regional players and niche brands. Leading players in the market are constantly innovating and expanding their product range to stay ahead of the fashion and technology trends. It is particularly common among leading companies offering prescription glasses, contact lenses, sunglasses and smart glasses, with a focus on sustainable and customized solutions on a larger scale to meet the needs of different customers. For example, in November 2022, Alcon announced the completion of its purchase of Aerie Pharmaceuticals, a clinical pharmaceutical company dedicated to the research, development and commercialization of treatments for glaucoma and other eye diseases. This deal of expanded commercial product range, research strengthens Alcon's position as a key player in the ophthalmic pharmaceutical industry due to its growth and strategy.
Eyewear Market Top Player’s Company Profiles
- Luxottica Group S.p.A.
- Essilor International
- Johnson & Johnson Vision Inc.
- Safilo Group S.p.A.
- Bausch & Lomb Incorporated
- Carl Zeiss AG
- CooperVision
- Marchon Eyewear, Inc.
- Fielmann AG
- GrandVision
- Charmant Group
- Marcolin S.p.A.
- De Rigo Vision S.p.A.
- Silhouette International Schmied AG
- Rodenstock GmbH
- HOYA Corporation
- Seiko Optical Products Co., Ltd.
- Alcon Vision LLC
- Shamir Optical Industry Ltd.
- Optic 2000
Eyewear Market Recent Developments
- January 2024: Direct-to-consumer customizable eyewear brand Pair Eyewear announced a new partnership with National Vision Inc., the No. 1 optical retailer in the US. was announced. The brand said the partnership helps bring affordable bundle and it comes with Pair’s customizable, stylish, and easy-to-use glasses.
- September 2023: Ray Ban partnered with AsilorLuxotica to launch a new generation of Ray-Ban Meta smart glasses. The brand claims that the new glasses feature improved audio and camera features, more than 150 custom designs and lens combinations, and are lightweight and stylish.
- March 2022: Webb Eyewear launched a sunglass collection for the spring-summer 2021 season inspired by two new designs featuring frames with a modern twist.
Eyewear Key Market Trends
- Sustainability and Eco-friendly Lenses: The increasing global focus on sustainability is driving the adoption of eco-friendly products in optics. To meet growing consumer demand for environmentally friendly products, manufacturing companies are turning to recycled plastics, biodegradable materials and sustainable manufacturing. This attribute not only enhances the brand image but also attracts environmentally conscious consumers.
- Growing Popularity of Online Retail: The eyewear market is witnessing a strong shift towards online sales, accelerated by the COVID-19 pandemic. Websites offer consumers the convenience of trying out different technologies in person, personalized recommendations and door-to-door delivery, making eyeglass shopping much easier.
Eyewear Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to SkyQuest analysis, significant growth of eyewear market driven by increased awareness of eye health, technological advancements and changing consumer preferences. Increase in screen time, aging population, UV usage concerns have created a huge demand for corrective lenses and sunglasses. Furthermore, anti-glare lenses with bright light, blue light filtering, innovations such as smart glasses are transforming the industry, appealing to fashion-conscious consumers with a performance focus. But challenges such as the rising cost of luxury products and cosmetic surgeries such as LASIK increasing demand can restrict market expansion. Sustainable trends are also improving, more environmentally friendly products, and online shopping has changed the visual shopping has changed visually products by offering convenience and breadth. The eyewear market is a dynamic segment, highly influenced by regional trends, technological developments and consumer needs.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 201.13 billion |
| Market size value in 2031 | USD 415.66 billion |
| Growth Rate | 8.40% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Eyewear Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Eyewear Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Eyewear Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Eyewear Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Eyewear Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Eyewear Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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