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

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 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. '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'

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. 

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. 

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.