Eyewear Market
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Eyewear Market Size, Share & Analysis By Product Type (Prescription Glasses/Spectacles, Sunglasses, Contact Lenses), By Distribution Channel (Retail Stores, Online Stores), By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa), and Growth Forecasts to 2032 Forecast To 2032
Report ID: RV89575 | Published: Feb 2024 | Historical Period: 2018-2022 | Pages: 186 | Price: $3260| Industry: Consumer Goods
Eyewear Market Overview 2024:
The eyewear market size was USD 160 billion in 2023 and is expected to register a rapid revenue CAGR of 5% during the forecast period. Key factors such as growing awareness about eye health, rising aging population, and rapidly expanding e-commerce sector are expected to drive global market growth during the forecast period.
Eyewear refers to any accessory worn over the eyes for protection, aesthetic, or functional purposes. Some common types of eyewear include prescription glasses, contact lenses, sunglasses, safety glasses, and fashion eyewear.
The primary use of eyewear is to correct refractive errors of the eye such as myopia, hypermetropia, astigmatism, and presbyopia. It is also worn to protect the eyes from potential hazards such as flying debris, UV radiations, glare, bright light, dust, and even chemicals.
Eyewear available currently is integrated with advanced eye care technologies that help in reducing glare, eye strain, and discomfort associated with high exposure to bright light, screens, or even adverse conditions.
It also serves as a fashion accessory that allows people to express their personalities, style preferences, and aesthetic tastes. Some types of colored contact lenses and non-prescription glasses are used for cosmetic purposes either to change or enhance the appearance of the eyes.
However, some prescription glasses, designer sunglasses, and specialized eyewear products are costly and can act as a barrier to its adoption, especially in emerging economies.
Graphical Overview:
Key Takeaways:
Technological Advancements in Eyewear and Changing Fashion Trends and Styles:
Companies are introducing novel eyewear to cater to changing fashion trends and style preferences. The eyewear currently available is made from lightweight material and is equipped with antiglare coatings and photochromatic lenses. This is expected to boost global market growth during the forecast period. In addition, many eyewear companies are investing in R&D activities to integrate smart technologies like AR and VR into eyewear.
Rising Availability of Counterfeit Eyewear and Limited Access to Eye Care Services:
Many rural and underserved areas have inadequate access to eye care services and advanced equipment. This is a key barrier that can hamper overall market growth during the forecast period. Moreover, there have been increasing cases of counterfeit products. This can hamper growth of reputed brands as it not only compromises quality and performance but also affects consumer trust.
Market Opportunities:
The eyewear market presents several opportunities for emerging and existing market players due to evolving consumer preferences, technological advancements, demographic trends and market dynamics.
Product Type Outlook:
Based on product type, the global market is segmented into prescription glasses/spectacles, sunglasses, and contact lenses. The contact lens segment is expected to account for a significantly larger revenue share during the forecast period owing to increasing availability of various brands of contact lenses in all powers, rising disposable income, and growing preference for contact lenses due to better peripheral vision, enhanced aesthetics, no distortion and changing lifestyle and fashion trends.
Distribution Channel Outlook:
The global market is segmented into retail stores and online stores based on distribution channels. The online stores segment is expected to register rapid revenue CAGR over the forecast period. This growth can be attributed to factors such as rising presence of online stores post-COVID-19 pandemic, increasing availability of brands, styles, colors, and sizes in online stores as compared to offline stores, and growing preference for online shopping due to enhanced convenience, price transparency, and home try-on programs.
Regional Outlook:
North America is expected to account for the largest revenue share during the forecast period owing to rapid advancements in eyewear technology, changing fashion trends and style preferences, growing awareness about eye health, and presence of leading companies. Other factors such as proliferation of commerce platforms, rising prevalence of age-related eye conditions, and increasing investments in R&D activities are expected to drive North America market growth during the forecast period.
Report Coverage:
| Report Details | Outcome |
| Base Year for Estimation | 2023 |
| Historical Data | 2018-2022 |
| Forecast Period | 2024-2032 |
| Segments Covered: | Product Type, Distribution Channel, and Region |
| By Product Type | Prescription Glasses/Spectacles, Sunglasses, Contact Lenses |
| By Distribution Channel | Retail Stores, Online Stores |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Country Scope | United States, Canada, Germany, France, UK, Italy, Russia, China, Japan, South Korea, Southeast Asia, India, Mexico, Brazil, Saudi Arabia, UAE, Turkey |
| Qualitative Info | •Value Chain Analysis •Pricing Analysis •Regional Outlook •Market Trends •Market Share Analysis •Competition Analysis •Technological Advancements |
| Key Players | Fielmann AG, Safilo Group S.p.A, Cooper Companies, Inc., Valeant Pharmaceuticals International, Inc., GrandVision, Carl Zeiss AG, Essilor International S.A., Prada S.p.A, Luxottica Group S.p.A, Johnson & Johnson, Inc. |
| Customization Scope | 10 Hours of Free Customization and Expert Consultation |
Competitive Landscape:
The global eyewear market is extremely competitive, comprising several regional and global level key players. Leading key players are focused on adopting various strategic alliances like mergers and acquisitions, partnerships, joint ventures, collaborations, and product launches to maintain their global position and enhance their product offerings. They are also focused on innovation, and scalability, and are adapting to evolving technology trends and consumer needs.
Some Leading Market Companies Listed in the Report:
- Fielmann AG
- Safilo Group S.p.A
- Cooper Companies, Inc.
- Valeant Pharmaceuticals International, Inc.
- GrandVision
- Carl Zeiss AG
- Essilor International S.A.
- Prada S.p.A
- Luxottica Group S.p.A
- Johnson & Johnson, Inc.
Eyewear Industry Recent Developments:
- In October 2023, Lenskart announced the launch of a new product line “Blue Billion Collective” to celebrate the Cricket World Cup.
- In October 2023, UBON, a leading gadget accessories brand announced the launch of J1 Magic Sunglasses with 15 mm open-ear speakers.
- In June 2022, Noise announced the launch of its first pair of smart eyewear, Noise i1.
The global eyewear market is segmented into product type, distribution channel, and region:
By Product Type:
- Prescription Glasses/Spectacles
- Sunglasses
- Contact Lenses
By Distribution Channel:
- Retail Stores
- Online Stores
By Region:
- North America
- United States
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Russia
- Nordic Countries
- Asia Pacific
- China
- Japan
- South Korea
- Southeast Asia
- India
- Australia
- Rest of Asia
- Latin America
- Mexico
- Brazil
- Rest of Latin America
- Middle East & Africa
- Turkey
- Saudi Arabia
- UAE
- Rest of MEA
Frequently Asked Questions!
- Fielmann AG
- Safilo Group S.p.A
- Cooper Companies, Inc.
- Valeant Pharmaceuticals International, Inc.
- GrandVision
- Carl Zeiss AG
- Essilor International S.A.
- Prada S.p.A
- Luxottica Group S.p.A
- Johnson & Johnson, Inc.
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