Eyewear Market - By Product, By Type, By Frame Material, By Shape, By Price Range, By End User, By Distribution Channel Forecast 2024 – 2032

Eyewear Market Size

The global eyewear market size was valued at USD 150.5 billion in 2023. The market is expected to grow from USD 155.4 billion in 2024 to USD 232 billion in 2032 at a CAGR of 5.1%. The changing lifestyle and proliferation of luxury accessories among the millennials strongly support the growth of the market.
 

Encouraged by the rapidly growing demand for products, eyewear manufacturers are focusing on developing attractive and affordable eyewear. They introduce new designs and models to quickly respond to current fashion trends and attract fashionistas. Continuous efforts by major market players to acquire new customers and retain existing customers will positively influence the growth of the market.  
 

The hefty expenses concerning protective eyewear continues to cause huge problems for the market and the people consuming the product. Along with the OSHA, regulatory bodies have near impossible quality standards that, if met, would inflate manufacturing costs. Whether it is materials, technology, or even safety provisions, additional investments are required to meet the quality. With the rise in expenses, consumers face higher prices.
 

In the race to outperform competitors and create more advanced protective eyewear, companies need to invest in ever expanding R&D to enhance existing features, durability, and add on new provisions such as anti-fog coatings, UV blockers, and impact resistance boosters. With each feature added, retail prices are subsequently raised In the case of prescription eyewear, lenses are tailored to suit the particular vision related ailment. Extra work means further expenses, as well as the potential extra time needed for delivery. Also, on top of everything, prescription frames need a consultation, which is another headache and cost to deal with.
 

Eyewear Market Trends

• Regulatory concerns and government authorities have adhered to strict policies concerning safety measures in the workplace. Provision of safety glasses at a workplace is one of the policies adopted. Employers are equally increasing their efforts to enhance eye safety in workplaces to avert injuries.
   
• Schools, community organizations and employers have a major contribution on how programs are conducted to teach people about eye safety. Special emphasis is given to ensure that people know how to protect their eyes and factors that can be harmful to them, which includes wearing protective glasses. Also, wide adoption of advanced technology in society has resulted in the emergence of new and improved comfortable protective eyewear. Safety glasses are now made and sold by manufacturers who focus their finances on R&D. These glasses are light, long lasting, good looking, and will be worn by many people. Innovative designs of safety glasses that serve both protection and novelty by integrating prescription and sun/UV, is what these manufacturers focus on.
   
• The market for eyeglasses is being put under greater scrutiny as well. The administration of food and drug in the United States (FDA) and The European Medicines Agency (EMA) set policies and regulations pertaining to the manufacture, distribution, and marketing of eyeglasses, contact lenses and sunglasses. The US FDA mandates that contact lenses are designated as safe and effective medical devices prior to being sold to the general population. The EMA also mandates that contact lenses are issued with particular quality and safety precautions before they are sold in the European Union.
   

Eyewear Market Analysis

The market by product is segmented into sensitive eyewear, upright eyewear, spectacles, contact lens, and sunglasses. In 2023, the spectacles segment dominated the market, generating a revenue of USD 69 billion. This segment is projected to reach USD 102.1 billion by 2032.
 

• This growth in the segment is due to the increased demand of the product owing to the high number of people suffering from computer vision syndrome (CVS). CVS is an eye strain condition seen increasingly amongst people on account of the rising usage of mobile phones and digital screens.
   
• The rise of online education and the use of smart glasses, more so during the pandemic, has increased the number of CVS cases among children and resulted in greater use of anti-glare and anti-fatigue glasses. In 2020, Essilor documents a 39% growth in the consumption of children’s AR and AF lenses in the documents because of the increase of e-learning in their main market.
   
• The pandemic led to the protection glasses for children being sold more often due to increased exposure to screens during remote learning. Further, the rising demand of spectacles had been due to the general trend of increasing usage of clear and tinted lenses spectacles.
   

Based on the distribution channel the eyewear market is categorized into online and offline. Online segment dominate this market, accounting for 63.9% of the market share in 2023, and are projected to reach USD 143.8 billion by 2032.
 

• While constantly shopping online for anything and everything during the pandemic, donning a mask while waiting for people to pass by me became a breeze. That aside, the sharp growth of e-commerce shops as well as smart devices being adopted at an astounding rate, has made it super easy for people to sit at home and shop.
   
• Forecasts suggest that the e-commerce sector will undergo an extraordinary boom and is likely to grow significantly faster than other markets. This is thanks to numerous major companies that already partnered with top e-commerce sites, since such collaborations enable businesses to widen their reach and target audiences more effectively. Offering dedicated online glasses shops has transformed the eyewear business. Multiple different eyewear brands can now showcase their catalogues to every differentiated customer group, including men, women, boys, girls, and even unisex. Moreover, shop customers can easily and freely buy glasses online through a seamless shopping experience. Furthermore, online shops give customers the chance to review the products. This not only enhances the overall shopping experience but also gives companies insight into the needs and wants of the consumers, which in turn, further paves the way for business growth.
   

U.S. held a eyewear market of USD 30.6 billion in 2023. North America has an increasing elderly populace which has led to a heightened demand for corrective eyewear. Some age related conditions such as, presbyopia which affects a person’s ability to focus on nearer objects, is often seen in the elderly. Due to this issue, there is an increasing demand for reading glasses, bifocals and progressive lenses amongst older adults.
 

Furthermore, the aged population is more susceptible to other eye related health problems such as cataracts and macular degeneration increasing the need for proper eyewear solutions. Digital devices such as smartphones, tablets and computers have led to an increase in eye strain which is often characterized as discomfort, headaches, and blurred vision. In light of these reasons, consumers have started looking for eyewear that is specially designed to reduce digital eye strain like, blue light blocking glasses.
 

North America: In terms of country, US is dominating the North America eyewear market with revenue of around USD 30.6 billion in the year 2023 and expected to reach around USD 47.4 billion by 2032.
 

• As markets adjust to shifting lifestyles, especially when it comes to accessories among millennials, it projects growth. Vision inaccuracies and the increasing sensation of having one’s vision corrected for precision is bound to push the market growth. Charge, constant modifications in prescription glasses will have its positive impact on the demand in the coming years.
   
• Compliance with safety standards and instructions mandated by government bodies like OSHA has made provision for Personal Protective Equipment (PPE) to be used in high hazard areas. This makes it mandatory for employees to use protective eye gear that prevents injuries to the eye that result from flying particles, chemicals, or radiation.*
   
• New sectors cropping up like construction, industry, and healthcare& about has boosted the need for safety glasses. For example, construction workers are routinely exposed to dust, sparks and broken pieces of machinery that need to be protected against. Likewise, manufacturing plants often need to use eye protection because of air borne dust or fumes produced during chemical processes.
   

Europe: In terms of country, UK is dominating the Europe eyewear market with revenue of around USD 11.8 billion in the year 2023 and expected to reach around USD 16.2 billion by 2032.
 

• The Urban allure of eyeglasses has expanded over the years, transforming it into an accessory of bling instead of just being a corrective optical aid. Today, the optional purpose of designing eye wear is catching on fast with multitude of suppliers coming up with different types of frames and lenses such as tortoiseshell, geometric, vintage inspired and retro frames which makes eyewear shopping enjoyable.
   
• Users are beginning to adopt new practices like combining eye glasses with clothing for different occasions and changing fashion trends. Growth in prescription and luxury eyewear spending by consumers is anticipated to drive the growth of the market. Urban middle and upper classes are now the targets of marketing strategies that include youth and fashion oriented apparel and eye wear. 
   

Asia Pacific: In terms of country China dominated with the overall eyewear market share of around 22.3% in the Asia Pacific market.
 

• Several organizations, including the World Health Organization (WHO), actively raise awareness of the harmful effects of UV radiation. They prepare guidelines and recommendations on how to protect yourself from excessive sun exposure. The American Academy of Ophthalmology recommends appropriate eye protection, such as sunglasses with UV protection, to protect the eyes from damage caused by long-term ultraviolet radiation.
   
• In addition, the eye health and safety organization Prevent Blindness has designated May as UV Awareness Month to educate the public about the increased risk of diseases ranging from corneal sunburn to diseases such as cataracts and eye cancer. In addition, consumers are increasingly willing to invest extra money in branded products and expensive sunglasses to make unique fashion statements. Manufacturers respond to these trends by offering sunglasses in a variety of styles, colors and shapes according to consumer preferences.
   

Eyewear Market Share

• The top 7 companies in the home improvement market include Carl Zeiss AG, Luxottica Group SpA, Safilo, Hoya Corporation, The Cooper Companies, Johnson & Johnson Vision Care, Bausch & Lomb and they collectively held a share of 11% in the market.
   
• Carl Zeiss AG dominates the market due to its substantial lens premium. Zeiss is a foremost name in optoelectronic engineering and specializes in produce engineering, as well as prescription and blue light specialty lenses. Despite being predominantly known for its lenses, Zeiss’s partnerships with many eyeglass brands increase his market penetration. Zeiss tends to his customer’s demand through an impeccable optics reputation and a shift for high-end innovative lenses.
   
• Luxottica Group SpA is one of the key competitors in the online and offline donning spectacles industry. They hold a broad market share from activewear to spectacles and even retail. owning brands such as Ray-Ban, Oakley, Persol, Oliver Peoples, Vogue Eyewear, and many more places Luxottica in a markably different position. This allows them to be one of the leaders in the eyeglass industry. This is further strengthened by the company's enduring partnerships with luxury brands, solidifying their dominance within the premium footwear market.
   

Eyewear Market Companies

Major players operating in the eyewear industry include:

• Carl Zeiss AG
• Luxottica Group SpA
• Safilo
• Hoya Corporation
• The Cooper Companies
• Johnson & Johnson Vision Care, Inc.
• Bausch & Lomb Inc.
• Charmant Group
• CIBA VISION
• De Rigo Vision S.p.A
• Fielmann AG
• JINS, Inc.
• Marchon Eyewear, Inc.
• QSpex Technologies
• Rodenstock GmbH
• Seiko Optical Products Co., Ltd.
• Shamir Optical Industry Ltd.
• Silhouette International Schmied AG
• Warby Parker
• Zenni Optical, Inc.
   

The global eyewear industry is highly fragmented in nature with prominent players operating in the market such Carl Zeiss AG, Luxottica Group SpA, Safilo, Hoya Corporation, and The Cooper Companies. These together hold a market share of 5 to 10%. While there are established companies with significant market share, there are also numerous smaller regional and niche manufacturers offering specialized eyewear. This creates a competitive landscape with diverse options for buyers. The market caters to various needs with different eyeglasses and sunglass types, such as safety glasses, safety googles, single vision, and bifocal, among others. This allows for specialization among manufacturers, further contributing to fragmentation.
 

Eyewear Industry News

• In February 2024, Carl ZEISS AG acquired an IP portfolio for electronic glasses from Mitsui Chemicals. This move should reinforce the company's commitment to remain at the forefront of technological development in the market.
   
• In October 2023, Bausch and Lomb launched SeeNa, an ophthalmic diagnostic system for refractive cataract patients. SeeNa records key measurements needed to evaluate patients' eyes and determine cataract lens (IOL) power calculations in one step. It also offers a user-friendly interface that allows doctors and staff to quickly acquire and manage operations and obtain results in a short time.
   
• In September 2023, Ray Ban (a brand of Luxottica) announced the partnership with Meta, to launch smart sunglasses with built-in audio, microphone, camera and charging case. These glasses allow users to stream and deliver content in real time and are expected to revolutionize digital content creation.
   
• In July 2023, Luxottica partnered with Eastman Kodak to include Kodak products under the Luxottica brand by January 2024. The brand produces optical products for Kodak and takes care of their maintenance. As Kodak is an iconic brand with good brand equity, it helps Luxottica leverage its brand position. The fashion industry played a key role in popularizing sunglasses as an essential accessory.
   

The eyewear market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue (USD Billion) and volume (‘000 Units) from 2021 to 2032, for the following segments:

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Market, By Product

• Spectacles
  • Single vision
  • Multifocal
  • Bifocal
  • Progressive
  • Reading glasses
  • Safety glasses
  • Others (blue light glasses, etc)
• Conatct lens
  • Soft conatct lens
  • Rigid contact lens
  • Others (toric contact lens)
• Sunglasses
  • Polarized
  • Non-polarized

Market, By Type

• Prescription
• Non prescription

Market, By Frame Material

• Metal
• Plastic
• Polycarbonate
• Rubbers
• Others (wooden, nylon, etc.)

Market, By Shape

• Oval & aviator
• Rectangular
• Round
• Square
• Others (oversized, shield, etc.)

Market, By Price

• Low
• Medium
• High

Market, By End Use

• Male
• Female
• Unisex
• Kids

Market, By Distribution Channel

• Online
  • E-commerce
  • Company site
• Offline
  • Specialty stores
  • Mega retail stores
  • Others (optical camps, opthalmic centers, etc.)

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific 
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• MEA
  • Saudi Arabia
  • UAE
  • South Africa
  • Rest of MEA