Eyewear Market - By Product (Spectacles, Contact Lens, and Sunglasses), By Type (Prescription, Non Prescription), By Frame Material, By Shape, By Price Range, By End User, By Distribution Channel Forecast 2024 – 2032

Eyewear Market Size

Eyewear Market size was valued at USD 150.5 billion in 2023 and is anticipated to register a CAGR of 5.1% between 2024 & 2032. 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 eyewear market.
 

The latest fashion trends force eyewear companies to introduce new products that attract consumer demand. For instance, in September 2022, De Rigo Vision S.p.A., in collaboration with the brand PHILIPP PLEIN, launched the first phygital glasses, the luxury glasses Crypto King$ Limited Edition. This partnership aims to provide quality products with unique aesthetics and effective innovations. This limited edition had 1,000 physical frames and each pair has its own serial number and a special box with a video display. Increased brand awareness through marketing on various social media platforms, virtual fitting and the proliferation of online eyewear platforms have contributed to the growth of the global market. Eyewear companies advertise on popular social media platforms such as Instagram, Twitter and Facebook, which offer them the opportunity to analyze audiences and thus offer specially curated products. These online marketing platforms help businesses adopt innovative marketing strategies like influencer and affiliate marketing to make their business more profitable.
 

The high cost associated with protective eyewear poses a significant challenge for the market, impacting both manufacturers and consumers alike. Meeting stringent quality standards and regulatory compliance requirements set by organizations, such as the OSHA, significantly spurs manufacturing costs. Manufacturers need to invest in high-quality materials, advanced technologies, and rigorous testing procedures to ensure their products meet safety standards. These investments are passed onto consumers through higher prices.
 

To develop innovative protective eyewear solutions, companies must continually invest in R&D to improve product performance, enhance durability, and introduce new features such as anti-fog coatings, UV protection, and impact resistance. These R&D costs contribute to the overall expense of manufacturing eyewear, consequently increasing retail prices. Prescription eyewear involves customizing lenses to correct specific vision issues. This customization process adds to the cost of eyewear and can also increase the time required for manufacturing and delivery. Further, prescription eyewear requires professional consultation, adding another layer of inconvenience and potential cost.
 

Eyewear Market Trends

Governments and regulatory bodies have implemented stringent workplace safety regulations mandating the use of protective eyewear in hazardous work environments. Employers are increasingly emphasizing the importance of eye protection to prevent workplace injuries and maintain a safe working environment.
 

Educational programs and training sessions conducted by employers, schools, and community organizations play a crucial role in raising awareness about eye safety. These initiatives focus on educating individuals about the potential risks to their eyes and promoting the adoption of appropriate safety measures including the use of protective eyewear. Further, technological advancements have led to the development of innovative and more comfortable protective eyewear options. Manufacturers are investing in research & development to produce lightweight, durable, and stylish safety eyewear that encourages wide adoption among consumers. Manufacturers develop and promote innovative designs of protective eyewear that are both stylish and functional and focus on the integration of prescription and sun/UV protection features into eyewear options.
 

The eyewear market is also increasingly being monitored. Regulatory agencies such as the US Food and Drug Administration (FDA) and the European Medicines Agency (EMA) are responsible for setting standards and guidelines for the manufacture, distribution and marketing of eyewear, including eyeglasses, contact lenses and sunglasses. The US FDA requires that all contact lenses be certified as safe and effective medical devices before being sold to consumers. Similarly, the EMA requires that contact lenses meet certain quality and safety standards before they can be placed on the market in the European Union.
 

Concentration of end users is an important factor in the market. The high price of luxury glasses can make them less accessible to the average consumer. Companies in this segment can rely on a smaller number of high-spending consumers to maintain profitability. Many consumers prefer certain eyewear brands, such as quality, style or celebrity endorsements, and are willing to pay a premium for products that meet their specific preferences.
 

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. The segment growth can be attributed to the increased product demand due to the prevalence of computer vision syndrome (CVS). CVS is caused by the increasing use of mobile phones and digital screens among the world's population.|
 

The growing trend of online learning and smart glasses technology, especially during the pandemic, has led to an increase in CVS cases among children, which has encouraged the adoption of anti-glare and anti-fatigue glasses. In 2020, Essilor reported a 39% increase in demand for children's anti-reflective and anti-fatigue lenses, driven by an increase in e-learning in their key market. The pandemic increased purchases of children's protective glasses as distance learning increased screen exposure. In addition, the increasing popularity of clear lenses and clear lenses has also increased the demand for glasses.
 

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. Online services gained huge traction during the pandemic when people had to practice social isolation. In addition, the growth of the online shopping channel is positively influenced by increased adoption of smart devices, lucrative discounts offered and the ability to compare prices and features.
 

The e-commerce segment is expected to grow at a faster rate during the forecast period as several key companies have partnered with leading e-commerce providers to expand their reach and target a larger consumer base. The spread of e-commerce has revolutionized the market, allowing various eyewear brands to display their product catalogues to different end users such as men, women, children and unisex customers, and provide convenient and free online eyewear shopping. experience In addition, e-commerce sites allow users to submit product reviews, which improves user experience and helps companies understand consumer preferences, which stimulates segment expansion
 

Europe emerged as the dominant segment, holding a share of more than 36.9% of the total market in 2023. The increasing incidence of eye diseases such as presbyopia, myopia, astigmatism and farsightedness and increasing awareness about the importance of regular eye check-ups and eye examinations are driving the market growth. In addition, the growth of the industry is accelerated by the spread of glasses as a fashion accessory among the youth. In 2023, the European market accounted for 36.6% of the turnover of the global eyewear market. Changes in lifestyles due to rapid urbanization, growth in innovations in the form of products from the health care and technology industries, and a large elderly population are other driving factors. industry demand.
 

North America: In terms of country, US is dominating the North America market with revenue of around USD 30.6 billion in the year 2023 and expected to reach around USD 47.4 billion by 2032. With changing lifestyles and the rise of luxury accessories, especially among millennials, the market is expected to grow. Growing visual inaccuracy and increasing awareness of vision correction is expected to drive the growth of the market. Continued renewal of eyeglass lenses due to constant prescription change will positively affect demand during the forecast period.
 

Stringent safety regulations, as enforced by governmental bodies, such as the OSHA, have necessitated the utilization of PPE in hazardous work environments. This encompasses the compulsory requirement for workers to utilize protective eyewear, safeguarding their eyes from potential injuries stemming from airborne debris, chemical exposure, or hazardous radiation.
 

The expansion of industries, such as construction, manufacturing, and healthcare, has been particularly instrumental in propelling the demand for protective eyewear. For instance, within the construction sector, workers are routinely exposed to an array of hazards including dust, sparks, and debris generated by machinery and tools. Similarly, manufacturing facilities frequently entail processes that produce airborne particles or the handling of chemicals, mandating the use of protective eyewear.
 

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. Eyeglasses have become a complementary accessory as customers have become style conscious, especially in urban areas. Eyewear has become an important part of new fashion, with suppliers offering attractive frames such as vintage-inspired frames, retro, tortoiseshell and geometric frames, creating many shopping options for consumers. Combining glasses with clothes for different situations along with changing fashion trends is emerging as a new trend among users. Increasing consumer spending on prescription and luxury eyewear is expected to fuel the growth of the market. Manufacturers started targeting the middle classes, youth and high-income groups living in urban areas by introducing innovative and fashionable glasses.  
 

Asia Pacific: In terms of country China dominated with the overall 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 global eyewear market 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 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.
   

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