Eyewear Market By Product Type (Spectacles, Contact Lenses), Mode of Sale (Online, Offline), & Region for 2024 to 2031.

Eyewear Market Valuation – 2024-2031

Eyewear Market was valued to be around USD 149.73 Billion in 2024. The eyewear market is experiencing growth due to factors such as rising vision-related disorders, technological advancements, fashion trends, increasing awareness of eye health, e-commerce growth, demographic trends, and emerging markets. These factors drive demand for vision correction, fashion-forward eyewear, and protective eyewear solutions.

The market is poised for continued growth as technological innovations, changing consumer preferences, and demographic trends drive demand and is expected to reach at USD 253.45 Billion by 2031, growing at a CAGR of 6.80% from 2024 to 2031.

Eyewear MarketDefinition/ Overview

Eyewear is a collection of eye accessories used for vision correction, protection, or fashion. Common types include glasses, sunglasses, and contact lenses. Glasses correct refractive errors like myopia, hyperopia, astigmatism, and presbyopia, with prescription lenses for clear, comfortable vision. Sunglasses protect eyes from UV radiation and intense light, offering various styles and designs. They also serve as a fashion accessory.

Contact lenses are thin, curved discs placed on the eye surface to correct vision without traditional eyeglasses. They are made from materials that allow oxygen to pass through the cornea, providing comfort and eye health. Eyewear has become an integral part of fashion and self-expression, with countless frame styles, materials, colors, and designs available. It offers both functional and aesthetic benefits, making it a versatile accessory for people of all ages and walks of life.

What Factors are Driving the Eyewear Market?

The eyewear market has seen significant growth in recent years due to various factors, including the increasing prevalence of vision-related disorders, technological advancements, fashion and style trends, growing awareness of eye health, e-commerce growth, demographic trends, and emerging markets. Vision-related disorders like myopia, hyperopia, astigmatism, and presbyopia are increasing globally due to aging populations, increased screen time, and changing lifestyle habits. Technological advancements in eyewear technology have led to the development of innovative products with improved features, comfort, and performance.

Fashion and style trends have also driven the evolution of eyewear into a fashion statement and accessory. Consumers are seeking eyewear products that not only provide vision correction but also offer protection against harmful environmental factors. E-commerce growth has facilitated easier access to a wide variety of eyewear products, expanding the reach of eyewear brands and increasing convenience for consumers.

Demographic trends, such as an aging population and increasing urbanization, have contributed to the growth of the eyewear market. Older adults often require vision correction for age-related conditions like presbyopia, while urbanization has led to lifestyle changes and increased exposure to factors impacting eye health. Emerging markets, particularly in Asia-Pacific and Latin America, are experiencing rapid urbanization, rising disposable incomes, and improving healthcare infrastructure, leading to increased demand for eyewear products.

What are the Barriers Impeding the Growth of the Eyewear Market?

The eyewear market is experiencing significant growth opportunities, but it also faces several challenges. These include increasing competition, counterfeit products, regulatory compliance, technological disruption, shifts in consumer behavior, economic uncertainty, and sustainability and ethical concerns. The market is highly competitive, with numerous brands vying for market share, leading to price pressures and reduced profit margins. Counterfeit products pose a significant threat, particularly in regions with lax intellectual property enforcement.

Regulatory compliance is crucial for eyewear manufacturers and retailers, but it can be challenging and costly for smaller companies and startups. Technological advancements present opportunities for innovation but also pose challenges, necessitating investment in research and development. Consumer behavior changes, such as online shopping and fashion trends, can impact the market, necessitating companies to adapt their strategies. Economic uncertainty, geopolitical tensions, and global crises can also impact consumer spending habits and purchasing power, necessitating companies to monitor macroeconomic trends and adapt their strategies.

Sustainability and ethical concerns are also a concern, with consumers demanding eco-friendly and ethically sourced eyewear products. Addressing these challenges requires a proactive and strategic approach from industry players.

Category-Wise Acumens

Which Product Type has the Highest Market Share in the Eyewear Market?

Contact lenses hold the highest market share in the eyewear industry due to their superior aesthetics, convenience, and freedom of movement compared to traditional eyeglasses. They offer clear, unobstructed vision without bulky frames, making them ideal for sports, outdoor activities, and social occasions. Technological advancements in contact lens materials and designs have made them more comfortable and breathable, addressing common concerns like dryness and irritation.

Contact lenses also offer customizable options, such as daily disposables, extended wear lenses, toric lenses for astigmatism, multifocal lenses for presbyopia, and colored lenses for cosmetic purposes. Eye care technology advancements, such as digital eye mapping and precision lens manufacturing techniques, have improved the accuracy and effectiveness of contact lens fittings. Increased awareness of the benefits of contact lenses for vision correction, cosmetic enhancement, and lifestyle convenience has contributed to their widespread acceptance and adoption among consumers of all ages. 

How is the Market for Eyewear Expanding through Online Mode?

The eyewear market is expanding significantly through online modes due to the convenience, accessibility, variety, and affordability offered by e-commerce platforms and online retailers. These platforms offer a wide selection of eyeglasses, sunglasses, and contact lenses from various brands, styles, and price points, allowing consumers to find the perfect pair that meets their vision needs and style preferences.

Online platforms also provide greater accessibility and reach to consumers, particularly in remote or underserved areas where brick-and-mortar stores may be limited. Virtual try-on technology, such as augmented reality (AR) and virtual try-on tools, enhances the online shopping experience by allowing consumers to visualize different frames before making a purchase.

Online channels also offer greater price transparency and competitive pricing, making eyewear more affordable and accessible to a wider range of consumers. The COVID-19 pandemic has accelerated the shift towards online shopping, as consumers prioritize safety and social distancing measures. As technology and consumer preferences evolve, online channels are expected to play an increasingly important role in shaping the future of the eyewear industry.

Gain Access into Eyewear Market Report Methodology

Country/Region-wise Acumens

Which Country holds the Largest Market Share in Eyewear Market?

The Asia-Pacific region holds the largest market share in the eyewear market due to factors such as population size, demographics, rapid urbanization, increasing awareness of eye health, fashion trends, growing retail infrastructure, and technological advancements. The region’s diverse population, including densely populated countries like China, India, and Indonesia, has led to a growing middle class and disposable incomes, resulting in a rising demand for eyewear products for vision correction and fashion purposes.

Rapid urbanization and economic development have also increased exposure to factors impacting eye health, such as prolonged screen time and environmental pollution. Increased awareness of eye health and regular eye examinations has led to a greater emphasis on vision correction and eyewear products. The region’s vibrant fashion culture has also driven demand for trendy eyewear products. The expansion of retail infrastructure and e-commerce has made eyewear products more accessible, and technological advancements in materials, designs, and technologies have led to the development of innovative products. Overall, the Asia-Pacific region’s market size is the largest globally.

What Factors are Driving the Rapid Expansion of the North America in Eyewear Market?

The eyewear market in North America is experiencing rapid growth due to several factors. The increasing prevalence of vision-related disorders, technological advancements, fashion trends, and emphasis on eye health and wellness are driving demand for eyeglasses and contact lenses. North America is a hub for innovation in the eyewear industry, with advancements in lens materials, coatings, designs, and smart eyewear solutions. The region’s diverse and dynamic fashion trends further drive demand for eyewear products.

The growing emphasis on eye health and wellness, coupled with the potential risks associated with prolonged screen time and exposure to harmful UV radiation and blue light, has led to a greater demand for protective eyewear solutions. The region’s strong retail infrastructure, including optical stores, specialty eyewear retailers, department stores, and online platforms, makes it easier for consumers to access and purchase eyewear products. The increasing adoption of e-commerce platforms has further fueled the market’s growth. Rising disposable incomes and healthcare spending, coupled with comprehensive health insurance coverage and flexible spending accounts, have also incentivized consumers to invest in quality eyewear solutions. Overall, the combination of these factors has driven the rapid expansion of the eyewear market in North America.

Competitive Landscape

The market is fiercely competitive, with established companies leveraging advanced technology, high-quality products, and strong brand image to drive revenue growth. They employ strategies like research, development, mergers, and technological innovations to expand their product portfolios. 

Some of the prominent players operating in the eyewear market are

• Johnson & Johnson Vision Care, Inc.
• ESSILORLUXOTTICA
• CooperVision
• Carl Zeiss AG
• Bausch & Lomb Inc.
• Safilo Group S.p.A.
• Charmant Group
• Chemilens (CHEMIGLAS Corp.)
• CIBA VISION
• De Rigo Vision S.p.A
• Fielmann AG
• HOYA Corporation
• JINS, Inc.
• Marchon Eyewear, Inc.
• Marcolin S.p.A
• QSpex Technologies
• Rodenstock GmbH
• Seiko Optical Products Co., Ltd.
• Shamir Optical Industry Ltd.
• Silhouette International Schmied AG
• Warby Parker
• Zenni Optical, Inc.

Latest Developments

• In October 2023, Alcon launched TOTAL30 Multifocal, the monthly water gradient multifocal contact lens in the United States and in select international markets.
• In September 2021, Luxottica Group’s Ray-ban launched its latest range of smart glasses, which includes features that helps customers shoot images and videos, share their trips, listen to music, and make phone calls.
• In February 2021, Johnson & Johnson Vision Care Inc. announced that it received a CE mark for ACUVUE OASYS MULTIFOCAL contact lens to help individuals with presbyopia.

Report Scope

Eyewear Market, By Category

Product Type

• Spectacles
• Contact lenses

Mode of Sale

• Online
• Offline

Region

• North America
• Europe
• Asia Pacific
• Rest of the World

Research Methodology of Market Research

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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