Eyewear Market Size
Global Eyewear Market reached US$ 114.8 billion in 2023 and is expected to reach US$ 177.4 billion by 2031 growing with a CAGR of 5.7% during the forecast period 2024-2031.
The use of screens increasingly causes visual issues such as myopia, hyperopia and presbyopia, which has increased the need for eyewear. Aging populations and changing lifestyles are both main factors driving up the need for corrective eyewear. For instance, on 19 December 2022, a designer, Jack Spencer spent nearly a decade and created hundreds of prototypes to develop sunglasses made from old jeans, an innovative approach to reducing waste and promoting sustainable manufacturing in the fashion industry.
Asia-Pacific is among the growing regions in the global eyewear market covering more than 1/3rd of the market and also one of the largest countries, majorly focusing on growth and development. French multinational company EssilorLuxottica, specializing in ophthalmic lenses, frames and sunglasses, is contemplating an expansion of its presence in India, driven by the country's promising market potential. The company currently operates across more than 450 Indian cities and it aims to deepen partnerships with eye care professionals and joint venture partners by investing in visual solutions.
Market Scope
| Metrics | Details |
| CAGR | 5.7% |
| Size Available for Years | 2022-2031 |
| Forecast Period | 2024-2031 |
| Data Availability | Value (US$) |
| Segments Covered | Product, Distribution Channel, End-User and Region |
| Regions Covered | North America, Europe, Asia-Pacific, South America and Middle East & Africa |
| Fastest Growing Region | Asia-Pacific |
| Largest Region | North America |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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Market Dynamics
Adoption of E-commerce Platform
E-commerce platforms offer convenient shopping options for eyewear consumers can buy from anywhere and at any time. Customers have a wide variety of eyewear options also they can compare prices and make purchases with just a few clicks. The accessibility factor has greatly contributed to the growth of eyewear in e-commerce. Some e-commerce platform like Lenskart offers virtual trail and so that customer can visualize themselves.
For instance, on 10 May 2021, Anvidha Technologies Private Limited launched Eyemyeye a new entity in India's eyewear market. The brand aims to create its own website that offers online optical space. For instance, on 18 May 2023, Chanel introduced its inaugural eyewear e-commerce platform in UAE and Kuwait, enhancing the sunglasses shopping experience. The dedicated online portal showcases Chanel's newest eyewear designs, including the summer 2023 collection with a '90s influence. The platform offers convenient features like virtual try-on, aiding customers in choosing frames that best complement their face shapes.
Vision Correction Needs
Vision correction is one of the primary needs addressed by eyewear. Many individuals experience refractive errors, such as myopia, hyperopia, astigmatism and presbyopia (age-related loss of near vision). Eyewear plays a crucial role in correcting these vision issues and providing clear and comfortable vision. The increasing recognition of vision-related concerns and the continuous advancements in eyewear technology have significantly widened the availability and attractiveness of vision correction alternatives to a broader spectrum of individuals.
For instance, on 6 June 2023, Apple introduced its VR/AR headset, Apple Vision Pro, during the WWDC developer conference. Apple has collaborated with Zeiss to create magnetic correction lenses. The lenses can be easily attached to the Apple Vision Pro lenses, eliminating the need to change lenses. The VR/AR headset is set to release in US next year, priced at around U.S. US$ 3,500 and will come with the option to purchase the Zeiss correction lenses separately.
Growing Fashion Consciousness
Growing fashion consciousness is one of the major drivers of the global eyewear market. Consumers today are not just looking for eyewear products that correct their vision or protect their eyes, but also those that make a fashion statement. As a result, eyewear has become an important accessory for many people and the demand for stylish and trendy eyewear is on the rise.
Eyewear companies are responding to this demand by introducing new and innovative designs, using high-quality materials and collaborating with fashion designers to create eyewear collections that cater to the latest fashion trends. Many eyewear brands are also investing in marketing and advertising campaigns to promote their products as fashion accessories and this has helped to increase the visibility and desirability of eyewear in the fashion world.
In addition, social media platforms have played a significant role in promoting eyewear as a fashion accessory. Influencers and celebrities often post photos of themselves wearing trendy eyewear on social media and this has helped to create a buzz around new eyewear products and styles. Consumers are increasingly looking for eyewear products that reflect their individual style and personality.
As a result, many eyewear companies are offering customization options, such as allowing customers to choose the color, shape and materials of their frames. The trend towards personalization has helped to drive sales in the eyewear market, as consumers are willing to pay more for products that are tailored to their preferences.
High Cost of Research and Development (R&D)
High cost of research and development (R&D) is another significant restraint of the global eyewear market. Eyewear companies need to invest heavily in R&D to develop new and innovative products that meet the changing needs and preferences of consumers. It can be a significant cost for companies, particularly smaller ones with limited resources. The R&D process for eyewear products involves extensive testing and development, including designing and prototyping new products, testing them for safety and efficacy and obtaining regulatory approvals.
In addition, the cost of these activities can be significant, particularly for companies that are developing advanced or specialized products. To overcome this challenge, many eyewear companies have been partnering with universities and research institutions to access new technologies and expertise, while others have been focusing on incremental innovations rather than developing entirely new products.
Additionally, some companies have been using crowdsourcing platforms to gather feedback and ideas from consumers to guide their R&D efforts. Overall, the high cost of R&D is a significant restraint of the global eyewear market, particularly for smaller companies with limited resources. However, ongoing investments in R&D will be necessary for companies to remain competitive and meet the evolving needs of consumers.
Market Segment Analysis
The global Eyewear is segmented based on product, distribution channel, end-user and region.
Rise in Adoption of Specialized Eyewear for Digital Eye Strain
Various advancements in lens materials, coatings and manufacturing processes have significantly improved the quality and comfort of eyewear. The widespread use of digital devices like smartphones, tablets and computers has resulted in an increase in eye strain and digital eye fatigue. Due to these factors there is a rise in the adoption of specialized eyewear, such as blue light-blocking lenses, which help reduce the negative effects of prolonged screen time on eye health.
For instance, on 19 July 2022, Google announced an augmented reality lens on trial basics. In which glass has attached features such as microphones and cameras. There is development in augmented reality that has significant advancements such as microphones can record data and cameras will click images of data which can be used later for viewing.
Market Geographical Share
Eyewear Market Growth Factors in the Asia-Pacific
Asia-Pacific is among the growing regions in the global eyewear market covering more than 1/3rd of the market and witnessed significant a rise in demand for the eyewear market. The growing fashion industry majorly contributed to the growth of the eyewear market. Eyewear is not only a functional accessory but also has a fashion statement in it. The consumer is seeking stylish eyewear that enhances the overall growth of the eyewear market.
For instance, on 3 Jan 2023, WOOSUNG SITEK, a company that has been supplying dust/wind protection goggles and pilot sunglasses to the Korean Armed Forces since 2005, expanded its offerings to include JEFF FALCON ballistic eye. The JEFF FALCON model is fully compliant with ANSI-Z87.1-2015 requirements and exceeds US military eyewear resistance requirement MIL-PRF-31013 clause 3.5.1.1. It feature UV-protecting polycarbonate lenses, flexible TR-90 frames and an interchangeable silicon nose pad.
Market Competitive Landscape
The major global players in the market include Johnson & Johnson Vision Care, Inc., EssilorLuxottica, CooperVision, Zeiss Group, Bausch & Lomb Incorporated, Safilo Group S.p.A, Charmant Group, Alcon, De Rigo Vision S.p.A and Marcolin.
COVID Impact Analysis
Consumer spending more time at home during lockdowns and restrictions, there has been a shift in consumer purchasing patterns. Non-essential retail stores, including optical shops and eyewear stores, were temporarily closed in many countries during lockdowns. The resulted in a decline in offline sales of eyewear products and a shift towards online purchasing.
During pandemic many industry experience disturbances in supply chain management due to travel restrictions and lockdowns. Due to this, the production got delayed and a shortage of raw materials. The hinders the growth of the eyewear market during the pandemic. The economic downfall caused by the pandemic results in consumers are spending less time on non-essential items.
Russia-Ukraine War Analysis
During the conflict, economic uncertainty often arises. Businesses faces disruptions in supply chains, increased costs and reduced consumer spending. The negatively impacted the overall eyewear market, as consumers prioritize essential goods and cut back on non-essential purchases. As disposable income becomes constrained and priorities shift, consumers may delay or cut back on purchasing eyewear products, which are often considered non-essential.
Due to the rise in crisis, consumers tend to focus more on basic necessities and essential items rather than discretionary products like eyewear. The sanctions limit international trade and financial transactions, potentially impacting the import and export of eyewear products and affecting the overall market dynamics.
Key Developments
- On 11 April 2023, Innovative Eyewear, which makes smart glasses for brands such as Nautica and Eddie Bauer, announced the launch of an app called Lucyd that enables a voice interface for ChatGPT on the company’s Lyte 2.0 eyewear collection.
- On 30 March 2023, Blender Eyewear collaboration with oracle red bull racing announced their partnership as they launch a new style of sunglasses that includes Millenia X2, Meister X2 and expose.
- On 14 Nov 2022, During a world conference on the VR industry, Huawei launches its first smart eyewear called vision glass. The glass has various features such they have mmicro OLEDscreen and the screen has 1080 P full HD resolution.
- On 26 September 2022, Safilo Group, the market's first player to adopt Tritan Renew Polarised lenses, announces the addition of Eastman Tritan Renew to its line of polarised lenses. The company also announces a bilateral technical innovation partnership with Eastman, opening up new prospects for the eyewear sector. Tritan Renew Polarised lenses will be used in Under Armour eyewear, one of Safilo's licenced brands, starting in August 2023. It will then gradually be introduced into the Group's wide portfolio of sunglasses under various brand names, further demonstrating the Company's commitment to sustainability and its initiatives to increase the use of recycled materials in the eyewear industry.
Why Purchase the Report?
- To visualize the global eyewear market segmented based product, distribution channel, end-user and region as well as understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous data points of eyewear market-level with all segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Application mapping available as excel consisting of key application of all the major players.
The global eyewear market report would provide approximately 61 tables, 56 figures and 201 Pages
Target Audience 2024
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
