Eyewear Market Size, Competitive Landscape and Market Forecast - 2030

Eyewear Market is segmented By Product (Spectacles (Spectacles Lenses, Spectacles Frames), Sunglasses (Polarized Sunglasses, Non-Polarized Sunglasses), Contact Lenses (Soft contact lenses, Rigid contact lenses)), By End-User (Men, Women, Unisex), By Distribution Channel (Offline Distribution Channel (Specialty Stores, Hypermarket, clubhouse stores, and department stores), Online Distribution Channel (E-commerce retailers, Brand/Company-owned web portals)), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030

Eyewear Market Overview

The global eyewear market reached USD 114,852.6 million in 2022 and is projected to witness lucrative growth by reaching up to USD 177,427.3 million by 2030. The global eyewear market is expected to exhibit a CAGR of 5.7% during the forecast period (2023-2030). There is a growing market trend toward using sustainable and eco-friendly materials in eyewear products.

Manufacturers are using materials such as recycled plastic, bamboo, and wood to make frames and lenses, which are more environmentally friendly than traditional materials.With the increasing use of digital devices, people are spending more time in front of screens, which can cause eye strain and disrupt sleep patterns. Blue-light-blocking glasses have gained popularity as they are designed to block or filter out blue light emitted by digital devices, which can help reduce eye strain and improve sleep are the factors expected to drive the eyewear market over the forecast period.

Eyewear Market Scope and Summary

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Eyewear Market Dynamics and Trends

Increasing Awareness About Eye Health is Driving the Global Eyewear Market Growth.

In July 2022, Novartis and The Fred Hollows Foundation jointly launched the Integrated Eye Health Program in Kenya, which forms part of the ABP. The program's objective is to prevent blindness by improving access to eye health services for the most marginalized and vulnerable communities. The program prioritizes addressing glaucoma, diabetic retinopathy, and cataract.

 In 2022, the partnership aims to educate over 400,000 community members in eye health and screen around 40,000 patients. The program is ambitious and seeks to make a significant impact in reducing preventable blindness in Kenya. Moreover, according to the Centers for Disease Control and Prevention Report 2022, CDC’s Vision Health Initiative partners with the National Eye Institute to encourage all Americans to make their vision a health priority this Healthy Vision Month.

Furthermore, the Christian Blind Mission (CBM) has reported that its participation in World Sight Day, an international event organized by the International Association for the Prevention of Blindness, had a significant impact on raising awareness about eye health. CBM is one of the hundreds of members under the umbrella organization.

Additionally, Zeiss has been a long-time sponsor of "The Week of Sight," an annual campaign organized by CBM and other NGOs in Germany to promote inclusive and equitable eye care. In 2022, CBM ordered various eye equipment from Zeiss, including phaco machines and microscopes, which will be installed in 33 of its partner facilities across 15 countries at a favorable rate, benefiting thousands of patients both currently and in the future.

Therefore, increasing eye awareness has been a positive development for both the eyewear market and public health, promoting the prevention of blindness and improving the quality of life for millions of people worldwide.

Increasing Competition From Counterfeit Products is Hampering the Global Eyewear Market Growth.

Increasing competition from counterfeit products is a significant challenge for the eyewear market, posing a threat to the industry's growth and profitability. Counterfeit eyewear products, which are often cheaper and of lower quality, can deceive consumers into purchasing fake products that do not meet the required safety and quality standards. This can lead to negative consumer experiences, including vision problems, discomfort, and dissatisfaction with the product.

Additionally, counterfeit products can damage the reputation of established eyewear brands, leading to decreased trust among consumers and ultimately resulting in lost sales and eyewear market share.

In contrast, to combat this challenge, the eyewear industry is increasingly investing in anti-counterfeit technologies, such as holographic labels, serial numbers, and digital product authentication. These measures help consumers to identify genuine products and enable manufacturers to track and trace products, preventing the sale of counterfeit goods. Hence, owing to the above factors, the market is expected to hamper over the forecast period.

Eyewear Market Segment Analysis

The global eyewear market is segmented based on product, material, distribution channel, end-user, and region.

The Plastic Eyewear Segment is Expected to Hold a Dominant Position in the Market Over the Forecast Period.

The plastic eyewear segment accounted for the highest market stake accounting for approximately 3/5th of the eyewear market in 2022. Plastic eyewear is a type of eyewear that is manufactured using various plastic materials such as cellulose acetate, nylon, and polycarbonate, each with unique properties such as flexibility, durability, and impact resistance. The flexibility of plastic allows for limitless design possibilities, ranging from classic and retro to fashionable and sporty styles.

These eyewear designs come in a wide range of colors, offering individuals the chance to customize their looks and complement their style. Plastic eyewear is a popular choice due to its versatility, durability, and ability to cater to individual preferences. 

For instance, Persol 649 sunglasses have been worn by many famous individuals, including Steve McQueen. The frames are made of cellulose acetate and are known for their classic style and Italian craftsmanship.

Furthermore, increasing awareness about eye health and vision problems, technological advancements in the manufacturing of plastic eyewear, rising demand for eyewear products, and increasing adoption of eco-friendly plastic materials are the factors expected to drive the segment growth over the forecast period.

For instance, due to the pandemic limiting in-person shopping experiences, many eyewear brands are offering virtual try-on options. Warby Parker, which offers a free mobile app for iOS and Android devices. The app uses augmented reality technology and prompts customers to take a selfie video, which creates a 180-degree view of their faces. This allows customers to try on plastic frames virtually, and see how they look from different angles.

They can easily switch between frames and save photos of themselves wearing them to share with friends and family for feedback. The Warby Parker virtual try-on tool is an innovative solution that offers customers the convenience and safety of shopping from home while still being able to try on glasses. Thus, owing to the above factors, the market segment is expected to hold the largest eyewear market share in the forecast period.

Source: DataM Intelligence Analysis (2023)

Eyewear Market Geographical Penetration

North America Holds a Dominant Position in the Global Eyewear Market.

North America is estimated to hold around 1/3rd of the total market share throughout the forecast period.

Owing to the aging population in the region is increasing, leading to a higher demand for vision correction products, the rise of digital devices such as smartphones, tablets, and computers has led to an increase in eye strain and other visual problems, creating a need for specialized eyewear and collaborations by the market players are the factors expected to boost the regional growth over the forecast period.

For instance, in April 2023, ICU Eyewear Holdings, a leading designer of over-the-counter (OTC), non-prescription reading glasses, sunglasses, blue light blocking eyewear, sun readers, and outdoor specialty sunglasses and Wolo Manufacturing Corp., a leading manufacturer and distributor of vehicle horns and safety products, announced that they have entered into a strategic collaboration to develop safety glasses for the automotive market. Thus, from the above factors, the North American region is expected to hold the largest market share over the forecast period.

Source: DataM Intelligence Analysis (2023)

Eyewear Companies and 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 Fielmann AG among others.

COVID-19 Impact on Eyewear Market

Russia Ukraine Conflict Analysis

The Russia-Ukraine war may affect the eyewear market due to consumer confidence and purchasing power being impacted during times of geopolitical instability and economic uncertainty. This could lead to decreased spending on non-essential items like eyewear. Supply chain and transportation disruptions due to the conflict could also cause shortages or delays in eyewear product delivery. 

However, some experts suggest that during times of crisis, people may prioritize their health and well-being, leading to an increased demand for vision correction products. The impact of the conflict on the eyewear market will depend on local economic conditions, consumer preferences, and the strategies of eyewear manufacturers and retailers.

Artificial Intelligence Analysis:

Artificial intelligence (AI) is increasingly being used in the eyewear market to improve various aspects of the customer experience. One application of AI is virtual try-on technology, which allows customers to try on frames virtually using augmented reality. AI-powered algorithms can analyze a customer's facial features and suggest frames that are most likely to suit them.

AI can also be used to personalize recommendations based on a customer's purchase history and preferences, as well as to predict trends and demand for certain styles. In addition, AI can be used in manufacturing and quality control processes, helping to improve efficiency and accuracy.

Overall, the use of AI in the eyewear market is expected to increase in the coming years as technology continues to advance and companies seek to enhance the customer experience and streamline their operations.

Key Developments

• On March 1, 2023, MyDay Energys contact lenses of CooperVision are now accessible to all eye care specialists in the U.S., marking a new development in treating the signs of pervasive digital eye strain. The very unique lens makes its debut on a worldwide scale with statewide distribution.
• On November 3, 2022, CooperVision announced the addition of SynergEyes into the CooperVision specialist EyeCare business segment, strengthening its commitment to promoting the use of specialist contact lenses in North America and around the world. The hybrid lens methods and brands offered by the Carlsbad, California-based company cover the treatment of uneven presbyopia, cornea, and astigmatism. The existing wide array of goods and services offered by CooperVision will now be even more extensive.
• On January 17, 2023, AcuFocus, Inc., a privately owned producer of ophthalmic medical devices, and Bausch + Lomb Corporation, a prominent global eye health company committed to assisting people in seeing better so they can live better, announced that a division of Bausch + Lomb purchased AcuFocus as a result of a merger transaction with AcuFocus' parent company.

Why Purchase the Report?

• To visualize the global eyewear market segmentation based on the product, material, 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.
• Product mapping available as Excel consisting of key products of all the major players.

The global eyewear market report would provide approximately 69 tables, 67 figures, and 195 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies

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