Eyewear Market

Market Overview

The global eyewear market size was valued at USD 172.16 billion in 2022. It is estimated to reach USD 344.14 billion by 2031, growing at a CAGR of 8.10% during the forecast period (2023–2031). The increase in eyeglass consumption can be ascribed to the early market adoption by young individuals with visual impairments.

Eyewear encompasses items designed to be worn on or over the eyes, serving both aesthetic purposes and aiding in visual perception. The eyewear industry encompasses a variety of optical products, including glasses, contact lenses, sunglasses, and other forms of headgear. The eyewear market is expanding due to the increasing number of individuals experiencing vision impairments due to aging and prolonged usage of digital gadgets. Shifts also impact the glass goods sector through their influence on fashion trends and technical improvements. Globally, eyewear is primarily utilized to correct vision, with fashion and sun protection as secondary objectives.

Market Dynamics

Global Eyewear Market Drivers

Growing Number of Ophthalmic Disorders

Presbyopia is a condition commonly observed in the older population due to the progressive diminishing of the eye’s ability to focus on objects. As the correction of presbyopia involves the usage of corrective eyewear, the rapid increase in population has led to a corresponding increase in the number of presbyopes, fueling the eyewear market.

Additionally, the growth of the eyewear consumer can be attributed to the early market penetration by youngsters with vision impairments. Lifestyle changes due to growing urbanization, particularly in developed markets, are a major propeller for the increased usage of corrective eyewear. Such factors propel market growth.

Perception of Eyewear as a Fashion Accessory

Eyewear has become an additional add-on accessory as customers have become style-conscious, especially in urban areas. Eyewear has become the new fashion essential, as the providers offer attractive frames such as vintage-inspired, retro, tortoiseshell, and geometric frames, creating a lot of choices for consumers to purchase. A new trend among wearers is growing, which involves matching eyeglass frames with outfits for various occasions to stay in line with evolving fashion trends. The market is characterized by advanced shopping patterns of eyewear based on the wearer’s facial shapes, which helps them make the buying decision.

Global Eyewear Market Restraint

Growing Acceptance of Refractive Surgeries

Refractive surgeries such as LASIK and PRK (Photorefractive keratectomy) are gaining public acceptance, which may challenge market growth. These procedures correct a person’s vision and attempt to provide a permanent substitute for corrective eyewear. The propensity of this procedure to enhance the quality of life of end-users is expected to negatively impact the contact lens market over the forecast period.

Furthermore, there are various advantages for consumers or users of these operations since they remove the need for prescription eyeglasses. These include convenience, long-term cost reduction, and overall aesthetic appearance. This trend will fuel sunglasses adoption over the next six years. Although LASIK and related procedures may hamper corrective contact lens demand, consumers can use colored or cosmetic contact lenses over some time. However, if users are not satisfied with the results of these surgeries, they can opt to use custom gas-permeable or hybrid contact lenses to improve vision.

Global Eyewear Market Opportunities

Awareness Regarding Eye Examinations

Demand for eye protection has fueled contact lenses and sunglasses sales, a trend expected to resonate through the forecast period. Contact lenses help absorb harmful UV radiation and protect areas of the eye from radiation from above or around the sides of sunglasses. The demand for corrective eyewear, including glasses and contact lenses, is anticipated to rise as users become more cognizant of the significance of frequent eye checkups. Moreover, growing purchasing power is estimated to positively impact the industry over the forecast period. Contact lenses are becoming popular as an additional tool for correcting vision and complementing spectacles, which have long been the go-to for correcting visual errors.

Regional Analysis

Europe dominates the global market

Based on region, the global eyewear market share is bifurcated into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa.

Europe is the most significant global eyewear market shareholder and is estimated to grow at a CAGR of 10.1% over the forecast period. The European eyewear market is well-established, with key players including the United Kingdom, France, Italy, and Germany. Rich people in the region are driving the growth of high-end equipment like glasses, sunglasses, and contact lenses. The rise of e-commerce and online shopping also helped the growth of this business in Europe. Compared to the North American market, the growth rate in Europe is not as fast because the market is already full, and there are price pressures. Europe, particularly countries like Italy and Germany, is home to some of the world's top eyewear manufacturers and designers, contributing to the expansion of the market. In the last few years, more and more people in the area have been using digital technologies like virtual try-ons and personalized glasses. This style is becoming more popular in Europe, leading to the creation of new and unique glasses.

Asia-Pacific is expected to exhibit a CAGR of 7% over the forecast period. The Asia-Pacific glasses market will likely grow greatly in the next few years. This is because countries like China, India, and Japan are getting richer, their economies are getting stronger, and their populations are growing quickly. People are buying eyeglasses and contact lenses to help them see better because the area's population is growing. Recent technological breakthroughs like augmented and virtual reality, 3D printing, and other digital technologies are helping the glasses market grow in this region because they improve the customer experience. The market for glasses in India is projected to grow fastest in Asia-Pacific.

Moreover, China's glasses market is the biggest in the region and is expected to keep growing because more people are paying attention to eye health and the middle class is growing in China. Japan is another important market in the area, driven by its older population, a growing number of people with vision problems, and the adoption of new technologies.

In North America, the market for glasses is projected to grow a lot over the next few years. The United States is projected to be the biggest market in the region because more and more older people have eye problems, more people are becoming aware of health care, and technology keeps improving. In North America, the demand for glasses is also driven by the growing use of digital gadgets. In the United States, people are getting more money to spend, driving the demand for high-end eyeglasses like glasses, sunglasses, and contact lenses. New technologies like 3D printing have also helped the rise of the glass market in North America.

South American glasses market is likely to grow slowly. This is because cities are growing quickly, more people are getting vision problems, and the middle class is growing. Countries like Brazil and Argentina have a lot of consumers who care more and more about eye health. This is one of the main things that makes the region grow. The region's market is also growing because more people are using digital tools and want trendy glasses. In addition, Brazil is one of the biggest markets in the area, and the country's eyewear market is driven by the large number of people who live in cities, their growing knowledge of eye health, and their rising spending income. Argentina is another important market in the area. The country's well-developed optical industry, rising demand for contact lenses, and growing popularity of online shopping outlets all help to drive this market.

The Middle East and Africa eyeglasses market will likely grow in the next few years. The market is growing because the number of people living in the area is growing quickly; more people want goods to help them see better, and more people want stylish eyewear. Countries with large consumer bases, such as South Africa, the UAE, and Saudi Arabia, are crucial to the expansion of the local market. The Middle East glasses market is growing because more people get vision problems as they age. In addition, an increasing number of individuals are utilizing digital technologies such as virtual try-on solutions, hence enhancing the overall consumer experience.

Moreover, the market in Africa is also growing quickly. This is because people are becoming more aware of eye health and the middle class is growing in several key countries. E-commerce and online platforms are becoming more popular in the area, which is also helping the market grow. Nations like Saudi Arabia and the UAE are likely to be the biggest markets in the region because their governments are supportive, their people have more money to spend, and they are becoming more aware of health care.

Segmental Analysis

The global eyewear market is bifurcated into products and distribution channels.

Based on product, the global eyewear market is bifurcated into contact lenses, spectacles, and sunglasses.

The spectacle segment dominates the global eyewear market growth and is projected to exhibit a CAGR of 7.5% over the forecast period. This can be attributed to changes in prescription, as well as the advent of high-index lenses. The replacement rate of frames is much less than that of lenses; however, they cost significantly more, thereby contributing more to revenue generation. The high frequency of lens replacement is the main contributor to the growth of the spectacle lens market.

Additionally, the expected increase in volume and revenue is caused by changes in lens prescriptions and the introduction of newer high-index lenses into the market. Although the renewal rate of frames is lower than that of spectacle lenses, the average cost of a frame is much higher than that of lenses, which results in a larger revenue share. The advent of newer, lightweight, and more fashionable frames has reduced the replacement cycle of these products.

Based on distribution channels, the global eyewear market is divided into e-commerce, brick and mortar.

The e-commerce segment is the most significant contributor to the market and is estimated to exhibit a CAGR of 9.2% over the forecast period. Market players are increasingly adopting modern ways of distribution, such as online retailing through exclusive online stores and other e-commerce and aggregator websites. Companies are implementing omnichannel retailing and selling their eyewear products via the Internet and physical retail stores. Online retailing enables vendors to offer potentially unlimited product selection to their customers.

Additionally, it allows market players to instantly test distinct marketing strategies and check consumers' responses. Moreover, it enables customers to carry out a detailed search based on constructed preferences, extensively research products from various vendors, and compare prices and features. Modern-day online retailers are increasingly offering advanced features, such as holographic or virtual eyewear experiences, consequently enhancing the buying experience for customers.

Recent Developments

• March 2023- EssilorLuxottica, which owns the well-known eyewear brand Ray-Ban, stated that it would be putting out a new line of sunglasses made from recycled materials. "Ray-Ban Recyclables" is the name of the new line, and 99% of it is made from recycled materials.
• January 2023- The biggest eyeglasses company in the world, EssilorLuxottica, said it would buy GrandVision, the second-largest eyewear store in the world. The deal should be done by the end of the second half of 2023.