Eyewear Market

Market Overview

The global eyewear market was valued at USD 153 billion in 2021. It is projected to reach USD 313.06 billion by 2030, growing at a CAGR of 8.28% during the forecast period (2022–2030).

Eyewear refers to products used to correct vision or shield the eyes from various external factors, such as light, harmful radiation, and debris. It consists of sunglasses, eyeglasses, contact lenses, and a vast array of frames and lenses typically made from carbon fiber, plastic, and glass. It helps improve visual acuity and prevents ultraviolet (UV) rays from causing damage to the retina and lens of the human eye. In addition, it is used to reduce the likelihood of developing various visual disorders and vision-related issues, such as myopia, hypermetropia, and presbyopia.

This led to a rise in the use of glasses more for cosmetic than medical purposes. The demand for eyewear has shifted from an actual necessity to a desired necessity. Over time, individuals' perspectives have evolved, and alternative eyewear uses have significantly boosted the global eyewear market. Consumers' inclination to adopt new fashion trends has contributed to the expansion of the global market. Modern innovations and technological advancements have increased the variety and quality of eyewear with aesthetic appeal and style, thereby transforming eyewear into an accessory that enhances one's personality.

Market Dynamics

Global Market Drivers

Rising Number of Female Professionals and the Economic Independence of Women

The market has seen increased demand from female consumers, particularly for fashionable and branded eyewear. The most important factors that encourage the purchase of eyewear products by female consumers are the growing number of women working in professional fields. The demand for designer and premium eyewear has increased due to the endorsement of well-known celebrities. Consumers' preference for contact lenses has increased, boosting the eyewear market's overall growth.

Standardization of Medical and Vision Care Facilities

The standardization of medical and vision care facilities in rural areas targets a concerted effort to lower the prevalence of vision-related health problems. Programs are being initiated by governments in various countries, in collaboration with various organizations, to provide adequate eye care facilities to the rural population of those countries. It is anticipated that rural communities will take advantage of well-functioning eye care and medical facilities once such initiatives are implemented. As a result, it is anticipated that these partnerships with various institutions will propel the expansion of the eyewear market.

Growing Use of Cheaper Frames and Sunglasses

In developing nations, numerous local shops and eyewear manufacturers produce frames and spectacles sold at lower prices. Additionally, it is anticipated that the restricted consumption of luxury sunglasses will affect the market's sales revenue. The significant increase in the price of luxury sunglasses and contact lenses due to expensive import duties is one of the primary reasons for the limited acceptance of these products in emerging nations. The market's future growth is expected to be hampered by these factors and lower contact lens penetration in developing countries.

Global Market Opportunities

Increasing Penetration of Digital Devices

Visual strain and eye damage can result from prolonged use of digital screens, such as those on tablets and mobile phones. As a result, growing digitalization is driving demand for eyewear products worldwide, creating new opportunities for the market during the forecast period. The eyewear market is growing due to the rising demand for prescription-based spectacles and contact lenses due to age-related impairments such as presbyopia and others.

Segmental Analysis

The global eyewear market is segmented into product types and distribution channels.

Based on product type, the market can be divided into spectacles, sunglasses, and contact lenses.

The spectacles segment is estimated to dominate the market. The rising prevalence of myopia and hypermetropia is to blame for this trend. Furthermore, the segment's growth is expected to be aided by the increasing lucrative product offerings by significant players in the market.

Based on the distribution channel, the market is segmented into online and retail stores.

The retail store segment accounted for the largest eyewear market share. A key factor driving the retail store segment in the industry is the high accessibility of sunglasses and spectacle products in shopping malls, branded stores, and other locations. However, purchasing eyeglasses through online stores and channels is becoming increasingly popular. This market trend is expected to boost online store sales. Due to the population's lower preference for purchasing eyewear from clinics, the ophthalmic clinic's segment had the lowest market revenue share.

Regional Analysis

The regional market for the Global Eyewear Market is segmented as North America, Europe, Asia Pacific, South America, and the Middle East and Africa.

The North American region is dominating the global eyewear market. The region's established e-commerce delivery system improves the user experience regarding eye power consultation and glasses selection. The market's growth prospects are fueled by the availability of these services and the expansion of regional production.

Recent Developments

• April 2022- Carl Zeiss Meditec acquired two manufacturers of surgical instruments. Carl Zeiss Meditec announced the acquisition of two manufacturers of surgical instruments (Kogent Surgical, LLC and Katalyst Surgical, LLC) to further strengthen its positioning as a solution provider.
• April 2022- ZEISS Introduced the Next Generation of Photochromic Lenses. ZEISS PhotoFusion X lenses darken and clear faster while providing a new level of integrated blue light and UV protection.
• March 2022- Ray-Ban and Meta Expanded Global Availability For Ray-Ban Stories. Meta Platforms, Inc. and Ray-Ban brought their smart glasses, Ray-Ban Stories, to more people worldwide as they launched the product in four new countries. Also introduced additional color and lens variations and new software features.

Eyewear Market Segmentation

By Product Type

• Spectacles
• Sunglasses
• Contact lenses

By Distribution Channel

• Online Store
• Retail store

By Regions

• North America
• Europe
• Asia-Pacific
• South America
• The Middle East and Africa