The Global Eyewear Market Size accounted for USD 169.1 Billion in 2022 and is estimated to achieve a market size of USD 370.0 Billion by 2032 growing at a CAGR of 8.2% from 2023 to 2032.
Eyewear Market Highlights
Eyewear is a product used by consumers with eye ailments and disabilities to correct vision or to protect the eyes. Eyewear consists of accessories and items worn in or over the eyes, for adornment or fashion, protection and to enhance the overall visual acuity. Some common types of eyewear are sunglasses, glasses, and contact lenses. It also includes other utilitarian forms of eye protection including goggles among others. Conversely, blindfolds are also a type of eyewear and are used to block vision for different purposes. Eyewear could be of various types and may differ based on size, quality, frame, and material. Growing awareness among people towards the importance of regular eye examinations and checkups is a major driving factor for the growth of the global eyewear market. Due to this, the demand for corrective eyewear such as spectacles and contact lenses is increasing significantly. In addition, a large number of people use eyewear as a fashion statement. Consumers prefer to purchase eyewear from optical shops since they can encounter a wide range of eyewear services such as eye consultations and examinations from optometrists and can also try, browse and buy eyewear under one roof. Eyewear vendors are rapidly adopting modern ways of eyewear distribution such as online sales, exclusive online stores, and other e-commerce websites. Online sales channels enable eyewear vendors to potentially offer a wide range of product selections along with the instant implementation of marketing strategies.
Global Eyewear Market Dynamics
Eyewear Market Report Coverage
|Eyewear Market Size 2022||USD 169.1 Billion|
|Eyewear Market Forecast 2032||USD 370.0 Billion|
|Eyewear Market CAGR During 2023 - 2032||8.2%|
|Eyewear Market Analysis Period||2020 - 2032|
|Eyewear Market Base Year||2022|
|Eyewear Market Forecast Data||2023 - 2032|
|Segments Covered||By Product Type, By Distribution Channel, And By Geography
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Bausch & Lomb Inc., Carl Zeiss AG, Charmant Group, Chemilens, CIBA Vision Inc., Daemyung Optical, CooperVision Inc., De Rigo SPA, Fielmann AG, Essilor International SA, Johnson & Johnson Vision Care, Marchon Eyewear Inc., Marcolin Eyewear SPA., Safilo Group SPA, Seiko Optical Products Co. Ltd., and Hoya Corporation.
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Covid-19 Analysis, Regulation Analysis|
Eyewear Market Insights
The increasing population and rising prevalence of optical deficiencies are some key factors anticipated to fuel the global eyewear market over the forecast period. Also, rising awareness among consumers regarding the significance of eye examinations along with increasing purchasing capabilities of consumers is further projected to create impetus in the global eyewear market over the forecast period. In addition, the rising prevalence of myopia or nearsightedness among children and adults owing to environmental and genetic factors is expected to increase the demand for prescription eyeglasses over the forecast period. Moreover, changing lifestyles and technological advancements are also leading to exposure to electronic devices such as tablets and smartphones which cause strain on the eyes. Furthermore, awareness among consumers regarding the significance of efficient eye protection is anticipated to propel the overall sales of eyewear products over the forecast period. Increasing per capita disposable income among distinct demographic sections has led sunglasses and spectacle frames to be used as fashion accessories. Eyewear vendors are focusing on introducing innovative eyewear products to suit different consumer preferences and needs. The introduction of relatively cheaper, soft, and daily disposable lenses with easy maintenance and cleaning features is a majorly preferred product among consumers. However, the increasing inclination of consumers toward eye treatments and surgeries is expected to hinder the growth of the global eyewear market over the forecast period.
Eyewear Market Segmentation
The worldwide market for eyewear is split based on product type, distribution channel, and geography.
Eyewear Market By Product Type
According to the eyewear industry analysis, spectales product type accounted for utmost share in 2022. Spectacles, also known as eyeglasses or prescription glasses, are the most common type of corrective eyewear and are used to correct vision problems such as myopia, hyperopia, and astigmatism. Factors such as the rising prevalence of eye disorders, increased awareness of eye health, and the ageing population are driving the demand for spectacles.
As per the eyewear market forecast, the sunglasses are the market's second-largest product category. Sunglasses are worn to protect the eyes from harmful UV rays and bright sunlight, as well as for fashion.
Contact lenses are the third most popular product category in the eyewear industry. Contact lenses are used to correct vision as an alternative to spectacles and come in a variety of types, including daily disposable, weekly disposable, and monthly disposable lenses.
Eyewear Market By Distribution Channel
Traditional brick-and-mortar stores, such as optical shops, department stores, and specialty eyewear stores, continue to play an important role in the distribution of eyewear. These stores allow customers to try on and test out eyewear before purchasing it, and they frequently offer expert advice and personalised service. In some cases, customers may prefer to buy eyewear from these stores because they can get their prescription lenses made on-site or make any necessary adjustments or repairs.
E-commerce is another distribution channel that has gained a significant share of the eyewear market. E-commerce has transformed the way consumers shop for eyewear, providing greater convenience, a wider range of options, and often lower prices than traditional brick-and-mortar stores. Amazon, Zenni Optical, Warby Parker, and GlassesUSA have emerged as major players in the eyewear market, offering a wide range of eyewear products such as prescription glasses, sunglasses, and contact lenses.
Eyewear Market Regional Outlook
The Middle East & Africa
Eyewear Market Regional Analysis
North America has the largest eyewear market, with the United States driving the region's expansion. Factors such as increased awareness of eye health, the rising prevalence of eye disorders, and the ageing population are driving the market in North America.
Europe is the world's second-largest eyewear market. Italy is a significant player in the European eyewear market. Increased awareness of eye health, rising prevalence of myopia, and rising demand for prescription glasses and sunglasses are driving the European market.
Asia-Pacific is the fastest-growing eyewear market. Factors such as a large and growing population, rising disposable income, and increased awareness of the importance of eye health are driving the region. China is the largest market for eyewear in the Asia-Pacific region, followed by Japan and India.
Eyewear Market Players
Some of the top eyewear companies offered in the professional report include Bausch & Lomb Inc., Carl Zeiss AG, Charmant Group, Chemilens, CIBA Vision Inc., Daemyung Optical, CooperVision Inc., De Rigo SPA, Fielmann AG, Essilor International SA, Johnson & Johnson Vision Care, Marchon Eyewear Inc., Marcolin Eyewear SPA., Safilo Group SPA, Seiko Optical Products Co. Ltd., and Hoya Corporation.
The market size of eyewear was USD 169.1 billion in 2022.
The CAGR of eyewear is 8.2% during the analysis period of 2023 to 2032.
The key players operating in the global market are including Bausch & Lomb Inc., Carl Zeiss AG, Charmant Group, Chemilens, CIBA Vision Inc., Daemyung Optical, CooperVision Inc., De Rigo SPA, Fielmann AG, Essilor International SA, Johnson & Johnson Vision Care, Marchon Eyewear Inc., Marcolin Eyewear SPA., Safilo Group SPA, Seiko Optical Products Co. Ltd., and Hoya Corporation.
North America held the dominating position in eyewear industry during the analysis period of 2023 to 2032.
Asia-Pacific region exhibited fastest growing CAGR for market of eyewear during the analysis period of 2023 to 2032.
The current trends and dynamics in the eyewear industry include increasing prevalence of eye disorders, fashion and lifestyle trends, and growing awareness of eye health.
The spectacles product type held the maximum share of the eyewear industry.