Global Eyewear Market Insights Forecasts to 2033

• The Global Eyewear Market Size was Valued at USD 146.1 Billion in 2023
• The Market Size is Growing at a CAGR of 3.9% from 2023 to 2033
• The Worldwide Eyewear Market Size is Expected to Reach USD 215 Billion by 2033
• Asia Pacific  Market expected to grow the fastest during the forecast period

The Global Eyewear Market Size is Anticipated to Exceed USD 215 Billion by 2033, Growing at a CAGR of 3.9% from 2023 to 2033.

Market Overview

The eyewear is the accessories which have made to enhance vision make a style statement and protect the eyes.  The global eyewear market consists of products like spectacles, sunglasses, and contact lenses. The main purpose of wearing these products is to offer protection against harmful UVA and UVB sun rays and help in vision correction.  Moreover, not only eyewear is used for protection but it is also a fashion accessory. Fashion-forward shapes, materials, and styles turn eyewear into a status statement for personality. However, people were shifting their focus towards spectacles due to rising awareness regarding eye diseases, combined with the increasing dominance of vision abnormality. The prevalence of vision problems such as astigmatism, hypermetropia, and myopia is on the rise globally. According to Lancet Global Health, there were an anticipated 596 million people with distance vision impairment in 2020, 43 million of whom were blind. For no other reason than they lacked reading glasses, an additional 510 million persons had undiagnosed near vision impairment. Over 90 percent of individuals impacted live in low- and middle-income nations (LMICs). In addition, there are currently very affordable therapies that can prevent or correct the source of vision impairment in over 90% of cases.

Report Coverage

This research report categorizes the market for the global eyewear market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global eyewear market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global eyewear market.

Driving Factors

Globally, there is a rise in awareness of ocular problems in emerging nations, which is expected to propel the consumption of eyeglass products. An increase in the number of people experiencing ocular diseases is anticipated to significantly impact market trends. According to forecasts provided by the International Myopia Institute in 2020, it is projected that by 2050, there will be approximately 5.0 billion new cases of myopia worldwide. Individuals choose colored contact lenses to enhance their aesthetic appearance. As life expectancy increases, the prevalence of ocular diseases among the elderly is on the rise. This pattern is observable in both developed and developing countries. The expected growth in the market is attributed to a higher number of elderly individuals experiencing myopia and hypermetropia. Furthermore, the expected growth in the market during the forecast period is attributed to the increasing accessibility of spectacles and sunglasses through retail and online platforms in both developing and developed countries. The demand for premium sunglasses has been fueled by the rising disposable incomes in developing nations. Moreover, the global market is anticipated to be driven by the growing awareness and preference for branded eyewear.

Restraining Factors

In the eyeglass market, end-user concentration is a key element. The typical consumer finds it more difficult to afford luxury eyewear due to its high price. For businesses in this market to stay profitable, they might have to depend on fewer, higher-spending customers. In the highly competitive eyeglasses market, businesses find it tough to grow and stay profitable on their own. The market is crowded, making it hard for companies to increase their share and make a steady profit.

Market Segmentation

The global eyewear market share is classified into product type, end-user, and distribution channel

• The spectacles segment is expected to hold the largest share of the global eyewear market during the forecast period.   

Based on product type, the global eyewear market is divided into sunglasses, plano, prescription, spectacles, frames, lens, contact lenses, toric, multifocal, and sphere. Among these, the spectacles segment is expected to hold the largest share of the eyewear market during the forecast period. Technological developments including the creation of lighter and thinner lens materials, anti-reflective coatings, and blue light filtering keep improving the comfort and usefulness of eyewear, which appeals to a wider range of people. As a result, spectacles are a hallmark of the eyewear industry, combining design and vision correction, promoting invention and customer interaction. They address the universal and continuous need for vision correction and provide a basic solution for people with vision problems, such as nearsightedness, farsightedness, and astigmatism.

• The unisex segment is expected to grow at fastest pace in the global eyewear market during the forecast period.    

Based on the end-user, the global eyewear market is divided into male, female, and unisex. The unisex segment is expected to grow at the fastest pace in the eyewear market during the forecast period. Unisex eyewear is designed to be versatile and suitable for a wide range of face shapes and sizes. This versatility makes it easier for consumers to find eyewear that suits their preferences without being constrained by traditional gender-specific designs. Additionally, unisex eyewear is pushing the boundaries of the industry and changing the way that people think about fashion. This highlights the necessity for businesses to embrace inclusion and adapt to flourish, which is driving the growth of the segment.

• The retail store segment is expected to grow at greatest pace in the global Eyewear Market during the forecast period.

Based on the distribution channel, the global eyewear market is divided into online stores, retail stores, and ophthalmic clinics. The retail store segment is expected to grow at the greatest pace in the eyewear market during the forecast period. Many retail stores, especially optical shops and specialty eyewear stores, offer personalized services such as eye examinations, frame fitting, and expert advice from trained professionals. This level of service is crucial for customers who may require prescription glasses and specialized eyewear. Retail stores provide customers with the opportunity to physically try on different frames, ensuring they find a pair that suits their preferences and facial features. 

Regional Segment Analysis of the Global Eyewear Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America is anticipated to hold the largest share of the Global Eyewear Market over the predicted timeframe.

North America is anticipated to hold the largest share of the global eyewear market over the predicted timeframe. The growth of the North American market is being driven by the robust e-commerce delivery system and expanded local production, contributing to increased service availability. Furthermore, significant consumer interest in eyewear products and the widespread use of gadgets, coupled with busy lifestyles, are key factors propelling market expansion. North America is known for its fashion-conscious consumers. The demand for eyeglasses items is significant due to the substantial aging population and high disposable income. Premium and designer eyewear is becoming more and more popular, dominating the market. The United States is attributed to the increasing prevalence of eye problems among the aging population, rising awareness of healthcare, and continuous technological advancements. The demand for eyeglasses in North America is further fueled by the widespread use of digital devices. In the United States, the growing disposable income of individuals contributes to the heightened demand for premium eyewear, encompassing glasses, sunglasses, and contact lenses. Additionally, the adoption of innovative technologies such as 3D printing has played a significant role in the expansion of the eyewear market in North America.

Asia Pacific is expected to grow at the fastest pace in the global eyewear market during the forecast period. The growth in wealth, economic strength, and rapid population expansion of countries such as China, India, and Japan have led to an increased demand for eyeglasses and contact lenses to enhance vision. The rising population in the region has contributed to this trend. Advancements in technology, including augmented and virtual reality, 3D printing, and other digital innovations, are fueling the expansion of the eyewear market in this area by enhancing the overall customer experience.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global eyewear along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Alcon
• Innovative Eyewear, Inc.
• EssilorLuxottica
• Fielmann AG
• Johnson & Johnson Vision Care, Inc.
• Essilor International SAS
• Safilo Group S.p.A
• Alcon Vision LLC
• CooperVision
• Bausch & Lomb Inc.
• Charmant Group
• Ciba Vision
• De Rigo Vision S.p.A
• Marchon Eyewear, Inc.
• QSpex Technologies
• Seiko Optical Products Co., Ltd.
• Zenni Optical, Inc.
• Shamir Optical Industry Ltd.
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In June 2023, Alcon, a prominent figure in the field of eye care, is set to present state-of-the-art advancements ranging from improvements in reusable lens technology to seamless digital solutions at Optometry’s Meeting. This event, the annual conference of the American Optometric Association (AOA), is scheduled to take place from June 21 to 24 in Washington, D.C. Alcon aims to engage Eye Care Professionals (ECPs) through interactive sessions, Q&A sessions, live demonstrations, and trial experiences, assisting them in incorporating innovation into their practices. Alcon plans to facilitate the connection of ECPs with a comprehensive solution tailored for monthly lens-wearing patients and will provide an exclusive sneak peek into its upcoming pipeline innovations.

• In April 2023, Innovative Eyewear, Inc., trading on NASDAQ under the ticker symbols LUCY and LUCYW, has introduced a new iOS/Android application named Lucyd. This app facilitates a voice interaction with ChatGPT on the company's smart eyewear, available under the Lucyd®, Nautica®, and Eddie Bauer® brands. Users can pose questions to ChatGPT using the built-in microphones on the glasses and receive responses through the stereo speakers. The Lucyd app is compatible with various hearables, such as AirPods®1, and can also be utilized through a simplified visual interface on any smartphone, enhancing overall accessibility.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Eyewear Market based on the below-mentioned segments:

Global Eyewear Market, By Product type

• Sunglasses

• Plano
• Prescription

• Spectacles

• Frames
• Lens

• Contact Lenses

• Toric
• Multifocal
• Sphere

Global Eyewear Market, By End-User

• Male
• Female
• Unisex

Global Eyewear Market, By Distribution Channel

• Online Store
• Retail Store
• Ophthalmic Clinics

Global Eyewear Market, By Region

• North America
  • US
  • Canada
  • Mexico

• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa