Global Eyewear Market

Global Eyewear Market Overview:

The global eyewear market and is estimated to reach USD 322.6 billion in 2030, with a growth of 8.1% during the forecast period from 2022 to 2030 and it was valued at USD 181.5 billion in 2022. Eyewear is simple optics made to correct eyesight or protect the eyes and consist of lenses and frames. Eyewear with a lens combination and shelves together worn eye ahead improve vision, eye protection, or ornamental purposes items. It can correct various vision problems, including myopia, hyperopia, astigmatism, presbyopia or strabismus, amblyopia, etc. Global Eyewear Market Insights The factors driving the market demand for global eyewear are the emerging cases of acute myopia in the younger generation and sunglasses and lenses worn to protect from UV rays. The changing lifestyle, fashion trends, and increasing use of smartphones, computers, and television drive the demand for the eyewear market. Eyewear provides various protections for the eyes, and there are various types, including corrective glasses, sunglasses, color-changing glasses, contact lenses, and functional glasses. Among them, functional eyewear generally includes individual mirrors for students and college students, unique mirrors for computers, sports, driving, smart reading glasses, different mirrors for military police, etc. Moreover, with the growth of disposable income per capita and the change in fashion trends and health concepts, the demand for the global eyewear market has continued to rise, leading to unlimited business opportunities. Besides, eyewear stores in first-tier cities often encourage consumers to purchase more than one product through product promotion and promotional activities. At present, many middle-class consumers across the globe have more than one pair of myopia glasses or sunglasses. Additionally, with the application of titanium metal frames and resin lenses, new technologies and marketing technologies have driven the development of retail stores for eyewear. In the mid-1990s, the eyewear industry entered a rapid growth period. Growth Driver Growing Visual Impairment Growing visual difficulties like myopia, glaucoma, conjunctivitis, and other visual deficiency problems are increasing demand for the eyewear industry in the global market. Moreover, with the pandemic, school students, college students, employees, teachers, and others are all working on computers and laptops. Thus increasing the chances of acute myopia and visual deficiency and propelling the growth of the global eyewear market. Rising Fashion Trends With the emerging disposable income, consumers are also changing their lifestyles with evolving fashion trends and adopting various accessories to enhance their look and style. Thus, the demand for sunglasses, contact lenses, and prescription glasses with stylish frames is increasing the growth of the eyewear market. Many celebrities also influence and attract the younger generation through their ads. By Product Type Segmental Analysis Based on the product type, the global eyewear market segment is Prescription Glasses/Spectacles, sunglasses, and Contact Lenses. The contact lenses segment is estimated to dominate the maximum share of the global eyewear market in the forecast period from 2022 to 2030. Compared with traditional frame glasses, contact lenses are more convenient and beautiful to wear, especially now the types, colors, and patterns of colored contact lenses are wealthy and are popular among younger consumers. With the rise of the younger generation of consumer groups, the popularity of contact lenses has continued to rise. Moreover, today’s contact lenses not only meet the rigid needs of myopia but also the beauty industry’s aesthetic requirements. At the same time, the consumption power of the audience is continuously improving, which will promote the overall development of the eyewear industry. By Mode of Sale Segmental Analysis Based on the sale mode, the global eyewear market is classified into Retail and online stores. The retail stores segment dominated the largest market share in the global eyewear market. This is mainly due to eyewear sales activities generally carried out in stores, mostly optometric products, especially for fitting glasses. Most of these store transactions are categorized as the turnover of the unorganized retail market. The eyewear chain stores have gradually increased their market share by educating consumers and enhancing their fashion awareness. Lenskart, a famous Indian eyewear company, is a concrete example. To capture the field of light luxury eyewear products, the company has invested in several John Jacobs brand stores to provide a variety of high-quality fashion glasses. Furthermore, the demand for online eyewear retail stores is also emerging with technological advancement and internet penetration. A company like Lenskart was the first to use 3D technology on its website. With the help of consumer cameras, customers could try on glass frames through computers, which became a model of innovative technology. By End-User Segmental Analysis The global eyewear market is bifurcated into men and women based on the end-users. The women segment has captured the largest share of the global eyewear market. This is mainly due to the wake of females with a higher risk of developing refractive errors than men. As the cases of acute myopia are more elevated and with changing technology and fashion trends, the female population is adopting different eyewear to enhance their beauty and look. Similarly, Sunglasses have gradually become a must-have for young generations. They buy sunglasses to prevent sun damage and ultraviolet rays from damaging the eyes and as an accessory that reflects their taste. Therefore, the women segment is fueling the market demand for global eyewear. By Region Segmental Analysis Based on geography, the global eyewear market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia Pacific is the world’s fastest-growing eyewear market, accounting for the largest global market share. It is mainly due to the continuous improvement of national income and consumption levels, the aging of myopia, the increase of the population of vision impairment, the improvement of the aging society, and the enhancement of domestic consumers’ health awareness. Thus, all these factors fuel the market share for eyewear in the Asia Pacific. Competitor Analysis Companies such as Carl Zeiss AG, Essilor International S.A., Grand Vision, Johnson & Johnson, Inc., Prada S.p.A., Safilo Group S.p.A., Luxottica Group S.p.A., Valeant Pharmaceuticals, Cooper Vision, Inc., Fielmann AG, and others are key players in the global eyewear market.

Key Stakeholders

• Market research and consulting firms
• Industry associations
• Global eyewear manufacturing companies
• Research organizations and consulting companies’ eyewear
• Regulatory bodies

Recent Developments

• In October 2023, Bausch + Lomb declared the U.S. establishment of SeeNa, an ophthalmic diagnostic system for refractive cataract patients fully combined with Bausch & Lomb’s Eyetelligence surgical planning software to help streamline surgical planning and information flow.
• In October 2023, Alcon revealed the launch of TOTAL30 Multifocal, the monthly Water Gradient multifocal contact lens. The lenses have started to roll out in the United States and select international markets.

The objective of the Research

• Market modeling starts with identifying a target market where historical data exists. A Market can include prediction problems, economic factors, analyzing customer behavior, and identifying new patterns from past events, which helps our client to have deep dive into the market.
• Product analysis involves steps such as examining product features, costs, availability, quality, and other aspects. Product analysis is conducted to understand potential buyers and measure competition in the market.
• Market Trend and Economic Factors Analysis helps in assessing potential changes to an economy’s inflation rate, taxes, interest rates, exchange rates, trading regulations, and excise duties that can or have a major effect on the target market.
• Market Segmental Analysis defines in-depth scenario of the target market by the process of grouping consumers into naturally existing created segments of consumers who share similar product preferences or characteristics
• The geographical mapping approach helps our clients to understand national or international markets because different consumers in different regions have different needs wants, and cultural characteristics that can be specifically targeted.

Market Modelling

By Product Type

• Prescription glasses/Spectacles
• Sunglasses
• Contact Lenses

By Mode of Sale

• Retail Stores
• Online Stores

By End-User

• Men
• Women

By Region

• Europe
• North America
• Asia Pacific
• South America
• Middle East & Africa

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