Global Eyewear Market By Product (Spectacles, Sunglasses, Contact Lenses, and Others Products), By Gender (Men, Women, and Unisex), By Distribution Channel (Optical Stores, Independent Brand Showrooms, Online Stores, and Retail Stores), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032
- Published date: Feb 2024
- Report ID: 20673
- Number of Pages: 276
- Format:
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Report Overview
Eyewear Market size is expected to be worth around USD 261.2 Billion by 2032 from USD 134.1 Billion in 2022, growing at a CAGR of 6.9% during the forecast period from 2023 to 2032.
The eyewear market refers to the market for sunglasses, eyeglasses, contact lenses, and other eyewear products used to protect the eyes from the sun as well as from other harmful factors and vision problems. The COVID-19 pandemic has increased demand for eyewear products because after pandemic the virtual meetings and remote work increased causing increased eye strain and vision problems for many people. So, in the market, there is a greater need for corrective eyewear.
Key Takeaways
- Market Growth: The Global Eyewear Market is expected to register a Compound Annual Growth Rate (CAGR) of 6.9% between 2023 and 2032.
- Product Dominance: Spectacles hold the largest share of the eyewear market, accounting for over 52% of revenue in 2022, followed by contact lenses with more than 26% market share.
- Gender Preference: Men’s eyewear segment was the most lucrative in 2022, driven by occupational needs, while the unisex segment is expected to grow by 37% in the forecasted period.
- Distribution Channels: Optical stores were the most profitable distribution channel in 2022, commanding over 62.4% of the market, and offering personalized fittings and trained opticians.
- Market Segmentation: The eyewear market can be segmented by product (spectacles, sunglasses, contact lenses), gender (men, women, unisex), and distribution channel (optical stores, online stores, etc.).
- Market Drivers: Rising demand for eyewear is propelled by age-related eye diseases, vision problems, fashion trends, celebrity endorsements, and technological advancements.
- Market Restraints: High cost, counterfeit products, regulatory standards, and lack of awareness about eye health in some regions can restrain market growth.
- Market Opportunities: Manufacturers are investing in stylish designs, eco-friendly materials, and e-commerce to cater to evolving consumer preferences. Emerging markets, especially in Asia-Pacific, offer growth potential.
- Market Trends: Consumers seek unique and stylish eyewear, prefer online purchases, demand eco-friendly and customized products, and use virtual try-on services.
- COVID-19 Impact: The pandemic increased demand for spectacles and contact lenses due to increased screen time, but reduced demand for sunglasses and physical store visits. Blue-light-blocking glasses gained popularity, and online sales surged.
Product Analysis
The product segment is categorized as spectacles, sunglasses, contact lenses, and other product types. Among these products, the spectacles segment is the most lucrative in the eyewear market. The total revenue share of spectacles eyewear is more than 52% in 2022. Followed by contact lenses, which accounted for more than 26% of revenue share in 2022.
Spectacles are primarily used to correct refractive errors in the eyes, such as hyperopia, astigmatism, and myopia. These spectacles are improving the wearer’s vision. These consist of a frame that supports lenses in front of the eyes. The spectacle frames are made from glass, plastic, and polycarbonate and can be coated with many materials to provide benefits such as UV protection and scratch-resistant coatings.
Gender Analysis
Based on gender, the market is further divided into online men, women, and unisex. The men segment is estimated to be the most lucrative segment in the global eyewear market by 37%, in 2022. Due to men’s occupations such as working with machinery or reading, they prefer corrective lenses. The unisex segment is expected to grow in the forecasted period. Men prefer more classic and simple styles of eyeglasses as well as they stick to one or two pairs of glasses.
Distribution Channel Analysis
By distribution channel, the market is further divided into optical stores, independent brand showrooms, online stores, and retail stores. The optical store’s segment is estimated to be the most profitable segment in the global eyewear market, with a market share of more than 62.4% in 2022. In optical stores, customers visit to store and buy sunglasses, lenses, and other products. This is the traditional distribution channel for the eyewear market.
In these stores trained opticians are available. So, they can help the customers to choose the right product and provide fittings and adjustments. Online retailers are estimated to growing distribution channel in the eyewear market.
Key Market Segments
Based on Product
- Spectacles
- Frames
- Lenses
- Sunglasses
- Plano
- Prescription
- Contact Lenses
- Toric
- Multifocal
- Sphere
- Other Product Types
Based on Gender
- Men
- Women
- Unisex
Based on the Distribution Channel
- Optical Stores
- Independent Brand Showrooms
- Online Stores
- Retail Stores
Drivers
The rising demand for eyewear products is being driven by the prevalence of age-related diseases such as cataracts and glaucoma also visual problems like myopia, hyperopia, and astigmatism. Healthcare firms and governments are promoting campaigns in urban areas as well as in rural areas to the awareness of eye health. So nowadays people are aware of eye health and the importance of eye health and also the benefits of wearing eyeglasses.
Nowadays eyeglasses are seen as fashion accessories; people are wearing trendy and stylish designs. Celebrities and influences are promoting various brands of eyewear as well and the growth of social media contributed to this trend.
In recent years there have been remarkable technological advancements in eyewear products such as advanced coatings, lenses, and materials. These can increase the comfort and functionality of eyewear products. Increasing the aging population in the nations creates the demand for these products because they are facing age-related eye problems or disorders. Global as well as urbanization has led to an increase in the large no. of individuals requiring eyewear products.
Restraints
Eyeglasses and contact lenses are particularly expensive eyewear products. So, lower-income consumers cannot afford such glasses, particularly in developing countries. There are also fake products available in the market which is cheaper than authentic products. But it is not enough good quality and safety standards.
There are various standards regarding manufacturing, import, export, packaging, and labeling. So, these regulations can impact product development and distribution. In some countries, there is less awareness about eye health and its benefits, which can be a restraint for the eyewear market.
Opportunity
Nowadays consumers prefer unique, stylish, and fashionable glasses. So, manufacturing companies invest their capital in these trendy fashions and unique designs through partnerships with brands, influencers, and celebrities. In recent periods there has been an increase in e-commerce so, the manufacturers and retailers can contact these channels and reach consumers and offer them great shopping experiences.
The emerging new technological advancements in eyewear products can attract customers and this can be an opportunity for the manufacturer. This market is growing particularly in Asia-Pacific so manufacturers and retailers can demand premium products in these markets.
Trends
Consumers are looking for unique, stylish, and trendy designs of eyewear that can reflect their style as well as their personality. Now consumers can purchase eyewear from their own houses by using online platforms. Consumers are aware of eco-friendly products and environmental sustainability so, the manufacturer uses eco-friendly products and also recycled materials for manufacturing. Customers are preferring for customized lenses, frame so, the manufacturers provide virtual try-on or personalized fittings for their customers.
Regional Analysis
North America is estimated to be the most lucrative market in the global Eyewear Market, with the largest market share of 44.2% during the forecasted period. Because of the large aging population and high disposable income, there is a high demand for eyewear products. The market is dominated by a growing trend for premium and designer eyewear.
However, Asia-Pacific is one of the fastest-growing markets in the regional analysis of the eyewear market. Because of increasing urbanization, changing lifestyles, and rising disposable incomes. The increase in awareness among people causes to high demand for eyewear.
Key Regions
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Key Players Analysis
The Global Eyewear Market is highly competitive, with a large number of players vying for market share. The Eyewear Market demonstrates the industry’s focus on innovative products and services. Companies are offering high-quality products and excellent customer service to survive in this industry.
In recent years there has been an increase in eye-related disorders and changing fashion trends so, the companies are focusing on these changes. The Luxottica Group S.p.A and EssilorLuxottica have the largest market share in this industry. Listed below are some of the most prominent eyewear industry players.
Market Key Players
- Johnson & Johnson Vision Care, Inc.
- ESSILORLUXOTTICA
- CooperVision
- Carl Zeiss AG.
- Bausch & Lomb Inc.
- Safilo Group S.p.A.
- Charmant Group
- CIBA VISION
- De Rigo Vision S.p.A
- Fielmann AG
- Marchon Eyewear, Inc.
- Other Key Players
Recent Developments
- In 2021, Luxottica announced the launch of its new sustainable collection of eyewear called “Circular by Design.” The collection is made from recycled materials and is part of the company’s efforts to reduce waste and promote sustainability in the industry.
- In 2021, Johnson & Johnson Vision Care company launched its new Acuvue Abiliti therapeutic lenses, which are designed to address the growing prevalence of myopia in children.
- In 2021, Safilo Group announced a collaboration with Dior to produce a new range of Dior eyewear products. The company also acquired a 70% stake in Blenders Eyewear, a U.S.-based eyewear company that specializes in the production of high-quality sunglasses.
Report Scope
Report Features Description Market Value (2022) USD 134.1 billion Forecast Revenue (2032) USD 261.2 Billion CAGR (2023-2032) 6.9% Base Year for Estimation 2022 Historic Period 2016-2023 Forecast Period 2023-2033 Report Coverage Revenue Forecast, Market Dynamics, COVID-19 Impact, Competitive Landscape, Recent Developments Segments Covered By Product (Spectacles, Sunglasses, Contact Lenses, Other Product Types), By Gender (Men, Women, Unisex), By Distribution Channel (Optical Stores, Independent Brand Showrooms, Online Stores, Retail Stores) Regional Analysis North America – The US, Canada, & Mexico; Western Europe – Germany, France, The UK, Spain, Italy, Portugal, Ireland, Austria, Switzerland, Benelux, Nordic, & Rest of Western Europe; Eastern Europe – Russia, Poland, The Czech Republic, Greece, & Rest of Eastern Europe; APAC – China, Japan, South Korea, India, Australia & New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, & Rest of APAC; Latin America – Brazil, Colombia, Chile, Argentina, Costa Rica, & Rest of Latin America; Middle East & Africa – Algeria, Egypt, Israel, Kuwait, Nigeria, Saudi Arabia, South Africa, Turkey, United Arab Emirates, & Rest of MEA Competitive Landscape Johnson & Johnson Vision Care, Inc., ESSILORLUXOTTICA, CooperVision, Carl Zeiss AG., Bausch & Lomb Inc., Safilo Group S.p.A., Charmant Group, CIBA VISION, De Rigo Vision S.p.A, Fielmann AG, Marchon Eyewear, Inc., Other Key Players Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements. Purchase Options We have three licenses to opt for Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF) Frequently Asked Questions (FAQ)
What was the value of the global eyewear market in 2022?In 2022, the market value stood at USD 125.4 Billion.
What is the eyewear market?The eyewear market refers to the industry that encompasses the production, distribution, and sales of various types of eyewear products, such as prescription glasses, sunglasses, contact lenses, and safety glasses.
What are the main types of eyewear available in the market?The main types of eyewear available in the market include prescription glasses for vision correction, sunglasses for eye protection from sunlight, contact lenses for vision correction without glasses, and safety glasses for protection in hazardous environments.
Who are the key players in the eyewear market?The eyewear market is highly competitive and includes both global and regional players. Some of the key players in the industry include Johnson & Johnson Vision Care, Inc., ESSILORLUXOTTICA, CooperVision, Carl Zeiss AG., Bausch & Lomb Inc., Safilo Group S.p.A., Charmant Group, CIBA VISION, De Rigo Vision S.p.A, Fielmann AG, Marchon Eyewear, Inc., Other Key Players
What factors are driving the growth of the eyewear market?Several factors contribute to the growth of the eyewear market, including an increase in the prevalence of vision problems, rising awareness about eye health, changing fashion trends, growing disposable income, and the adoption of eyewear as a fashion accessory.
How is the eyewear market segmented?The eyewear market is typically segmented based on product type, distribution channel, and geography. Product types include prescription glasses, sunglasses, contact lenses, and others. Distribution channels may include optical stores, online retail, and others.
- Johnson & Johnson Vision Care, Inc.
- ESSILORLUXOTTICA
- CooperVision
- Carl Zeiss AG.
- Bausch & Lomb Inc.
- Safilo Group S.p.A.
- Charmant Group
- CIBA VISION
- De Rigo Vision S.p.A
- Fielmann AG
- Marchon Eyewear, Inc.
- Other Key Players
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