Global Eyewear Market Size By Product Type (Prescription Glasses, Contact lenses, Sunglasses, Spectacles), By Mode of Sale (Online, Offline), By End-User (Male, Female, Unisex, Kids), By Geographic Scope And Forecast

Eyewear Market Size And Forecast

Eyewear Market size was valued at USD 149.73 Billion in 2023 and is projected to reach USD 253.45 Billion by 2031, growing at a CAGR of 6.80% from 2024 to 2031.

• Eyewear encompasses a wide range of eye accessories designed for vision correction, eye protection, and style, making it an essential part of daily life for many people. The primary types of eyewear include glasses, sunglasses, and contact lenses, each serving unique functions.
• Glasses, or spectacles, are the most common form, crafted with prescription lenses to address refractive issues such as myopia (nearsightedness), hyperopia (farsightedness), astigmatism, and presbyopia. These lenses are specifically tailored to provide clear, comfortable vision, making glasses an essential tool for individuals with vision impairments.
• Sunglasses offer another important function by protecting the eyes from harmful ultraviolet (UV) rays and reducing glare from intense sunlight. Available in a variety of designs and styles, sunglasses serve both practical and aesthetic purposes, appealing to fashion-conscious consumers as well as those seeking protective eyewear.
• Contact lenses provide a more discreet alternative for vision correction. These thin, curved lenses are placed directly on the eye’s surface and are designed from oxygen-permeable materials that support eye health and comfort, particularly for individuals preferring an alternative to traditional glasses.
• With countless options in frame styles, materials, colors, and designs, eyewear has evolved beyond functionality to become a vital element of fashion and self-expression, catering to diverse tastes and lifestyles across all age groups.

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Global Eyewear Market Dynamics

The key market dynamics that are shaping the global Eyewear Market include:

Key Market Drivers

• Rising Prevalence of Vision Problems Due to Digital Screen Usage: The increased use of digital devices has led to a surge in vision-related problems. According to the World Health Organization’s 2022 report, approximately 2.2 billion people globally have vision impairment, with digital eye strain affecting 65% of working professionals. The American Optometric Association reported a 40% increase in cases of Computer Vision Syndrome between 2020-2023, with 70% of adults experiencing digital eye strain symptoms during the pandemic.
• Aging Population and Age-Related Vision Disorders: The growing elderly population has increased the demand for vision correction products. The United Nations Department of Economic and Social Affairs reported that the global population aged 65 and above reached 771 million in 2022, with an estimated 82% requiring some form of vision correction. The National Eye Institute documented that age-related macular degeneration cases increased by 25% from 2020 to 2023, affecting approximately 196 million people globally.
• Growing Fashion Consciousness and Premium Eyewear Adoption: Eyewear has evolved from a medical device to a fashion accessory. The Eyewear Industry Statistics Report 2023 indicated that the premium eyewear segment grew by 34% between 2020-2023, with consumers aged 25-40 spending an average of $340 annually on fashion eyewear. The Global Fashion Index reported that fashion-oriented eyewear purchases increased by 28% in 2022, with designer brands capturing 45% of the total market share.

Key Challenges

• Counterfeit Products and Grey Market Penetration: The proliferation of counterfeit eyewear products significantly impacts market revenue. According to the International Trademark Association’s 2022 report, counterfeit eyewear resulted in global losses of approximately USD 3.5 Billion annually. The World Customs Organization identified that fake eyewear products increased by 43% between 2020-2023, with Asia accounting for 67% of seized counterfeit eyewear products, valued at USD 890 Million in 2022.
• High Cost of Premium and Prescription Eyewear: The substantial cost of branded and prescription eyewear limits market accessibility. The Vision Council’s 2023 report revealed that the average cost of prescription glasses in developed countries ranges from $200 to $600, with premium brands costing up to $1,000. A consumer survey in 2022 showed that 45% of potential customers delayed purchasing new eyewear due to cost concerns, with 33% opting for lower-quality alternatives.
• Growing Popularity of Vision Correction Surgeries: The increasing adoption of corrective eye surgeries poses a significant threat to the traditional eyewear market. The American Society of Cataract and Refractive Surgery reported a 28% increase in LASIK and other vision correction procedures between 2020-2023, with approximately 850,000 procedures performed in 2022 alone. The Global Refractive Surgery Market data showed that 42% of individuals aged 25-35 preferred surgical correction over long-term eyewear use, representing a potential market value loss of $4.2 billion annually.

Key Trends

• Rise of Smart Eyewear and Digital Integration: The integration of technology into eyewear has created a new market segment. According to the International Data Corporation (IDC), the smart Eyewear Market grew by 67% between 2020-2023, reaching $12.8 billion in revenue. The Wearable Technology Market Report 2023 revealed that shipments of smart glasses increased from 1.2 million units in 2020 to 4.6 million units in 2023, with AR-enabled eyewear accounting for 38% of the segment. Major tech companies invested approximately USD 5.2 Billion in smart eyewear development during 2022 alone.
• Sustainable and Eco-Friendly Eyewear Solutions: Environmental consciousness has driven the demand for sustainable eyewear. The Sustainable Fashion Index 2023 reported that eco-friendly eyewear sales grew by 45% between 2020-2023, with recycled materials being used in 28% of all new eyewear launches in 2022. The Global Eco-Eyewear Association documented that biodegradable frame production increased by 156% from 2020 to 2023, with 62% of consumers willing to pay a premium of 15-20% for sustainable eyewear options.
• Direct-to-consumer (D2C) and Online Retail Growth: The shift towards online eyewear shopping has transformed distribution channels. The Vision Council’s E-commerce Report 2023 showed that online eyewear sales increased by 84% from 2020 to 2023, reaching USD 14.2 Billion globally. Virtual try-on technology adoption grew by 175% during this period, with 55% of millennials preferring to purchase eyewear online. Major D2C eyewear brands reported a 92% increase in customer acquisition through digital channels, with average order values increasing by 23% compared to traditional retail.

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Global Eyewear Market Regional Analysis

Here is a more detailed regional analysis of the global eyewear market:

North America

• North America substantially dominates in the global Eyewear Market driven by the strong healthcare infrastructure and vision insurance coverage.
• Comprehensive vision care coverage drives Eyewear Market growth. According to the Vision Council of America, approximately 76% of Americans had some form of vision insurance in 2022, representing a 12% increase from 2020.
• Medicare and private insurance providers covered an estimated USD 14.2 Billion in vision care costs in 2022, with vision insurance claims for eyewear increasing by 28% between 2020-2023. The average insurance coverage for eyewear increased from $150 to $250 per pair during this period.
• The growing aging population and increased screen time have boosted demand. The National Eye Institute reported that 41 million Americans were using prescription eyewear in 2022, a 15% increase from 2020.
• Among adults aged 18-34, digital eye strain cases increased by 59% between 2020-2023, with 73% requiring some form of vision correction.
• The CDC documented that 88% of Americans over 65 use at least one pair of prescription eyewear, with an average annual spend of $442 per person.
• North America hosts major eyewear companies and innovative retail concepts. The Eyewear Retailers Association reported that the number of specialty eyewear stores in North America grew by 22% from 2020 to 2023, reaching 38,400 locations.
• The region’s eyewear manufacturing sector generated USD 16.4 Billion in revenue in 2022, with U.S.-based manufacturers controlling 42% of the premium Eyewear Market share. Direct-to-consumer eyewear brands in North America saw a 95% growth in sales between 2020-2023.

Asia Pacific

• Asia Pacific is anticipated to witness the fastest growth in the Global Eyewear Market during the forecast period owing to the rising myopia prevalence and youth population.
• Asia Pacific has experienced a significant surge in myopia cases, particularly among younger populations. According to the World Health Organization’s Western Pacific Region report, myopia affects approximately 53.4% of the region’s population as of 2022, with East Asian countries showing rates as high as 80-90% among young adults.
• China’s National Health Commission reported that myopia rates among school-age children increased by 15.2% between 2020-2023, with 81% of high school students requiring vision correction. This has led to a 34% increase in eyewear sales targeting youth demographics.
• Economic growth has expanded the consumer base for eyewear products. The Asian Development Bank reported that the middle-class population in Asia Pacific grew to 2.2 billion in 2022, with average healthcare spending increasing by 23% from 2020 to 2023.
• In India, the Eyewear Market experienced a 45% growth in premium segment sales, with average consumer spending on eyewear increasing from $85 to $142 annually. China’s urban consumers increased their eyewear spending by 56% during this period, reaching an average of $198 per person annually.
• The rapid digitalization across the Asia Pacific has increased vision correction needs. According to the Asia Pacific Digital Transformation Report 2023, daily screen time in the region increased by 40% between 2020-2023, reaching an average of 7.2 hours per day.
• This led to a 62% increase in computer vision syndrome cases, with Japan reporting that 78% of office workers required some form of vision correction by 2023. The demand for blue-light filtering lenses grew by 89% across the region, with South Korea leading adoption at 67% of all prescription eyewear sales.

Global Eyewear Market: Segmentation Analysis

The Global Eyewear Market is segmented on the basis of Product Type, Mode of Sales, and End-User.

Eyewear Market, By Product Type

• Prescription Glasses
• Contact lenses
• Sunglasses
• Spectacles

Based on Product Type, The Global Eyewear Market is segmented into Prescription Glasses, Contact lenses, Sunglasses, and Spectacles. Prescription glasses significantly dominate the global eyewear market, driven by rising cases of eye conditions like myopia and presbyopia. Advances in lens technology, producing thinner, lighter, and scratch-resistant lenses, have made them more comfortable and visually appealing. Additionally, a wide range of options, including designer frames and customized lenses, has bolstered demand for prescription eyewear.

Eyewear Market, By Mode of Sales

• Online
• Offline

Based on Mode of Sales, The market is segmented into Online and Offline. The online segment dominates in the global Eyewear Market owing to the convenience, variety, and affordability of e-commerce platforms. These platforms offer extensive options in eyeglasses, sunglasses, and contact lenses, catering to various vision needs and style preferences. Online accessibility, especially in remote areas, along with virtual try-on tools like augmented reality (AR), allows consumers to easily visualize frames, enhancing the overall shopping experience.

Eyewear Market, By End-User

• Male
• Female
• Unisex
• Kids

Based on End-User, The market is segmented into Male, Female, Unisex, and Kids. The female segment dominates in the global Eyewear Market driven by women’s growing embrace of eyewear as a fashion accessory, with diverse styles available to match various preferences. Increased workforce participation and active lifestyles have heightened the need for eyewear that aligns with professional and daily activities. Additionally, rising awareness of eye health has fueled demand for prescription eyewear among women. The availability of fashionable, functional options, such as contact lenses and prescription sunglasses.

Key Players

The “Global Eyewear Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Johnson & Johnson Vision Care, Inc., ESSILORLUXOTTICA, CooperVision, Carl Zeiss AG, Bausch & Lomb, Inc., Safilo Group S.p.A., Charmant Group, Chemilens (CHEMIGLAS Corp.), CIBA VISION, De Rigo Vision S.p.A, Fielmann AG.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis.

Global Eyewear Market Key Developments

• In October 2023, Alcon announced the launch of TOTAL30 Multifocal, a monthly water gradient multifocal contact lens, in the United States and some international markets.
• In September 2021, Luxottica Group’s Ray-ban announced the launch of its latest line of smart glasses with capabilities that allow consumers to snap photographs and videos, share their trips, listen to music, and make phone calls.
• In February 2021, Johnson & Johnson Vision Care Inc. announced that it had gained a CE mark for the ACUVUE OASYS MULTIFOCAL contact lens, which will aid people with presbyopia.

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