Eyewear Industry is Expected to Reach $ 177.4 Billion by 2031 - Johnson & Johnson Vision Care, Inc., EssilorLuxottica, CooperVision, Zeiss Group

Global Eyewear Market reached US$ 114.8 billion in 2023 and is expected to reach US$ 177.4 billion by 2031 growing with a CAGR of 5.7% during the forecast period 2024-2031.

Increased screen use is contributing to vision problems like myopia, hyperopia, and presbyopia, driving higher demand for corrective eyewear. Aging populations and lifestyle changes also boost this need. For example, in 2022, designer Jack Spencer created sustainable sunglasses made from old jeans, promoting eco-friendly practices. The Asia-Pacific region accounts for over one-third of the global eyewear market, with significant growth potential. EssilorLuxottica, a French multinational, is expanding in India, aiming to strengthen partnerships and invest in visual solutions across more than 450 cities.

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Key Developments:

• On April 11, 2023, Innovative Eyewear, known for brands like Nautica and Eddie Bauer, launched the Lucyd app, enabling a voice interface for ChatGPT on its Lyte 2.0 smart glasses.

• On March 30, 2023, Blender Eyewear partnered with Oracle Red Bull Racing to release new sunglasses styles, including Millenia X2 and Meister X2.

• Huawei introduced its Vision Glass smart eyewear, featuring micro OLED screens and 1080p resolution, at a VR industry conference on November 14, 2022.

• Safilo Group, the first to adopt Tritan Renew Polarised lenses, announced a technical innovation partnership with Eastman, launching sustainable lenses in Under Armour eyewear by August 2023, with plans to expand across their portfolio.

Market Dynamics:

E-commerce platforms provide eyewear consumers with the convenience of shopping anytime, anywhere, with the ability to compare prices and access a wide range of options. Features like virtual try-ons, offered by platforms like Lenskart, help customers visualize products before purchase. On May 10, 2021, Anvidha Technologies launched Eyemyeye, a new online optical brand in India. Similarly, on May 18, 2023, Chanel introduced its first eyewear e-commerce platform in the UAE and Kuwait, featuring its latest designs and virtual try-on options for a seamless shopping experience.

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Market Segment:

By Product: Spectacles, Sunglasses

By Distribution Channel: E-Commerce, Retail

By End-User: Men, Women, Unisex

Major Key Players:

• Johnson & Johnson Vision Care, Inc
• EssilorLuxottica
• CooperVision
• Zeiss Group
• Bausch & Lomb Incorporated
• Safilo Group S.p.A
• Charmant Group
• Alcon
• De Rigo Vision S.p.A
• Marcolin

*Note:

Additionally, I wanted to highlight that the full version of the report includes an in-depth analysis of emerging players and startups, which will provide valuable insights into the evolving market landscape and key strategies being adopted.

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