Eyewear Market Poised for Growth: 8.3% CAGR to Drive Expansion to $437.86 Billion by 2034

In 2024, the market for eyewear is projected to be at a value of USD 197.99 billion. From 2025 to 2034, the market is projected to expand at a CAGR of 8.3%, from USD 213.99 billion in 2025 to USD 437.86 billion in 2034.

Some key factors responsible for the growth are:
• The rising popularity of high-end accessories among millennials and Gen-Z is driving market growth.

• The rising occurrence of eye health problems globally is driving the expansion of the eyewear market.

• The growing elderly population worldwide is driving the growth of the eyewear market.

• The eyewear industry is also seeing considerable growth due to the evolving lifestyle habits of consumers.

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What Is Eyewear?
Eyewear is a term for devices worn over the eyes, such as glasses, contact lenses, and goggles. Eyewear can be used to correct vision, protect the eyes, or for fashion. They include eyeglasses, sunglasses, and safety goggles, which utilize lenses with different prescriptions to adjust the light entering the eye. This allows people to see clearly at various distances depending on their specific vision needs. The key components include the frame, lenses, and hinges, with lens types ranging from single vision (correcting one distance) to multifocal (correcting multiple distances) based on the wearer's vision problems. Eyewear primarily functions to correct vision issues like nearsightedness, farsightedness, astigmatism, or presbyopia by adjusting the light rays entering the eye with the help of prescription lenses.

Key Players in Market
Key industry players are significantly investing in research and development to broaden their product lines, which will further boost the growth of the eyewear market. Some of the key players consist of:
• Luxottica Group S.p.A.
• Bausch + Lomb Inc.
• Johnson & Johnson Vision Care
• Carl Zeiss AG
• GrandVision
• Essilor International S.A.
• Cooper Companies, Inc.
• Fielmann AG
• Safilo Group S.p.A.
• Prada S.p.A
• Hoya Corporation
• De Rigo SpA

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Segmental Overview:
• The market for eyewear is basically segmented depending on product, distribution channel, end user, and region.

• By product, the eyewear market is segmented into spectacles, sunglasses, and lenses.

• In 2024, the spectacles segment held the largest share of the market, driven by the rising incidence of vision issues like myopia, hyperopia, and presbyopia.

• Based on the distribution channel, the market for eyewear is segmented into retail stores, ophthalmic clinics, and online stores.

• The online stores segment is anticipated to expand at the fastest rate over the forecast period thanks to technological progress and changing consumer trends favoring e-commerce.

Eyewear Market Developments
• July 2024: EssilorLuxottica entered into an agreement to acquire Optical Investment Group, marking its expansion into Romania's optical retail sector. This move aligns with the company's goal of enhancing its presence in the region while continuing its mission to deliver high-quality vision care globally.

• June 2024: Bausch + Lomb introduced Bausch + Lomb INFUSE for Astigmatism, a daily disposable contact lens in the United States. Designed to provide clear and stable vision, the lens also ensures all-day comfort while reducing dryness.

• February 2021: Johnson & Johnson Services, Inc. received CE mark approval for its ACUVUE OASYS MULTIFOCAL contact lenses, developed specifically to address the needs of individuals with presbyopia.

• March 2021: JINS Eyewear launched its JINS&SUN sunglasses brand in the United States, offering a diverse collection with 29 shapes and 84 styles.

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Regional Analysis :
• North America
o US
o Canada

• Europe
o Germany
o France
o UK
o Italy
o Spain
o Netherlands
o Russia
o Rest of Europe

• Asia-Pacific
o China
o Japan
o India
o Malaysia
o South Korea
o Indonesia
o Australia
o Vietnam
o Rest of Asia-Pacific

• Middle East & Africa
o Saudi Arabia
o UAE
o Israel
o South Africa
o Rest of Middle East & Africa

• Latin America
o Mexico
o Brazil
o Argentina
o Rest of Latin America

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