Eyewear Market to Surpass USD 300 Bn by 2031, Driven by Eye Health Awareness

The global eyewear market was valued at USD 171.1 billion in 2021 and is projected to reach USD 300.9 billion by the end of 2031. This growth reflects a compound annual growth rate (CAGR) of 6.0% from 2022 to 2031. The market expansion is driven by increasing awareness of eye health, rising cases of vision impairment, growing fashion consciousness, and the widespread adoption of digital devices, which is boosting demand for both corrective and protective eyewear.

Increase in prevalence of eye disorders is driving the eyewear market. Eyeglasses and lenses are used to correct vision issues, including nearsightedness, farsightedness, astigmatism, and presbyopia. Rise in geriatric population is expected to boost the demand for progressive eyeglasses and bifocal lenses across the globe. Monofocal or single-vision glasses are gaining traction, due to the surge in adoption of smartphones, laptops, and other digital devices.

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Market Segmentation

The eyewear market can be segmented across various dimensions, providing a granular understanding of its dynamics:

By Product Type:

Spectacles:
Single Vision
Multifocal (Bifocal, Progressive, Trifocal)
Reading Glasses
Safety Glasses
Others (e.g., Blue Light Glasses)

By Lens Material: Glass, Organic Plastic, Polycarbonate, Others (Trivex, etc.)

By Frame Type: Full-rimmed, Rimless, Semi-rimless, Low Bridge Frames

Contact Lenses:

Soft Contact Lenses (including Silicone Hydrogel, Hydrogel, Hybrid)
Rigid Gas Permeable (RGP) Contact Lenses
Extended Wear Contact Lenses
Disposable Contact Lenses
Toric Contact Lenses
Others (e.g., colored contact lenses)

Sunglasses:

Polarized Sunglasses
Non-polarized Sunglasses

By Lens Type: High Index Plastic Lenses, Glass Lenses, Polycarbonate Lenses, Photochromic Lenses

By Frame Type: Clubmaster, Aviators, Cat Eye, Wayfarer, Retro Round, Oversized Rectangle, etc.

By Service Type:

Prescription Eyewear
Non-Prescription Eyewear

By Sourcing Type:

In-House Manufacturing
Outsourced Manufacturing

By Application:

Vision Correction
Fashion and Lifestyle
Protective Eyewear (e.g., industrial, sports)

By Industry Vertical:

Healthcare
Fashion
Sports
Industrial/Engineering

By Distribution Channel:

Online Channel: Company-owned Websites, E-commerce Websites
Offline Channel: Hypermarkets/Supermarkets, Specialty Stores, Optical Clinics/Hospitals, Multi-brand Stores

By Price Range:

Premium
Mid-range
Low-cost

By End User:

Men
Women
Kids
Regional Analysis

Geographically, the global eyewear market exhibits distinct patterns:

Asia Pacific is anticipated to dominate the eyewear market during the forecast period. This growth is attributed to the increasing prevalence of eye disorders, rising awareness about eye health, growing disposable incomes, and the increasing availability of affordable as well as fashionable eyewear. Countries like China and India are key contributors to this expansion.

North America holds a significant share, driven by high consumer awareness regarding eye health, a strong presence of key market players, and early adoption of technological advancements, including smart eyewear.

Europe is also a major market, characterized by a focus on sustainable eyewear, technological innovations, and a strong fashion influence. Government initiatives to improve access to vision care and subsidies for eyeglasses in some European countries also contribute to market growth.

Latin America, the Middle East & Africa are emerging markets, expected to witness steady growth due to increasing disposable incomes, expanding retail sectors, and rising awareness of eye care.

Market Drivers and Challenges

Market Drivers:

Increasing Prevalence of Eye Disorders: A significant rise in vision impairments such as myopia, hyperopia, presbyopia, and astigmatism, driven by factors like increased screen time and aging populations, fuels the demand for corrective eyewear.

Growing Geriatric Population: The elderly are more susceptible to age-related eye conditions like presbyopia, cataracts, and glaucoma, leading to a higher demand for progressive and bifocal lenses.

Fashion and Lifestyle Trends: Eyewear has transitioned into a significant fashion accessory. Consumers, particularly millennials and Gen Z, are increasingly seeking stylish, trendy, and customizable options, often influenced by social media and celebrity endorsements.

Technological Advancements: Innovations in lens materials (e.g., lightweight, anti-reflective, blue light filtering, silicone hydrogel), coatings, and frame designs (e.g., 3D printing, advanced materials like graphene, titanium, carbon fiber) enhance comfort, functionality, and protection.

Emergence of Smart Eyewear: The integration of AI, AR, and other smart features (e.g., fitness trackers, open-ear speakers, Bluetooth, livestreaming capabilities) is attracting tech-savvy consumers and expanding product functionalities.

Growing Adoption of E-commerce: Online platforms offer convenience, wider product selections, competitive pricing, and features like virtual try-on, boosting online sales.

Increasing Awareness of Eye Safety and Protection: Growing understanding of the importance of UV protection and safety eyewear for various activities.

Market Challenges:

Counterfeit Products: The market faces challenges from counterfeit eyewear, which can harm brand reputation, erode consumer trust, and pose health risks due to inferior quality.

Price Sensitivity: High costs associated with premium and technologically advanced eyewear can deter price-sensitive consumers, particularly in developing regions.

Increasing Adoption of Vision Correction Methods: The availability and increasing popularity of alternative vision correction methods like laser eye surgery (LASIK) could impact demand for traditional eyewear.

Disposal of Old Eyewear: Environmental concerns related to the disposal of old eyewear and the rapidly changing fashion trends that encourage frequent replacements pose a challenge.

Economic Uncertainty: Global economic fluctuations can impact consumer spending on discretionary items like fashion-driven eyewear.

Market Trends

Smart Eyewear Integration: Continued integration of augmented reality (AR) and artificial intelligence (AI) in eyewear, exemplified by products like Ray-Ban Meta smart glasses, offering features like livestreaming and AI assistants.

Sustainability and Eco-Friendly Materials: A strong shift towards the use of sustainable materials such as recycled plastics, bamboo, and biodegradable acetate in frames, driven by consumer demand and environmental consciousness.

E-commerce Expansion and Virtual Try-on: The rapid growth of online retail for eyewear, further enhanced by virtual try-on technologies that allow customers to preview frames digitally.

Customization and Personalization: Growing demand for eyewear that reflects individual style and preferences, including bespoke designs and 3D-printed frames tailored to specific needs.

Blue Light Blocking Glasses: Increasing demand for glasses designed to filter out harmful blue light emitted from digital screens, addressing concerns about eye strain and sleep disruption from prolonged screen time.

Health and Wellness Focus: Eyewear evolving to offer health monitoring features and advanced protection against environmental factors.

Premiumization and Luxury Eyewear: Rising disposable incomes are fueling demand for high-end, branded eyewear that combines style, quality, and performance.

Future Outlook

The eyewear market is poised for continued robust growth, driven by ongoing technological innovations and evolving consumer demands. The future will likely see further convergence of fashion, technology, and health in eyewear products. Smart eyewear, sustainable practices, and personalized experiences will be key differentiators. The increasing accessibility of eyewear through online channels, particularly in emerging markets, will further broaden the customer base. The market is expected to focus on enhancing user comfort, functionality, and aesthetic appeal through continuous R&D and strategic collaborations.

Key Market Study Points

Technological Integration: The profound impact of smart features (AR, AI, connectivity) on user experience and market growth.

Sustainability: The increasing importance of eco-friendly materials and manufacturing processes as a consumer preference and industry standard.

Digitalization of Retail: The shift towards online sales and the role of virtual try-on technologies in shaping purchasing habits.

Aging Population and Digital Eye Strain: The dual impact of demographic shifts and modern lifestyles on the demand for corrective and protective eyewear.

Customization: The growing consumer desire for personalized eyewear solutions.

Competitive Landscape

The global eyewear industry is characterized by intense competition and fragmentation, with a mix of globally diversified players, regional players, and numerous country-niche players. Large global players hold a significant market share, followed by regional entities. Key strategies adopted by market players include:

Research and Development (R&D): Continuous innovation in materials, lens technologies, and smart features.

Product Portfolio Expansion: Broadening offerings to cater to diverse consumer needs and preferences (e.g., specific lens types, frame styles, or smart functionalities).

Mergers & Acquisitions (M&A): Strategic consolidation to strengthen market presence, expand geographical reach, and acquire new technologies or brands.

Collaborations and Partnerships: Forming alliances to leverage expertise, co-develop products (e.g., EssilorLuxottica with Meta), or enhance distribution.

Brand Building and Marketing: Emphasizing fashion appeal, celebrity endorsements, and brand heritage to attract consumers.

Major players operating in the global eyewear market include:

EssilorLuxottica: A dominant force with a vast portfolio of brands.
Carl Zeiss AG: Known for its advanced lens technology.
HOYA Corporation: A key player in optics and vision care.
Johnson & Johnson Vision Care Inc.: Prominent in the contact lens segment.
CooperVision Limited: Another leading contact lens manufacturer.
Bausch + Lomb Corporation: Offers a wide range of eye health products, including contact lenses and vision care solutions.
Safilo Group S.p.A.: Known for design, manufacturing, and distribution of eyewear.
De Rigo Vision S.p.A.: A significant player in the design and production of eyewear.
Fielmann AG: A leading optical retailer.
Marchon Eyewear Inc.
Marcolin S.p.A.
Rodenstock GmbH
JINS Inc.
CHEMIGLAS CORPORATION
CHARMANT INC.

Recent Developments

July 2022: Bausch + Lomb launched Revive custom soft contact lenses in the U.S., offering spherical, toric, multifocal, and multifocal toric options.

September 2022: Safilo Group incorporated Eastman Tritan Renew into its polarized lenses and announced a technical innovation partnership with Eastman.

December 2022: Jack Spencer developed sunglasses made from old jeans, showcasing an innovative approach to sustainable manufacturing.

June 2023: Apple introduced its VR/AR headset, Apple Vision Pro, collaborating with Zeiss for magnetic correction lenses.

May 2023: Chanel launched its inaugural eyewear e-commerce platform in UAE and Kuwait, featuring virtual try-on.

January 2022: Modo Eyewear partnered with the American Optometric Association (AOA) to promote eye health and protective eyewear.

March 2022: EssilorLuxottica acquired GrandVision, a leading optical retailer, for $7.2 billion, further consolidating its market position.

Ongoing development of smart glasses with advanced functionalities and partnerships between eyewear companies and tech giants (e.g., EssilorLuxottica and Meta).

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The eyewear market is set for an exciting decade, characterized by continuous innovation, evolving consumer demands, and a strong emphasis on integrating technology with fashion and health.

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