Press release
Eyewear Market Landscape to 2034: Key Forces Shaping the Next Decade of Growth
Eyewear Market
How Large Will the Eyewear Market Size By 2025?
In recent years, the eyewear industry has experienced a robust growth. The market value is anticipated to increase from $158.53 billion in 2024 to $173.89 billion in 2025, corresponding to a compound annual growth rate (CAGR) of 9.7%. Factors such as fashion and style trends, a surge in vision issues, heightened awareness of UV protection, celebrity endorsements and influences, along with an aging population have contributed to this growth in the historic period.
How Big Is the Eyewear Market Size Expected to Grow by 2029?
The size of the eyewear market is predicted to experience swift expansion in the upcoming years, reaching $264.56 billion in 2029 with an compound annual growth rate (CAGR) of 11.1%. This growth during the forecasted period is driven by factors such as advancement in smart eyewear, eco-conscious and sustainable methods, globalization influencing market expansion, customization and personalization, and the popularity of virtual try-on services. Key trends in this forecasted period consist of awareness towards digital eye strain, progress in technology, emphasis on sustainable eyewear, dominance of e-commerce, and the implementation of blue light filtering technology.
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Which Key Market Drivers Powering Eyewear Market Expansion and Growth?
The eyewear market continues to expand due to the escalating issues associated with diminishing eye health. This deterioration is characterized by the declining capacity of the eyes to perceive clearly or the development of various eye aberrations. Contributing factors leading to declining eye health include ailments like age-related macular degeneration, cataract, diabetic retinopathy, glaucoma, and excessive screen exposure. With eye health issues on the rise, the requirement for eyewear, owing to its essential role in treating eye conditions and restoring clear vision, is expected to escalate. For example, data from the US-based Government agency, Centers for Disease Control and Preventionat, indicates that approximately three-fifths of Americans aged 40 and over, which makes up around 90 million individuals, faced eye-related complications in May 2024. It is predicted that by 2050, the USA will witness a drastic increase in vision-related problems. The cases of diabetic retinopathy are expected to grow by 72%, cataracts by 87%, while glaucoma and age-related macular degeneration are set to double. Accordingly, rates of vision impairment and blindness are anticipated to rise by 150%, bringing the cost of these issues to a staggering $373 billion, marking a 157% increase. Therefore, the upward trend in eye health deterioration is set to propel the demand for eyewear in the forecasted period.
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What Are the Key Trends Driving Eyewear Market Growth?
A significant trend that is rapidly gaining traction in the eyewear market is technological innovation. This includes the development and rise of smart glasses, which effectively place a computer screen or display directly in front of a user's eyes via innovative technology, delivering data straight from a background information system. This information can be reflected onto the lenses of the glasses, or presented to the user as a separate addition to their vision. Furthermore, such smart glasses usually come equipped with additional intelligent features, such as Bluetooth connectivity, open ear speakers, and fitness trackers. This results in a product that is versatile and user-friendly. Top players in the market are concentrating their efforts on the development of smart glasses as a means to solidify their market position. For example, Titan, a luxury goods company based in India, in January 2022, launched its latest smart glasses product, Titan EyeX. The glasses boast interesting features like open-ear speakers, touch controls, and a fitness tracking system. Compliant with Android and iOS smartphones, it is Bluetooth v5.2-enabled and is also dust and water-resistant. The glasses' voice navigation and warnings delivered through the open-ear speakers make it a highly advanced gadget.
What Are the Emerging Segments in the Eyewear Market?
The eyewear market covered in this report is segmented -
1) By Product: Contact Lenses, Spectacles, Sunglasses
2) By Gender: Men, Women, Unisex
3) By Distribution Channel: Optical Stores, Independent Brand Showrooms, Online Stores, Retail Stores
Subsegments:
1) By Contact Lenses: Soft Contact Lenses, Rigid Gas Permeable (RGP) Lenses, Colored Contact Lenses
2) By Spectacles: Prescription Glasses, Reading Glasses, Blue Light Blocking Glasses
3) By Sunglasses, Polarized Sunglasses, Fashion Sunglasses, Sports Sunglasses
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Who Are the Global Leaders in the Eyewear Market?
Major companies operating in the eyewear market include Silhouette International Schmied AG, JAND Inc., LVMH Moët Hennessy Louis Vuitton SE, Essilor International S.A., Carl Zeiss AG, Alcon Vision LLC, Hoya Corporation, Johnson & Johnson Vision Care Inc., Specsavers Optical Group Limited, GrandVision BV, Burberry Group plc, Bausch & Lomb Incorporated, The Cooper Companies Inc., Italia Independent Group S.p.A., Fielmann AG, Safilo Group S.p.A., Kering Eyewear, Marchon Eyewear Inc., Rodenstock GmbH, TAG Heuer SA, De Rigo Vision S.p.A., Marcolin S.p.A., Oakley Inc., Maui Jim Inc., Charmant Group Inc., Seiko Optical Products Co. Ltd., Lafont Paris, Luxottica Group S.p.A., Silmo Paris, Luxexcel Group BV
Which are the Top Profitable Regional Markets for the Eyewear Industry?
North America was the largest region in the eyewear market in 2024. Asia-Pacific is expected to be the fastest-growing region in the eyewear market during the forecast period. The regions covered in the eyewear market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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WiseGuyReports.com adds “Eyewear Market 2017 Global Analysis, Growth, Trends and Opportunities Research Report Forecasting to 2022”reports to its database.
This report provides in depth study of “Eyewear market” using SWOT analysis i.e. Strength, Weakness, Opportunities and Threat to the organization. The Eyewear Market report also provides an in-depth survey of key players in the market which is based on the various objectives of an organization such as profiling, the product outline,…
