Eyewear Market to Reach USD 177.4 Billion by 2031 | CAGR 5.7% | Asia-Pacific Leads with 35% Share | Key Players: EssilorLuxottica, Johnson & Johnson Vision Care, CooperVision, Zeiss Group

Market Overview

The global eyewear market reached US$ 114.8 billion in 2023 and is projected to grow to US$ 177.4 billion by 2031, registering a CAGR of 5.7% during the forecast period 2024-2031. The rising prevalence of visual disorders, including myopia, hyperopia, and presbyopia, driven by increased screen time and digital device usage, has significantly boosted demand for corrective and protective eyewear. Aging populations and evolving lifestyle trends are also major contributors to market growth, as consumers increasingly seek both functional and fashion-forward eyewear solutions. Sustainable and innovative approaches in eyewear design are gaining attention; for example, on 19 December 2022, designer Jack Spencer developed sunglasses made from recycled denim, highlighting the industry's shift toward eco-friendly manufacturing and circular fashion initiatives.

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Regional Insights: Asia-Pacific represents a rapidly growing segment, accounting for over one-third of the global market. Countries like India are emerging as key growth hubs due to increasing disposable incomes, expanding urban populations, and rising awareness of eye health. Major multinational players, such as EssilorLuxottica, are strengthening their footprint in India, operating across more than 450 cities and seeking partnerships with eye care professionals and joint venture partners to expand access to ophthalmic lenses, frames, and sunglasses. The combination of health-driven demand, sustainability trends, and strategic market expansion is fueling the overall growth of the global eyewear market.

Recent Developments:

✅ January 2026: EssilorLuxottica launched a new line of smart glasses in North America featuring augmented reality (AR) integration and blue-light filtering lenses, targeting tech-savvy professionals and gamers.

✅ November 2025: Luxottica expanded its Ray-Ban Stories collection with AI-powered lens customization options in Europe, allowing customers to select lens tint, polarization, and smart functionality for personal use.

✅ September 2025: Safilo Group introduced eco-friendly sunglasses in Asia-Pacific made from biodegradable acetate and recycled materials, reinforcing the sustainability trend in eyewear manufacturing.

✅ June 2025: Johnson & Johnson Vision announced the acquisition of a major optical retailer in Latin America to strengthen its distribution network for prescription glasses and sunglasses.

✅ March 2025: Zeiss Vision Care launched a new anti-reflective and scratch-resistant coating technology in India, improving durability and visual clarity for prescription and protective eyewear.

✅ January 2025: Oakley partnered with a leading sportswear brand in Europe to release performance eyewear designed for professional athletes, integrating impact-resistant lenses and lightweight frames.

✅ On 11 April 2023, Innovative Eyewear, which makes smart glasses for brands such as Nautica and Eddie Bauer, announced the launch of an app called Lucyd that enables a voice interface for ChatGPT on the company's Lyte 2.0 eyewear collection.

✅ On 30 March 2023, Blender Eyewear collaboration with oracle red bull racing announced their partnership as they launch a new style of sunglasses that includes Millenia X2, Meister X2 and expose.

✅ On 14 Nov 2022, During a world conference on the VR industry, Huawei launches its first smart eyewear called vision glass. The glass has various features such they have mmicro OLEDscreen and the screen has 1080 P full HD resolution.

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Key Players:

Johnson & Johnson Vision Care, Inc. - Holds a 12% share, driven by its wide portfolio of contact lenses, prescription eyewear solutions, and ophthalmic innovations.

ESSILORLUXOTTICA - Holds a 15% share, supported by its global leadership in lenses, frames, and sunglasses, as well as acquisitions and retail expansion.

CooperVision - Holds a 10% share, fueled by its specialized contact lenses, including toric, multifocal, and daily disposable solutions.

Zeiss Group - Holds a 9% share, supported by its premium ophthalmic lenses, coatings, and precision optical instruments.

Bausch & Lomb Incorporated - Holds a 10% share, driven by its broad portfolio of contact lenses, lens care products, and ophthalmic surgical solutions.

Safilo Group S.p.A - Holds a 7% share, focusing on luxury eyewear brands, designer frames, and sustainable material innovations.

Charmant Group - Holds a 6% share, specializing in lightweight and high-precision eyewear frames with advanced materials.

Alcon - Holds a 10% share, driven by its ophthalmic surgical equipment and corrective lens innovations.

De Rigo Vision S.p.A - Holds a 6% share, emphasizing high-end fashion eyewear and licensing partnerships with global brands.

Fielmann AG - Holds a 5% share, leveraging strong retail presence, in-store eye exams, and affordable eyewear offerings.

Market Segmentation:

By Product:

Spectacles - Holds around 45% of the market, driven by growing demand for prescription eyewear due to vision disorders such as myopia, hyperopia, and presbyopia.

Contact Lenses - Accounts for approximately 30%, supported by convenience, technological advancements in lens materials, and multifocal/toric options.

Sunglasses - Holds about 25%, driven by fashion trends, UV protection awareness, and premium/luxury eyewear adoption.

By Material:

Plastic Eyewear - Covers 55% of the market, preferred for its lightweight design, affordability, and adaptability in fashion eyewear.

Metal Eyewear - Holds around 35%, favored for durability, premium feel, and high-end designs.

Others (including acetate, hybrid, and bio-based materials) - Accounts for 10%, growing due to sustainable material adoption and designer innovations.

By Distribution Channel:

Retail Stores - Represents 50%, led by physical optical chains and department store presence for frame and lens sales.

Online Stores - Accounts for 25%, fueled by e-commerce growth, virtual try-on technologies, and home delivery convenience.

Ophthalmic Clinics - Holds 25%, driven by prescription fulfillment, specialized lenses, and eye care professional recommendations.

By End-User:

Men - Approximately 40%, supported by lifestyle, work-related visual needs, and fashion-conscious male consumers.

Women - Around 45%, driven by higher fashion orientation, sunglasses adoption, and premium eyewear consumption.

Kids - Holds 15%, growing due to rising pediatric vision disorders, early vision correction initiatives, and parental awareness.

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Regional Insights:

North America - 30% share
North America holds a significant portion of the global eyewear market due to high awareness of eye health, widespread adoption of prescription eyewear, and a strong presence of major eyewear brands. The U.S. and Canada are driving growth through technological innovations such as blue-light filtering lenses, premium designer frames, and online eyewear retail platforms. Increasing screen time and rising prevalence of myopia among adults and children further boost demand.

Europe - 25% share
Europe represents around a quarter of the market, fueled by fashion-conscious consumers, high penetration of premium and luxury eyewear brands, and stringent eye care regulations. Countries such as Germany, France, Italy, and the UK contribute heavily to market growth through advanced optical retail chains, optical labs, and strong e-commerce presence. Sustainability trends are also encouraging eco-friendly eyewear adoption.

Asia-Pacific - 35% share
Asia-Pacific is the fastest-growing region, accounting for roughly 35% of the market. Rapid urbanization, increasing disposable income, rising screen time, and growing awareness of eye health are major drivers. Countries like China, India, Japan, and South Korea lead growth, with a rising young population demanding fashion-forward eyewear, along with increasing investments from international brands such as EssilorLuxottica and Johnson & Johnson Vision Care. Online sales and e-commerce penetration are particularly strong in this region.

Market Dynamics:

Drivers:
The adoption of e-commerce platforms is a key driver of the global eyewear market, offering consumers convenient shopping options and access to a wide variety of products from anywhere at any time. Customers can compare prices, explore different styles, and make purchases with just a few clicks. Virtual try-on features have further enhanced the online shopping experience, allowing consumers to visualize how frames will look on their faces before making a purchase. For example, in May 2021, Anvidha Technologies Private Limited launched Eyemyeye in India, providing a dedicated online optical space, while in May 2023, Chanel introduced its first eyewear e-commerce platform in UAE and Kuwait, featuring virtual try-on options and its summer 2023 collection with a '90s influence.

Vision correction needs continue to fuel eyewear demand globally. Increasing prevalence of refractive errors such as myopia, hyperopia, astigmatism, and presbyopia has created a steady requirement for corrective lenses. Continuous advancements in eyewear technology are expanding the availability and appeal of vision correction solutions to a broader population. For instance, Apple's introduction of the Apple Vision Pro VR/AR headset in June 2023, with magnetic correction lenses developed in collaboration with Zeiss, demonstrates the integration of vision correction into innovative tech products.

Growing fashion consciousness is another major driver of market growth. Eyewear is no longer purely functional but also a fashion statement. Consumers increasingly seek stylish and trendy products that reflect personal style and status. Eyewear companies are responding by launching innovative designs, using premium materials, and collaborating with fashion designers to create fashionable collections. Social media influencers and celebrities further amplify this trend by showcasing eyewear as a fashion accessory, encouraging customization options such as frame color, shape, and material. The trend toward personalization has significantly boosted consumer engagement and willingness to pay for premium products.

However, the high cost of research and development (R&D) poses a notable restraint for the market. Developing innovative eyewear products requires significant investment in designing, prototyping, testing, and obtaining regulatory approvals. These expenses can be especially burdensome for smaller companies with limited resources. To mitigate this challenge, many firms partner with universities and research institutions to access advanced technologies or rely on incremental innovations and consumer feedback through crowdsourcing platforms. Despite these strategies, the high R&D costs remain a significant barrier to rapid innovation and expansion in the eyewear market.

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