Eyewear Market

Eyewear Market Outlook (2024 to 2034)

With changing fashion trends and an increasing focus on eye health, the global eyewear market is set to reach a valuation of US$ 130.4 billion in 2024 and further increase to US$ 233.5 billion by 2034, which amounts to a CAGR of 6% for the next ten years.

Market growth for eyewear is being bolstered by new fashion trends and technological breakthroughs, besides increasing consumer emphasis on eye health. The high use of digital gadgets has raised consumers' concerns about the degree of strain and potential long-term repercussions on their eyes.

The e-commerce industry is experiencing exceptional growth, complementing the demand for eyewear as people can access a vast range of eye products and enjoy an easy shopping experience. Consumers now have access to a wide range of eyewear in a friendly shopping environment, and, as such, their purchase behaviors have changed for the better.

More consumers now prefer eyewear created by sustainable and eco-friendly methods. Manufacturers are incorporating environment-friendly materials in the production of their eyewear to increase their consumer base and gain a higher market share.

Key Market Growth Drivers

• Technological advancements in lens materials and coatings, such as anti-reflective and blue-light-blocking treatments, are benefiting both prescription and non-prescription eyewear users.
• As digital device utilization grows, people are looking for eyewear that soothes eye strain and protects against damaging blue light emissions.
• With age-specific eye problems becoming more common nowadays, there is a greater need for reading glasses, bifocals, and progressive lenses.
• Due to changing fashion trends and heightened focus on individual style, demand for trendy eyewear is increasing as the need for a fashionable accessory.
• The expansion of e-commerce platforms has significantly broadened the reach of eyewear stores, providing consumers with a wide range of products and convenient shopping experiences.
• Eyewear brands are advertising on popular social media platforms such as Instagram, Twitter, and Facebook, allowing them to evaluate audience preferences and provide custom-curated items.

Report Attributes	Details
Eyewear Market Size (2024E)	US$ 130.4 Billion
Forecasted Market Value (2034F)	US$ 233.5 Billion
Global Market Growth Rate (2024 to 2034)	6% CAGR
North America Market Value (2034F)	US$ 62.3 Billion
East Asia Market Value (2024E)	US$ 30.1 Billion
Sales of Sunglasses (2034F)	US$ 124.9 Billion
Sales of Plastic Eyewear (2034F)	US$ 114.2 Billion
Key Companies Profiled	Luxottica Group S.p.A. Essilor International SAS Johnson & Johnson Vision Care, Inc. Safilo Group S.p.A. Alcon Vision LLC Carl Zeiss AG Cooper Companies GrandVision Prada S.p.A Valeant Pharmaceuticals International, Inc. Silhouette International Schmied AG LVMH Group Marcolin SpA De Rigo Vision SpA Hoya Corporation Fielmann AG

What are the Primary Factors Driving Eyewear Market Growth Globally?

“Increasing Prevalence of Vision Problems across the World”

Age-related vision issues such as presbyopia are more common in older populations, which raises the need for progressive lenses and reading glasses. Furthermore, shortsightedness and digital eye strain are becoming increasingly common throughout all age groups as a result of the widespread use of digital devices and prolonged screen time.

Exposure to ultraviolet (UV) radiation and pollution are two more environmental factors that can be harmful to eye health. The market for corrective and specialty eyewear is growing steadily due to the rising need for protective eyewear, contact lenses, and prescription eyeglasses.

“Changing Fashion Trends and Personal Styling Preferences”

In today's world, eyewear is not only used to improve vision but also as a fashion statement. More people are using eyeglasses to show off their personalities and express themselves differently. Brands are partnering with social media influencers and celebrities to drive the sales of trendy and latest eyewear collections. They are offering a variety of frames, colors, and materials such as metal, plastics, and fiber to meet changing fashion-related demands. Current eyewear market trends are oversized frames, frames inspired by retro designs, cat-eye frame styles, and many others, helping increase the overall market size.

“Increasing Awareness of Eye Health and Maintaining Good Vision”

As people have become more reliant on digital devices, screen time has greatly increased, leading to eye strain and long-term vision problems. This has prompted efforts to promote regular eye exams and education about eye health.

Workplace programs related to vision and preventing digital eye strain have also become more important. Increasing awareness has sparked greater interest in products such as vision correction glasses, protective eyewear, and those aimed at relieving digital eye strain. The rising emphasis on eye health and care has driven the importance of protecting eye vision in all areas of life.

What are Challenges Faced by Eyewear Manufacturers?

“Ensuring Product Quality and Consistency”

In the competitive world of eyewear manufacturing, ensuring top quality across every pair of glasses is a major challenge. To satisfy strict standards and criteria, each pair of glasses must undergo a thorough examination. Sophisticated testing apparatus and qualified labor to achieve consistency in product quality are areas where companies need to invest. Eyewear manufacturers need to maintain their reputation and satisfy the changing demands of customers by giving quality assurance procedures and continuous improvement programs priority, which, in the end, drives up their expenses.

“Rising Product Manufacturing Costs”

Costs are increasing due to various factors and this is becoming a key challenge for manufacturers of eyewear. These expenses include raw materials, workforce, and energy. To remain competitive in the market, manufacturers need to develop innovative production methods and train personnel as the demand for eyeglasses grows and customer expectations for quality and innovation rise.

Political tensions and changes in currency exchange rates can further increase cost constraints, which can have a negative impact on supply chain management and sourcing. For eyeglasses makers trying to stay profitable in a changing and more competitive market, striking a careful balance between cost conservation measures and the requirement to maintain product quality and satisfy regulatory standards continues to be a challenge.

Country-wise Insights

The North American eyewear industry is characterized by a high demand for attractive and innovative eyeglasses and accounts for 25.9% of the global eyewear market share. When it comes to eyeglasses consumers here mostly emphasize style and brand familiarity. The market is also being driven by the extensive use of digital gadgets, which has led to an increase in the demand for blue-light-blocking lenses and other protective eyewear options.

Why is Demand for Eyewear Products High in the United States?

“Market Benefiting from Diverse Population and Varied Lifestyles”

Attribute	United States
Market Value (2024E)	US$ 16.3 Billion
Growth Rate (2024 to 2034)	6.6% CAGR
Projected Value (2034F)	US$ 30.8 Billion

The United States holds a 48.3% share of the North American market, which is more than other countries that come under this region. Popular brands are operating in the United States, such as Ray-Ban, Oakley, Costa, and Warby Parker. The country has a big and diversified population with distinct demographics and lifestyles, driving the demand for eyeglasses among different age groups and categories of consumers. From youngsters looking for stylish frames to seniors in need of progressive lenses, the market is benefiting from these varied demands.

Why is China an Important Market for Eyewear Producers?

“Low Labor Cost and Huge Production Base”

Attribute	China
Market Value (2024E)	US$ 13.2 Billion
Growth Rate (2024 to 2034)	6.8% CAGR
Projected Value (2034F)	US$ 25.4 Billion

China is a crucial market for eyewear manufacturers due to its vast industrial base and low cost of labor. Generally, eyewear such as spectacles and sunglasses from top brands is expensive, and to meet the demands of all consumers, low-priced eyewear products are a necessity. Though most of the low-priced eyewear is manufactured in China, that doesn’t mean all the products are of low quality. China benefits from low labor and production costs as compared to countries such as the United States, Japan, and those in the European Union.

Category-wise Insights

Will Demand for Sunglasses Increase Globally as Expected?

“Ever-Increasing Popularity of Sunglasses as Fashion Accessory”

Attribute	Sunglasses
Segment Value (2024E)	US$ 69 Billion
Growth Rate (2024 to 2034)	6.1% CAGR
Projected Value (2034F)	US$ 124.9 Billion

As awareness of the harmful effects of UV rays grows among consumers, the use of sunglasses while going outdoors to protect eyes from harmful UV rays has also been increasing. Growing pollution levels have complemented eyewear market growth as demand for protective glasses rises. However, besides shielding the eyes, the use of sunglasses is also growing as a fashionable accessory. Fashion brands have taken advantage of this popularity as a fashion statement and have opened multiple specialty stores to expand their consumer network and serve them better.

Why Do More Consumers Prefer Plastic Eyewear Compared to Metal Eyewear?

“Popularity of Plastic Eyewear Products Increasing among Budget-Conscious Consumers”

Attribute	Plastic Eyewear
Segment Value (2024E)	US$ 62.3 Billion
Growth Rate (2024 to 2034)	6.2% CAGR
Projected Value (2034F)	US$ 114.2 Billion

Demand for plastic eyewear is higher as compared to metal eyewear and accounts for almost half of the global market share. Plastic is widely utilized in the manufacturing of eyewear, backed by its durability and lower cost. Consumers prefer spectacles and sunglasses made from plastic as they are lightweight compared to metal eyewear products. Also, many brands have launched flexible plastic frame glasses that do not break easily or bend due to pressure or accidents. Plastic eyewear frames are the preferred choice for budget-conscious customers.

Competitive Landscape

Eyewear manufacturers are focusing on making stylish products at reasonable prices, encouraged by rising customer demand for these products. Several brands are introducing new designs and patterns to respond to the latest fashion trends.

Key players in the eyewear industry are Essilor International SAS, Cooper Companies, Johnson & Johnson Vision Care, Inc., Luxottica Group S.p.A., Safilo Group S.p.A., Alcon Vision LLC, Carl Zeiss AG, GrandVision, and Prada S.p.A.

• In October 2023, the Voyage eyewear brand launched its exclusive Voyage Women platform featuring women’s sunglasses.
• In December 2023, a new player in the premium unisex eyewear area, Shisen Fox, launched a Japanese handcrafted eyewear collection.

Segmentation of Eyewear Market Research

• By Product :

  • Spectacles
  • Sunglasses
  • Contact Lenses
  • Sports Eyewear

• By Material :

  • Metal Eyewear
  • Plastic Eyewear

• By Price Range :

  • Below US$ 15
  • US$ 15 to 35
  • Above US$ 35

• By End User :

  • Men
  • Women
  • Unisex
  • Kids

• By Sales Channel :

  • Clinics & Hospitals
  • Modern Trade
  • Multi-brand Stores
  • Optical Stores
  • Online Retailing

• By Region :

  • North America
  • Europe
  • Latin America
  • East Asia
  • South Asia & Oceania
  • Middle East & Africa