[188 Pages Report] The Eyewear Market size was estimated at USD 185.67 billion in 2023 and expected to reach USD 208.36 billion in 2024, at a CAGR 12.51% to reach USD 423.81 billion by 2030.
The eyewear is increasingly used for vision correction, clear eyesight under sunlight, and eye protection for dirt, dust, and grim. The eyewear such as eyeglasses, sunglasses, and contact lenses are primarily chosen for providing reliable protection to eyes and lower risk of eye infection. The rise in the number of ophthalmic disorders is increasing the need for prescription-based eyeglasses. The introduction of low-cost and disposable lenses and the personalization of eyeglasses drive market growth. Various government & private organizations and NGOs are collaborating to offer affordable eyewear to mitigate vision disorders in rural areas of developing countries. However, the growing acceptance of non-invasive and cost-effective refractive surgeries may limit the market growth. The increased sales of illegal novelty contact lenses & unbranded frames are curbing the market demand for eyewear. However, an increase in product sales through online channels and the influence of advanced technology in eyeglasses for multifunctionality are expected to create opportunities in the market to attract a customer base.
Lens Material: Utilization of plastic lens material owing to lightweight properties
Glass is widely used for lenses due to its excellent visual clarity and scratch resistance. Glass remains preferable for those seeking exceptional optical quality and high-index options. Glass lenses are suited for individuals prioritizing optical precision, overweight concerns, or impact resistance and are also recommended for high-index prescriptions when thinness is of utmost importance. The most common lens material is plastic, with lightweight nature and affordability compared to glass lenses. Plastic lenses offer a comfortable alternative that maintains decent optical quality and are ideal for individuals with mild to moderate prescriptions requiring a cost-effective yet lightweight solution without compromising optical clarity. Polycarbonate lenses gained popularity due to their impact resistance, lightweight properties, and built-in UV protection. These lenses are ideal for children, athletes, and individuals working in hazardous environments. Polycarbonate lenses cater to those requiring impact-resistant eyewear, such as children, sports enthusiasts, people with occupational hazards, or those seeking lightweight lenses with enhanced UV protection.
Type: Significant penetration of contact lenses globally
Contact lenses are popular for individuals who require vision correction and prefer an alternative to spectacles. These thin, curved lenses are placed directly on the eye’s surface and provide clear, comfortable vision for users with refractive errors such as myopia, hyperopia, astigmatism, and presbyopia. Need-based preferences include daily disposable lenses for convenience or extended wear lenses suitable for various activities such as sports or outdoor events. Protective eyewear is essential in different industries and activities where individuals may be exposed to hazards such as bright light, UV radiation, projectiles, or chemicals. The primary reason for choosing protective eyewear is its comfortable fit, which allows it to be worn throughout the day. Spectacles, or prescription eyeglasses, are common for vision correction among individuals with various refractive errors and are available in numerous styles, materials, and lens types to meet personal preferences and functional needs. Consumers often seek a balance between comfort, durability, aesthetics, and optimal visual quality. Sunglasses offer protection from UV radiation while enhancing comfort and style for outdoor activities. Polarized lenses that reduce glare for driving or water sports to performance sunglasses designed specifically for cycling or running are preferred by consumers.
Gender: Growing popularity of innovative designs in women’s eyewear
Men’s eyewear exhibits more angular designs and larger sizes that cater to masculine facial features. Preferences are often driven by style, comfort, durability, and functionality. Fashion trends, comfort, versatility, and personal style drive women’s eyewear preferences. Subcategories in this segment include prescription glasses, sunglasses, sports eyewear, and smart glasses featuring designs catered toward feminine facial features and aesthetics. Men’s eyewear preferences are primarily driven by functionality and durability, while women prioritize fashion trends and personal style.
Usage: Increasing demand for adult eyewear products
Adult eyewear primarily addresses vision problems such as myopia, hypermetropia, astigmatism, and presbyopia. In addition to vision correction, adults prioritize aesthetics, style, comfort, durability, and UV protection when selecting eyewear. Kid eyewear primarily caters to the visual needs of children aged between 0-16 years old while accommodating their unique growth patterns and facial structures. The adult eyewear segment provides a wide range of options for various vision correction needs while emphasizing aesthetics, style trends, and technological innovations. On the other hand, kid eyewear prioritizes safety, durability, functionality to accommodate growth patterns, and designs that appeal to both children and parents.
Distribution Channel: Emerging popularity of online eyewear stores
Offline stores cater to customers who prioritize personalized service, immediate product availability, and face-to-face interactions with opticians when choosing eyewear. These benefits make offline stores attractive for those who require assistance with fitting or adjustments or have specific vision needs that demand professional guidance. Brick-and-mortar retailers continue serving the local market with comprehensive eyewear options, including prescription glasses, sunglasses, and contact lenses. The surge of e-commerce has significantly impacted the eyewear industry as more consumers adopt online shopping for convenience and access to various products. Online platforms provide cost-effective alternatives to traditional brick-and-mortar stores by offering stylish frames at competitive prices and user-friendly tools for selecting lenses and customizing features. Online stores are popular among tech-savvy customers valuing time efficiency, price comparison, and the ability to shop from the comfort of their homes. Offline stores offer personalized services, immediate product availability, and professional assistance; however, they may have higher costs due to overhead expenses. On the other hand, online stores provide cost-effective alternatives with broader choices and convenience; however, they lack face-to-face interaction with professionals. Both channels serve different customer needs and preferences; choosing between them largely depends on individual priorities such as budget constraints, the need for expert guidance, or a preference for personalized experiences.
Regional Insights
The increasing demand for fashionable, trendy, and stylish eyewear has played an essential role in driving market growth in the Americas region. The growing popularity of sunglasses for aesthetic looks and fashion purposes among the young population is enhancing the demand for eyewear products in the region. Manufacturers focus on research and development to provide technologically advanced and safe eyewear products in Europe. Furthermore, customers from developed countries in the EMEA region are becoming more affluent and increasingly inclined to purchase higher-end, designer eyewear brands, helping the market grow. Increasing population and enhanced consumer awareness about eyecare in countries including China, Japan, and India are boosting the market demand for protective spectacles and sunglasses in the region. Market players in the APAC region focus on providing prescription lenses with advanced features such as anti-reflective coatings and tints that protect against harmful UV rays from the sun.
FPNV Positioning Matrix
The FPNV Positioning Matrix is pivotal in evaluating the Eyewear Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Eyewear Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Key Company Profiles
The report delves into recent significant developments in the Eyewear Market, highlighting leading vendors and their innovative profiles. These include Alcon Vision LLC, All Logic International Co., Ltd., Bausch + Lomb Corporation, Carl Zeiss AG, Charmant Inc., De Rigo Vision S.p.A., Eschenbach Optik GmbH, ESE International, EssilorLuxottica SA, Europa Eyewear, Eyeking, LLC, Fielmann AG, Hoya Corporation, Italia Independent S.p.A., JINS Eyewear US, Inc., Johnson & Johnson Services, Inc., Kering SA, Lenskart, Marchon Eyewear, Inc., Marcolin S.p.A., Mister Spex SE, Modo Eyewear, Multi?pticas, S.C.L., Norville (20/20) Ltd., OGI Eyewear, Safilo Group S.p.A., Silhouette International Schmied AG, Thai Optical Group Pcl, The Cooper Companies, Inc., The McGee Group, and Warby Parker Inc..
Market Segmentation & Coverage
This research report categorizes the Eyewear Market to forecast the revenues and analyze trends in each of the following sub-markets:
- Lens Material
- Glass
- Plastic
- Polycarbonate
- Type
- Contact Lenses
- Protective Eyewear
- Spectacles
- Sunglasses
- Gender
- Men
- Women
- Usage
- Adult
- Kid
- Distribution Channel
- Offline Stores
- Online Stores
- Region
- Americas
- Argentina
- Brazil
- Canada
- Mexico
- United States
- California
- Florida
- Illinois
- New York
- Ohio
- Pennsylvania
- Texas
- Asia-Pacific
- Australia
- China
- India
- Indonesia
- Japan
- Malaysia
- Philippines
- Singapore
- South Korea
- Taiwan
- Thailand
- Vietnam
- Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom
- Americas
The report offers valuable insights on the following aspects:
- Market Penetration: It presents comprehensive information on the market provided by key players.
- Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
- Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
- Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
- Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
The report addresses key questions such as:
- What is the market size and forecast of the Eyewear Market?
- Which products, segments, applications, and areas should one consider investing in over the forecast period in the Eyewear Market?
- What are the technology trends and regulatory frameworks in the Eyewear Market?
- What is the market share of the leading vendors in the Eyewear Market?
- Which modes and strategic moves are suitable for entering the Eyewear Market?
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