By 2033, the eyewear market is projected to reach a valuation of US$291.00 billion, up from US$169.10 billion in 2023. With an anticipated increase in the population of individuals facing vision-related issues, the eyewear market is expected to grow at a compound annual growth rate (CAGR) of 5.6% during the forecast period from 2023 to 2033.
According to the World Health Organisation (WHO), 2.2 billion people worldwide suffer from poor vision as a result of frequent use of computers, tablets, and phones. This figure is anticipated to rise in the upcoming years as well. According to an additional estimate, if patients took the recommended medications and wore the appropriate glasses, 80% of these issues might be avoided or resolved. When taken as a whole, these data indicate that there is a global need for glasses among people.
People usually wear glasses to fix their eyesight problems caused by nearsightedness, uneven myopia or astigmatism. Besides these, it can also be suggested by eye doctors right away after the patient has had surgery on their eyes. With many parts of the world having older people, there will probably be a big increase in demand for eyewear. This is because old folks are likely to have problems with their eyesight.
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Outside of doctor’s offices, glasses are now a big part of what people wear everyday in terms of clothing and style. Big companies are working with famous people from social media, stars and sports players to help advertise their glasses well. People who play sports and care about staying fit help make money for the eyewear business when doing adventure things.
Business Growth Drivers:
- Increasing Vision Problems: With the rise in digital device usage and aging populations, there is a growing prevalence of vision-related issues, such as myopia, hyperopia, and presbyopia, driving the demand for corrective eyewear.
- Fashion Trends: Eyewear is not just a functional accessory; it has become a fashion statement. Changing fashion trends and preferences for designer eyewear among consumers contribute significantly to market growth.
- Technological Advancements: Innovations in lens materials, frames, and coatings enhance the comfort, durability, and performance of eyewear, attracting consumers towards upgrading their glasses or lenses.
- E-commerce Growth: The proliferation of e-commerce platforms has made it easier for consumers to browse, compare, and purchase eyewear online, expanding the market reach and accessibility.
- Increasing Awareness: Greater awareness about eye health and the importance of regular eye check-ups have led to a higher adoption of eyewear products, especially among younger demographics.
- Corporate Wellness Programs: Employers increasingly include vision care benefits as part of their wellness programs, boosting demand for prescription glasses and contact lenses among employees.
- Expanding Geriatric Population: The aging population globally drives the demand for reading glasses, bifocals, and progressive lenses, as age-related vision impairments become more common.
Industry Restraints:
- High Cost of Quality Eyewear: Quality eyewear products often come with a high price tag, which can deter price-sensitive consumers from purchasing or upgrading their eyewear regularly.
- Counterfeit Products: The prevalence of counterfeit eyewear products in the market poses a challenge to reputable brands, impacting their sales and brand reputation.
- Limited Access to Eye Care Services: In certain regions, especially in developing countries, limited access to eye care services and optometric professionals can hinder the adoption of eyewear products.
- Health Concerns with Prolonged Screen Time: The increasing prevalence of digital eye strain due to prolonged screen time on computers and smartphones raises concerns about eye health but may not always translate to increased sales of eyewear products.
- Regulatory Hurdles: Strict regulations related to product safety, labeling, and manufacturing standards can pose challenges for eyewear manufacturers and distributors, particularly in terms of compliance and certification.
- Fashion Fads and Short Product Lifecycle: Rapid changes in fashion trends can lead to shorter product lifecycles for certain eyewear designs, resulting in inventory management challenges and potential losses for retailers.
- Environmental Impact: The production and disposal of eyewear products contribute to environmental concerns, particularly regarding plastic waste and carbon emissions, which may influence consumer perceptions and purchasing decisions.
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“The eyewear market is now very condensed due to numerous international brands. These brands have to come up with innovative marketing strategies to always stay in touch with their loyal consumers. In the last few years, it can be noticed that brands have been heavily investing in developing frames and lenses from sustainable materials that can be 100% recycled”, says Sneha Verghese, Senior Consumer Goods and Products Consultant at Future Market Insights (FMI).
Key Takeaways from the Eyewear Market Report:
- The eyewear market is expected to grow by 5.6% for the forecast period of 2023 to 2033.
- Metal-framed glasses and spectacles dominate the global eyewear market, with an overall revenue share of 45%.
- Regarding product type, sunglasses capture a 10% of the global eyewear market revenue.
- India is the leading market for eyewear, with a remarkable growth rate of 8% CAGR from 2023 to 2033.
- India is followed by China (6.60%), Germany (6.20%), and Singapore (6.20%) in terms of eyewear market growth.
Competitive Landscape of the Eyewear Market:
A mix of well-established and niche-focused companies characterizes the eyewear market’s competitive landscape. Ray-Ban, Oakley, Gucci, etc., have historically had an essential market share for years.
These companies have a prolonged consumer base and are constantly making innovations to keep up with recent trends in the fashion industry. Small brands need help to maintain their position in the market. In the past few years, there has been an influx of celebrity-owned brands in the international and local marketplaces.
Key Companies in the Eyewear Market
- 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
Recent Developments:
- Ray-Ban has launched a new generation of Ray-Ban Meta smart glasses in partnership with EssilorLuxottica, which can shoot and record HD videos in just one touch. Users can also go live on their social media platforms using the camera of these sunglasses.
- Marchon, one of the most prominent eyewear designers and producers in the world, is finding inventive ways to use recycled and bio-based materials in the 22 million frames it produces annually for brands like Lacoste, Nike, and Calvin Klein. The company has announced that it would soon manufacture frames from castor beans.
- Ampere, the world’s leading eyewear, recently announced a series of glasses with the world’s first light and touch-responsive, prescription-ready glasses with instant electronic tint control.
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Market Segmentation
By Product Type:
- Sunglasses
- Spectacle
- Spectacle Frame
- Spectacle Lens
- Contact Lens
- Soft Contact Lens
- Rigid Gas Permeable Lens
- Plano Sunglasses
- Polarized
- Non Polarized
By End Use:
- Male
- Female
- Unisex
- Kids
By Sales Channel:
- Online
- Hypermarkets/Supermarkets
- Specialty Stores (Optical Stores)
- Franchise Outlets
- Multi-Brand Stores
- Hospitals/Clinics
By Material Type:
- Metal
- Plastic
- Silicone
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East and Africa
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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