Global Eyewear Market – Industry Trends and Forecast to 2030

Eyewear Market Analysis and Size

The changing lifestyle and growing adoption of luxurious accessories among consumers strongly favour the growth of the market. Moreover, rise in the number of visual impairment cases and eye issues, as well as a desire to keep up with the modern fashion trends, is enhancing the market growth globally. The ‘spectacles” is expected to be the fastest growing product type segment because of increasing prevalence of computer vision syndrome (CVS) and growing usage of digital screens and mobile phones among the global population.

Data Bridge Market Research analyses that the eyewear market is expected to reach USD 217.35 billion by 2030, which is USD 121.50 billion in 2022, registering a CAGR of 7.54% during the forecast period of 2023 to 2030. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and consumer behaviour.

Eyewear Market Scope and Segmentation

Market Definition

Eyewear refers to products used to protect the eyes from various external factors, such as debris, light, harmful radiation and extreme environmental changes and also for vision correction. It contains contact lenses, sunglasses, spectacles and a wide range of lenses and frames generally made from plastic, carbon fiber and glass. It helps prevent ultraviolet rays from damaging the lens and retina of the human eyes and improving visual acuity.

Eyewear Market Dynamics

Drivers

• Increasing popularity of sports sunglasses

There is a growth in the number of people entering the global workforce, and a major share among them is more expected to embrace fitness and sports as a part of recreational activities, which are changing lifestyle preferences. Endurance sports have also paved the way for enthusiasts who want a different type of sports accessories, thus positively driving the sales of sports sunglasses all over the globe. People's participation rate in outdoor activities, such as the UK’s first open water 10K event, Tour de France, Heliskiing across Canada and Ironman 70.3 Pays d’Aix, have augmented in the last few years. Furthermore, brands such as Mr. Leight, Prada Linea Rossa, Persol, and Cartier are providing consumers the latest designs in the sports sunglasses market by specially targeting winter and skiing sports enthusiasts.

• Rising prevalence of cataract disease

The prevalence of cataract related vision increased by about 55 percent worldwide in 2019, from around 790 per 100,000 people to an estimated 1250 per 100,000 people. Eyewear is compulsory after the cataract surgery. However, many people experience vision improvement there are some which would need some form of eyeglasses. Even before cataract surgery people experience some type of discomfort. As a result of discomfort, eyewear is being used after cataract surgery. Thus, this factor is projected to increase the market growth during the forecast period.

Opportunities

• Growing introduction of innovative products and new facilities

The companies are more inclined to improve the consumer experience by providing innovative products and new facilities. For instance, Essilor has introduced the My Vision Check app to let consumers conduct screening at home, already booking an appointment for a complete eye examination with their local practice in July 2021. In the same period, Warby Parker also launched its new app dubbed Virtual Vision Test to revamp its virtual prescription-renewal service, which provides an at-home vision test similar to what eye professionals provide. It delivers a renewed prescription that consumers can purchase contact lenses or glasses.

Restraints/ Challenges

• Multiple issues associated with eyewear market

High cost associated with the R&D proficiencies, uneven distribution of medical services, increasing adoption of vision disorders corrective surgeries, limited infrastructural facilities and lack of awareness in the backward markets are some of the major factor which are expected to obstruct the market growth. Moreover, the presence of another options for instance Lasik eye operations, increasing complications related to the stents and lack of suitable infrastructure in low-income and middle-income nations are anticipated to challenge the market growth in the forecast period of 2023-2030.

This eyewear market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the eyewear market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Development

• In 2021, Saflio Group announced the launch of Smith imprint 3D technology to address a extensive range of face features and shapes while removing the one-size-fits-all approach to sports gear. 3D printed snow goggle providing augmented all-day comfort, elimination of light leak owing to improper fit, an expanded field of view and removal of pressure points or hot spots, and all of which were major problems that customers were experiencing.
• In 2020, Isabel Marant and Safilo Group announced a new global ten-year license agreement for the manufacture, design and distribution of optical frames and Isabel Marant sunglasses.
• In 2020, Chopard created a high-class pair of gold sunglasses. De Rigo has designed a jewellery inspired frame for Maison, boasting a sophisticated details and endlessly elegant aviator shape, comprising double bridge with a decorative component characteristic of the 1000 Miglia watch case.

Global Eyewear Market Scope

The eyewear market is segmented on the basis of product, gender and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product

• Spectacles
• Sunglasses
• Contact Lenses
• Other Product Types

Gender

• Men
• Women
• Unisex

 Distribution Channel

• Optical Stores
• Independent Brand Showrooms
• Online Stores
• Retail Stores

Eyewear Market Regional Analysis/Insights

The eyewear market is analyzed and market size insights and trends are provided by country, product, gender and distribution channel as referenced above.

The countries covered in the eyewear market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Asia-Pacific dominates the eyewear market in terms of revenue and market share due to the increasing population and growing acceptance of fashion products among consumers in this region. Furthermore, increasing preference for usage of natural fillings in the pillow and increasing personal disposable income will further boost the market growth.

Europe is expected to be the fastest developing region during the forecast period of 2023-2030 due to growing demand for eyewear such as coloured contact lenses, sunglasses and frames as fashion accessories in this region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Eyewear Market Share Analysis

The eyewear market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to eyewear market.

Some of the major players operating in the eyewear market are:

• De Rigo Vision S.p.A. (Italy)
• Essilor (France)
• Fielmann (Germany)
• Lanvin (France)
• Marchon Eyewear, Inc. (U.S.)
• Marcolin SpA. (Italy)
• Maui Jim (U.S.)
• Safilo Group S.p.A. (Italy)
• Alexander McQueen (U.K.)
• Michael Kors (U.S.)
• Pivothead (U.S.)
• Specsavers (Guernsey)
• FASTRACK LTD. (India)
• CHARMANT Group (U.S.)
• Kyboe. (U.S.)
• Procter & Gamble (U.S.)
• Estée Lauder Inc (U.S.)
• THE AVON COMPANY (U.K.)
• HOYA Corporation (Japan)
• Shanghai Conant Optics Co., Ltd (China)   

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