The eyewear Market size is valued at US$ 216.65 Bn in 2024 and is expected to reach US$ 388.48 Bn by 2031, growing at a compound annual growth rate (CAGR) of 8.7% from 2024 to 2031.
Global Eyewear Market- Regional Insights
Figure 1. Global Eyewear Market Share (%), By Region, 2024
To learn more about this report, request a free sample copy
Analyst’s Views:
Global eyewear market is expected to witness steady growth over the forecast period due to rising aged population worldwide and increasing prevalence of ophthalmic disorders. Increased spending on fashionable and designer eyewear among millennial also contribute to market growth. However, the market may face restraints from growing preference for corrective surgeries like LASIK and availability of low-cost generic optical products.
Asia Pacific presents lucrative opportunities for eyewear market players, owing to rising disposable incomes, increasing health awareness, and fast growth of the fashion and lifestyle industry in countries like China, India, and Southeast Asian nations. North America will likely retain its leading position and continue exhibiting high demand supported by rapid adoption of new technologies and trends. Europe is also forecast to offer decent opportunities for premium and luxury eyewear brands in countries such as France, Italy, and Germany.
Manufacturers are investing heavily in product innovation including development of lightweight frames, applications of advanced materials and customizable eyewear. Increasing focus on Omni channel strategies by key players supported by Augmented Reality and Virtual Reality technology will redefine the eyewear shopping and fitting experience going forward.
Global Eyewear Market- Drivers
Global Eyewear Market- Opportunities
Customized and specialized eyewear products: Customized and specialized eyewear products have great potential to disrupt the global eyewear industry and drive significant future growth. As lifestyles become increasingly personalized, consumers are demanding eyewear that uniquely matches their individual style and visual needs. Traditional "one-size-fits-all" frames do not adequately cater to this rapidly growing demand for tailored eyewear solutions. Through advances in technologies like 3D printing, laser cutting, and customized lens designs, eyewear manufacturers now have the ability to offer truly personalized products at scale. This allows them to meet the specific fit, design, and vision requirements of each consumer.
According to a 2020 report by the United Nations Department of Economic and Social Affairs, over 65% of global consumers surveyed s were willing to pay more for customized products that are tailored to their unique needs and preferences. As awareness of the benefits of personalized eyewear increases among consumers through effective marketing, customized options are poised to gain substantial market share worldwide in the coming years. Younger demographics especially strongly desire eyewear that expresses their individuality, and customized products allow both indie designers and large brands to capitalize on this large target segment.
The customizable nature of these products also enables eyewear companies to tap into numerous previously underserved market niches. For example, specialized sports frames tailored for specific activities like cycling or skiing more effectively protect athletes' vision. Progressive lenses that are uniquely calibrated for an individual's prescription and lifestyle needs can vastly improve comfort and visual outcomes for patients. As such innovations become mainstream, these are well-positioned to supercharge future growth across the entire global eyewear industry.
Untapped rural market in developing countries: The untapped rural market in developing countries provides tremendous opportunities for growth in the global eyewear market. A large proportion of populations in rural areas across nations like India, Nigeria and Indonesia still lack access to basic eye care and vision correction products. According to data from 2022, the World Bank, around 50-60% of people living in rural India have vision issues but close to 35% do not have access to spectacles. A similar situation exists in rural Nigeria where over 40% of people require vision correction but only 15% use eyeglasses regularly.
This immense unmet need in rural emerging markets can be converted into a promising avenue for eyewear brands and manufacturers. With growing economic development and infrastructure spend and schemes promoting healthcare access even in remote regions, more people in villages will gain the ability and disposable income to prioritize their vision health over the next 5 years. International organizations like the World Health Organization have urged governments to focus on establishing primary eye care centers within easy reach of all communities as an important public health initiative. Successful implementation of such programs can boost awareness and generate consistent demand.
Eyewear companies need to devise innovative rural distribution and retail strategies to capitalize on this sizable untapped segment. Simplified low-cost product portfolios, localized manufacturing and supply chain operations as well as diverse retail channels including village-level entrepreneurs, eye care camps and e-commerce can help them penetrate deeper rural areas at scale. As rural residents gain ophthalmic services and affordability improves, their adoption of eyeglasses for vision correction as well as preferences for newer segments like sunglasses and reading glasses will likely increase multifold. This will present a major growth driver sustaining the long term momentum of the overall optical industry.
Eyewear Market Report Coverage
Report Coverage | Details | ||
---|---|---|---|
Base Year: | 2023 | Market Size in 2024: | US$ 216.65 Bn |
Historical Data for: | 2019 to 2023 | Forecast Period: | 2024 - 2031 |
Forecast Period 2024 to 2031 CAGR: | 8.7% | 2031 Value Projection: | US$ 388.48 Bn |
Geographies covered: |
|
||
Segments covered: |
|
||
Companies covered: |
Luxottica Group SpA, Essilor International S.A, Carl Zeiss AG, Hoya Corporation (Life Care), Johnson & Johnson Vision Care, Inc., Cooper Companies Inc., Fielmann AG., Safilo Group Spa, Marcolin S.p.A., De Rigo S.p.A. |
||
Growth Drivers: |
|
||
Restraints & Challenges: |
|
Global Eyewear Market- Trends
Increasing preference for premium and designer brands: In recent times, there has been a noticeable shift in preferences of consumers towards premium and designer eyewear brands globally. Consumer demand for high-quality products with emphasis on style, aesthetics and brand value has increased significantly. This changing trend is influencing strategies of players in the eyewear market. Customers now want eyewear products that make a fashion statement and reflect their personality and taste. There is greater willingness to pay higher prices for branded eyewear that come with perceived notion of premium quality, latest designs, and latest lens technologies and after-sales service. This preference for premium branding over generic products has pushed many mainstream eyewear brands to elevate their product offerings, increase focus on celebrity endorsements and luxury retail experience. For example, brands like Ray-Ban, Oakley, and Michael Korshave expanded their premium products portfolio targeting the luxury and fashion-conscious segment. The trend is quite evident in markets like U.S., Western Europe, China, and India where disposable incomes are rising and more customers want affordable luxury. As per U.S. Department of Commerce reports, 2022, the overall eyewear export from U.S. grew from US$ 2.56 Bn in 2020 to US$ 3.07 Bn in 2022. During this period, the exports of premium designer frames witnessed disproportionately higher growth of over 20% annually compared to around 5% for generic frames. This highlights growing global demand for premium and luxury eyewear products. In order to leverage the ongoing preference for premium brands, eyewear companies are differentiating their offerings with new material innovation, latest lens technologies, celebrity endorsements and emphasis on brand reputation. Partnerships with luxury brands have also increased. These strategies are helping players to expand their customer base and command premium pricing. The growing trend clearly underlines the increasing willingness of customers to pay more for branded products that signify status and personality.
Growing demand for sunglasses with advanced lens technologies: The global eyewear market has been witnessing major changes over the past few years due to evolving consumer needs and advancements in lens technology. Sunglasses are no longer considered a mere fashion accessory but a lifestyle product that can make a major difference in terms of vision correction and eye protection. Myopia control lenses that can potentially slow the progression of near-sightedness in children are another revolutionary technology gathering interest.
Manufacturers are proactively leveraging these innovations to differentiate their offerings. For instance, major brands like Luxottica and Essilor have launched product lines with self-tinting and anti-blue light lenses. The popularity of outdoor and water sports has also boosted the need for high quality lenses that filter 100% of UVA (Ultraviolet A) and UVB (Ultraviolet B) rays and offer clarity of vision. Direct-to-consumer e-commerce platforms are further helping consumers sample and choose from a wide array of specialized lens types and coatings. According to a 2021 study by the Centres of Disease Control and Prevention, the number of eye injuries from outdoor recreational activities rose by over 10% from 2019 to 2021 with over 60% treatable by use of protective eyewear.
This has prompted lens companies to invest heavily in technologies like polarized photochromic coatings and compressive surf lenses that can make sunglasses safer, functional and comfortable for a variety of sporting needs. The adaption of new materials like blue blocking polycarbonate and high-index plastic in frame design have also enhanced product attractiveness. Sunglasses with advanced vision care solutions are clearly redefining industry prospects by attracting both fashion-conscious customers and those seeking visual performance and eye protection features.
Global Eyewear Market- Restraints
High cost of premium branded eyewear products: The high cost of premium branded eyewear products is significantly restraining the growth of the global eyewear market. Premium brands charge a large premium for their products solely based on the brand name rather than the quality or functionality of the products. While the materials and craftsmanship used in premium brands may be superior, the prices charged are excessively high and often several times more than non-branded eyewear using similar quality materials. This premium pricing makes such eyewear unaffordable for the masses and limits the addressable market size considerably.
This is restricting various market segments like youth and value-conscious customers from making regular purchases and upgrades. Many such customers settle for unbranded or lesser known brands just to fulfill their eyewear needs due to the steep pricing of premium options. The premium brands thus fail to attract a large portion of potential customers globally. This pricing barrier results in consumers prolonging the replacement cycle and reduces the total number of units sold annually in the market. According to data by Eurostat, the statistical office of the European Union, in 2021 nearly 30% of customers in Europe cited eyewear affordability as their primary concern for delaying or avoiding an eyewear purchase.
Moreover, the pricing divide between premium and non-premium options has increased substantially over the past few years. For instance, top luxury brands now commonly charge anywhere between US$ 300 to US$ 500 or more for basic frames without lenses, whereas decent quality unbranded frames are easily available at under US$ 50. This expanding differential makes premium brands out of reach of the masses and shifts customers towards cheaper alternatives. Unless premium brands make conscious efforts to address affordability by offering more affordable designer lines or providing EMI/leasing options, their customer base will remain limited to urban metros and high income groups only.
Availability of cheap alternatives: The global eyewear market has been facing significant challenges in recent years due to proliferation of affordable alternatives available to consumers. With advancing technology, cheaper raw materials and mass production capabilities in developing nations, low-cost eyewear products including basic prescription glasses and sunglasses have disrupted the market. These affordable alternatives are easily and widely available through retail chains, online marketplaces and sidewalk vendors across major countries. While offering basic functionality, these are priced at a fraction of established brands. This has severely impacted the sales of mid-to-high end brands that rely on premium pricing. Consumers now perceive eyewear more as a necessity rather than luxury, and are unwilling to pay high prices. The growing popularity and social acceptance of cheap eyewear products is also restricting the ability of premium players to engage customers and promote premiumization. Esteemed brands struggle to justify and educate consumers about additional value being paid for. Moreover, the abundant availability of inexpensive imitations for popular designer eyewear further weakens premiumization. According to a 2021 report by WHO, about 2.2 Bn people globally have near or distant vision impairment and could benefit from wearing corrective eyewear. However, the proliferation of affordable alternatives has made corrective eyewear highly accessible in low-income markets like India and China which previously had high unmet needs and low penetration of branded products. This expanded access brings societal benefits but challenges high-margin business models in the eyewear industry. Unless premium brands focus on enhancing technological features, styling and after-sales service, availability of basic functional alternatives will continue restraining premiumization and higher growth rates in the global eyewear market going forward.
Counterbalance: To overcome this restraint, the key market players need to sell their product on medium prices which might increase the global eyewear market growth.
Recent Developments:
New Product launches:
Mergers and Acquisition:
Figure 2. Global Eyewear Market Share (%), By Price Range, 2024
To learn more about this report, request a free sample copy
Top Companies in the Global Eyewear Market
Definition: Eyewear refers to any device worn over both eyes and occasionally a single eye for one or more purposes. Historically, eyewear was used for vision improvement and correction, but it has evolved into eye protection, fashion, and aesthetic purposes. Eyewear can also be used for specialized or niche purposes, such as active shutter 3D systems and night-vision goggles.
Frequently Asked Questions
Joining thousands of companies around the world committed to making the Excellent Business Solutions.
View All Our Clients