Eyewear Global Market Report 2024

The eyewear market size has grown rapidly in recent years. It will grow from $146.08 billion in 2023 to $162.66 billion in 2024 at a compound annual growth rate (CAGR) of 11.4%. The growth observed in the historical period can be attributed to factors such as evolving fashion and style trends, a rise in vision problems, increasing awareness of UV protection, celebrity endorsements and influences, and an aging population.

The eyewear market size is expected to see rapid growth in the next few years. It will grow to $244.24 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%. The anticipated growth in the forecast period can be attributed to factors such as innovation in smart eyewear, the adoption of eco-friendly and sustainable practices, globalization and market expansion, an emphasis on personalization and customization, and the rise of online try-on services. Major trends expected in the forecast period include increased awareness of digital eye strain, ongoing technological advancements, a focus on sustainable eyewear options, the dominance of e-commerce, and the incorporation of blue light filtering technology.

The growing incidence of deteriorating eye health is a key factor propelling the expansion of the eyewear market. Deteriorating eye health encompasses conditions such as age-related macular degeneration, cataracts, diabetic retinopathy, glaucoma, and visual strain from prolonged screen usage. With an increasing number of individuals experiencing vision issues, there is a rising demand for eyewear solutions that can correct and enhance vision. As an example, the World Health Organization (WHO) reported in October 2021 that at least 1 billion people globally suffer from near or distant visual impairment, conditions that could either be prevented or are yet to be addressed. Vision impairment, particularly affecting those over the age of 50, is often attributed to untreated cataracts and uncorrected refractive errors. This trend is anticipated to drive significant growth in the eyewear market as people seek solutions to address and manage deteriorating eye health.

The eyewear market is poised for growth, propelled by the increasing aging population. An aging population denotes a demographic shift marked by a rising percentage of elderly individuals within a society. The global aging population has led to a surge in the prevalence of age-related vision issues, fostering demand for corrective eyewear such as reading glasses and bifocals. For instance, as of October 2022, the World Health Organization reported that one in every six individuals globally would be 60 years old or older. During this period, the proportion of the population aged 60 and above is expected to increase from 1 billion in 2020 to 1.4 billion. Furthermore, by the year 2050, the global population of individuals aged 60 and older is projected to double, reaching 2.1 billion. Hence, the upward trajectory of the aging population is a key driver for the eyewear market.

The eyewear market is witnessing a significant trend driven by technological advancements, with a particular focus on the emergence of smart glasses. Smart glasses represent a technological innovation in eyewear, introducing features that integrate computer screens or displays into the wearer's field of vision. This technology facilitates the presentation of data from background information systems directly onto the lens of the glasses or as a separate component within the user's eyesight. Beyond the display functionality, smart glasses often come equipped with additional smart features, including Bluetooth connectivity, open-ear speakers, fitness tracking capabilities, and more. These smart glasses typically adopt a modular design, enhancing user convenience and ease of use. Major players in the eyewear market are strategically embracing this trend by offering smart glasses to fortify their market positions. As an illustration, in January 2022, Titan, a prominent Indian luxury products company, introduced its latest innovation, the Titan EyeX smart glasses. Notable features of the Titan EyeX include open-ear speakers, touch controls, and an integrated fitness tracking system. The wearable, equipped with Bluetooth v5.2 compatibility for both Android and iOS smartphones, is designed to be dust and water-resistant. The inclusion of open-ear speakers allows for voice navigation and alerts, enhancing the overall user experience during extended usage. This example reflects the industry's commitment to incorporating cutting-edge technology into eyewear, providing consumers with advanced functionalities and modern conveniences.

Major players in the eyewear market are actively engaged in the development of innovative technologies, such as Alexa-powered glasses. These glasses seamlessly incorporate Amazon's virtual assistant, Alexa, enabling users to interact with the digital assistant hands-free through integrated voice control. As an example, in September 2023, Amazon.com, Inc., a US-based e-commerce company, introduced 'Echo Frames.' These smart frames are equipped with Alexa, allowing users to stay connected while seamlessly integrating into their lifestyle when not in active use. The smart glasses offer a range of lens options, including UV400-protected sunglass lenses, prescription-ready choices, and blue light lenses. They feature IPX4 water resistance and scratch-resistant properties. With a full battery charge, each pair provides up to six hours of continuous media playback, offering 40% more audio playback and 80% more talk time compared to the previous generation. Packed with convenient features, users can initiate a playlist with a double-press of a button, and the glasses support multipoint pairing.

In March 2022, Kering Eyewear, an Italy-based luxury eyewear company, revealed its agreement to acquire Maui Jim Inc for an undisclosed amount. This strategic acquisition is considered a noteworthy milestone in Kering Eyewear's broader expansion plan, aiming to establish the brand as a prominent high-end eyewear label. Maui Jim Inc., the company being acquired, is a US-based manufacturer specializing in sunglasses.

Major companies operating in the eyewear market report are Silhouette International Schmied AG, JAND Inc., LVMH Moët Hennessy Louis Vuitton SE, Essilor International S.A., Carl Zeiss AG, Alcon Vision LLC, Hoya Corporation, Johnson & Johnson Vision Care Inc., Specsavers Optical Group Limited, GrandVision BV, Burberry Group PLC, Bausch & Lomb Incorporated, The Cooper Companies Inc., Italia Independent Group S.p.A., Fielmann AG, Safilo Group S.p.A., Kering Eyewear, Marchon Eyewear Inc., Rodenstock GmbH, TAG Heuer SA, De Rigo Vision S.p.A., Marcolin S.p.A., Oakley Inc., Maui Jim Inc., Charmant Group Inc., Seiko Optical Products Co. Ltd., Lafont Paris, Luxottica Group S.p.A., Silmo Paris, Luxexcel Group BV.

North America was the largest region in the eyewear market in 2023. Asia-Pacific is expected to be the fastest-growing region in the eyewear market during the forecast period. The regions covered in the eyewear market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the eyewear market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Eyewear encompasses a range of products, primarily contact lenses, spectacles, and sunglasses, catering to various preferences and needs. These products are available in diverse designs and styles, addressing the fashion and vision requirements of men, women, and unisex consumers. Eyewear is distributed through multiple channels, including optical stores, independent brand showrooms, online stores, and retail outlets. This broad distribution allows consumers to access eyewear products through convenient and diverse shopping channels.

The eyewear market research report is one of a series of new reports that provides eyewear market statistics, including eyewear industry global market size, regional shares, competitors with an eyewear market share, detailed eyewear market segments, market trends and opportunities, and any further data you may need to thrive in the eyewear industry. This eyewear market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The eyewear market consists of sales of goggles and blindfolds. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.