The eyewear market is likely to hold a valuation of US$ 291.00 billion by 2033. As of 2023, the market value is US$ 169.10 billion. As the population of individuals dealing with vision-related problems foresees growth, the eyewear market is expected to expand by 5.6% CAGR for the forecast period of 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.
“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.
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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
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 over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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