Eyewear Market Size, Share, Forecast, & Trends Analysis by Type (Contact Lenses [Soft, Rigid, Disposable], Sunglasses, Spectacles [Polarized, Multifocal, Sports]), Coating (Tinted, UV, Anti-reflective) Frame (Rimmed, Frameless) - Global Forecast to 2031

The Eyewear Market was valued at $154.82  billion in 2023. This market is expected to reach $215.5  billion by 2031, from an estimated $161.58  billion in 2024, at a CAGR of 4.2% during the forecast period 2024-2031.

Eyewear Market Size & Forecast

Eyewear products such as contact lenses, spectacles, and sunglasses are used to treat myopia, correct vision, and for safety and occupational purposes. According to LensFactory (U.S.), the eyewear demand for fashion, gaming, and sports purposes has increased over the years. The estimates state that, earlier, an individual bought one pair of eyeglasses every three years, which has now changed to multiple pairs purchased every year. Such transitions in usage patterns have led to the growth of the eyewear market.

The growth of this market can be attributed to the increased prevalence of eye-related disorders and visual impairment, increase in screen time, increasing awareness of eye safety and protection, rising preference for trendy eyewear, the influence of social media on fashion choices, the emergence of prescription eyewear, rising disposable income, growing adoption of e-commerce, and health insurance coverage for eye care services. Furthermore, innovations in eyewear material, coatings, and lens designs are expected to offer growth opportunities for the players operating in the eyewear market.

Eyewear Market Growth Drivers

Increasing Prevalence of Eye Disorders and Visual Impairment

The cases of visual impairment and myopia are increasing among all age groups due to factors such as increasing screen time and the rising geriatric population. According to World Health Organization data published in August 2023, at least 2.2 billion people globally have near or distant vision impairment. Vision impairment poses a financial burden, with the annual global cost of productivity estimated to be USD 411 billion. Additionally, it has been researched that young children with early onset of severe vision impairment are more likely to experience delayed language, social, motor, and cognitive development, which could further lower their level of educational achievement. Thus, the increasing cases of eye disorders and visual impairment are expected to drive the eyewear market.

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Rising Preference for Trendy Eyewear

In recent years, there has been a significant shift in lifestyle preferences, particularly influenced by the younger generations. Gen Z, a term used for those born between 1997 and 2012, particularly the first generation born in the 21st century, is rapidly becoming the largest consumer demographic. Known for their tech-savvy, individualistic approach and social activism approach to fashion, they prefer to express their style through unique, bold, and unconventional fashion choices. Owing to this, eyewear companies have focused on launching customized frames, shapes, colors, and sizes, allowing customers to genuinely reflect their preferences and styles. Other trending preferences of eyewear include bold and oversized frames, retro revival, transparent and pastel frames, and smart eyewear have been increasing the choice of style across age groups. Such developments are likely to drive the eyewear market.

Eyewear Market Trends

Frames with Fitness Tracker, Open Ear Speakers, and Bluetooth

The adoption of frames with fitness trackers, open-ear speakers, and Bluetooth has increased in recent years. In September 2023, Meta Connect, a Meta Platforms, Inc. (U.S.) company in partnership with EssilorLuxottica SA (France), launched the next-generation Ray-Ban Meta smart glasses collection. The smart glasses are embedded with features that include improved audio with custom-designed speakers and a 12 MP camera and are made lighter and more comfortable for daily use. Similarly, In January 2022, Titan Company Limited (India) launched its first smart eyewear, Titan EyeX, with audio and other advanced technology-enabled features. Smart glass can be connected to a smartphone, which allows customers to attend phone calls, listen to podcasts/music/audiobooks, and private audio in online meetings, among others. Such advancements are expected to drive the eyewear market.

Customized Eyeglasses

Sample glasses or demo glasses are quite common, and they offer little personalization and customization. In customized eyeglasses, the length of spectacle arms, the nose bridge, and other parts are made according to the facial measurements of the wearer. This assures ultimate comfort and perfect fit without compromising on color, material, or style. Also, custom glasses are more suitable for people with higher prescriptions who find it difficult to adjust the frame. Furthermore, rising disposable income and increasing demand for comfort are supporting its adoption. Such advancements with customized glasses are expected to drive the demand for eyewear in the long run.

Eyewear Market Opportunity

Increasing Awareness About Eye Safety and Protection

Over the years, the injuries related to the eye in the workplace have increased. According to the National Institute for Occupational Safety and Health (NIOSH) report, every day, nearly 2,000 workers in the U.S. sustain eye injuries in their workplace that require medical treatment. However, eye doctors and safety experts believe the right eye protection can prevent or lessen the severity of 90% of these eye injuries. (Source: American Optometric Association). However, the use of safety glass and goggles is impact-resistant. These glasses protect from chemical splash, dust, and other materials from harming the eye. Additionally, they provide a secure shield to the eye from any hazards coming from any direction. Such advantages of eyewear for eye safety and protection are posing significant market opportunities for the eyewear market.

Eyewear Market Analysis: Key Findings

By Type: In 2024, the Spectacles Segment to Dominate the Eyewear Market

Based on type, the eyewear market is segmented into sunglasses, contact lenses, and spectacles. In 2024, the spectacles segment is expected to account for the largest share of above 68.1% of the eyewear market. The largest market share of the segment is attributed to increasing cases of vision disorders, increasing screen time, aging population, and rising preference for high quality and premium eye wear lenses. For instance, according to Exploding Topics (U.S.), an average person spends nearly 6 hours 58 minutes on screen per day, an increase of nearly 1% (4 minutes) over 2021.

However, the sunglasses segment is projected to witness the highest growth rate of above 6.1% during the forecast period of 2024–2031. The fastest growth rate of the segment is attributed to increasing demand for sunglasses for fashion purposes, increasing use of customized sunglasses, high demand for sunglasses according to the outfit, and increasing out-of-pocket expenditure. Additionally, sunglasses used for occupational and safety purposes have gained traction over the years due to increasing awareness and accessibility to quality sunglasses, high demand for sunglasses for safety during risky activities, and their use against airborne workplace hazards.

By Materials: In 2024, the Plastic Segment to Dominate the Eyewear Market

Based on materials, the eyewear market is segmented into plastic, metal, glass, silicon hydrogel, and other materials. In 2024, the plastic segment is expected to account for the largest share of 48.5% of the eyewear market. The largest share of this segment is attributed to the availability of durable & stylish plastic frames and an extensive range of plastic frames from eyewear brands. Also, the availability of advanced unbreakable plastic frames is driving the growth of the segment.

By Coating Type: In 2024, the Anti-reflective Coating Segment to Dominate the Eyewear Market

Based on coating type, the eyewear market is segmented into anti-reflective coating, scratch-resistant coating, UV protective coating, mirror coating, anti-fog coating, tinted lenses, and blue-blocker lenses. In 2024, the anti-reflective coating segment is expected to account for the largest share of the eyewear market. A large share of the segment is attributed to improved vision by reducing bothersome glare, reflections, and halos, allowing more light to reach the eyes, improving visual acuity, offering comfort during continuous computer use, and lessening the effects and symptoms of digital eye strain.

Geographical Analysis

By Geography: In 2024, the North America Segment to Dominate the Eyewear Market

In 2024, North America is expected to account for the largest share of above 38.9% of the eyewear market. North America's significant market share is attributed to high affordability and out-of-pocket expenditure for eyewear, the presence of key players with well-established distribution channels globally, and high awareness for health among individuals are contributing to the largest share of the segment. For instance, according to Warby Parker Inc. (U.S.), approximately 63.7% of adult Americans wear prescription eyeglasses, which is 166.5 million people.

Moreover, the market in Asia-Pacific is slated to register the highest growth rate of above 4.5% during the forecast period. The countries in Asia-Pacific, including China and India, are projected to offer significant growth opportunities for the vendors in this market. The highest growth rate of the segment is attributed to increasing potential in the region and availability of retail eye stores, increasing out-of-pocket expenditure, and increasing adoption of multiple eyewear according to outfit. Expanding chains of eye wear brands in the countries in Asia-Pacific also supports the market growth. For instance, Lenskart (India) 2023 opened approximately 2,000 retail outlets in India and other countries.

Eyewear Market: Key Companies

The report offers a competitive landscape based on an extensive assessment of the product offerings and geographic presence of leading market players and the key growth strategies adopted by them over the past few years (2020–2024). The key players operating in the global eyewear market are Safilo Group SpA (Italy), EssilorLuxottica SA (France), Fielmann Group AG (Germany), Johnson & Johnson Vision Care, Inc. (U.S), Carl Zeiss AG (Germany), De Rigo Vision SpA (Italy), Hoya Corporation (Japan), Marchon Eyewear, Inc., Alcon Inc. (Switzerland), Appier Inc. (Tokyo), The Cooper Companies, Inc. (U.S.), and Warby Parker Inc. (U.S).

Eyewear Industry Overview: Latest Developments from Key Industry Players

• In January 2024, TAG Heuer Brand of LVMH Swiss Manufactures SA (Switzerland) launched an eyewear collection “inspired by the human body.” The new collection features eight different styles in sportswear, sunglasses, and optical categories, with an emphasis on athletic designs and lightweight and technical materials.

• In December 2023, Walmart Inc. (U.S.) launched the eyewear brand Karün, made from traceable recycled materials. The line includes 18 styles, including classic aviators and round, square, and rectangle frames, priced from USD 114 to USD 132.

• In February 2023, Bugatti Automobiles S.A.S. (France) and optical designer Larry Sands launched the Bugatti Eyewear Collection, which includes nine distinct styles and 37 statement pieces, defining Bugatti Brand Lifestyle’s collection.

Eyewear Market Research Summary

Key questions answered in the eyewear market report: