Eyewear Market Size, Share & Trends Analysis Report By Product (Contact Lenses, Prescription Glasses, Sunglasses), By Distribution Channel (E-commerce, Brick & Mortar), By End Use, By Region, And Segment Forecasts, 2024 - 2030

Eyewear Market Size & Trends

The global eyewear market size was valued at USD 183.36 billion in 2023 and is expected to grow at a CAGR of 8.3% from 2024 to 2030. The market growth is attributed to several factors, such as the increasing prevalence of eye conditions such as myopia, hyperopia, astigmatism, and presbyopia is driving demand for corrective eyewear. The availability of a wide range of stylish and affordable eyewear options, including designer brands and customized lenses, has made eyewear more accessible to consumers. Moreover, the rising disposable incomes and the growing acceptance of eyewear as a fashion accessory have further fuelled market growth. 

The growth of the market is largely influenced by the advancements in lens technology, such as the development of thinner, lighter, and more scratch-resistant lenses, which have enhanced the comfort and appeal of eyewear products. The growing prominence of advanced offerings such as Photochromic Lenses that adjust to changing light conditions, progressive lenses that correct vision at multiple distances, and blue light filtering lenses that are Lenses designed to reduce exposure to harmful blue light emitted by digital devices, is creating remunerative growth prospects for the market.

The growing awareness of the importance of eye health and the increasing availability of eye care services have also contributed to the expansion of the market. As people become more educated about the potential consequences of neglecting eye care, they are seeking professional advice and investing in quality eyewear. This increased awareness is leading to earlier detection and treatment of eye conditions, which in turn drives demand for corrective eyewear. In addition, the emphasis on preventive eye care, including regular eye exams and the use of protective eyewear, is further expediting the growth of the market.

The market is also experiencing significant changes in distribution channels. Traditional brick-and-mortar stores faced competition from online retailers, offering a convenient shopping experience with virtual try-on features. This shift in consumer behavior influenced both established eyewear brands and emerging players to strengthen their online presence. Moreover, sustainability became a key concern for consumers, promoting eyewear companies to adopt eco-friendly materials and manufacturing practices. This growing emphasis on sustainability not only addressed environmental concerns but also appealed to an environmentally conscious consumer base.

Market Concentration & Characteristics

The market growth stage is moderate, and the pace of the market is accelerating. The market is characterized by a high degree of innovation with the development of thinner, lighter, and more scratch-resistant lenses has made prescription glasses more comfortable and appealing to wearers. Furthermore, technological advancements such as smart glasses and augmented reality eyewear are creating new possibilities for eyewear products.  

The level of merger and acquisition (M&A) activities in the market is increasing. These strategies by eyewear manufacturers are aimed at expanding their share and increasing existing product portfolio.

Regulations have a significant impact on the eyewear market that are aimed at ensuring consumer safety and satisfaction through strict quality standards for eyewear products. Moreover, the market is also impacted by the regulations governing the sale of prescription eyewear, as consumers may need a valid prescription to purchase certain products.   

The market has a significant end-user concentration with the wide availability of eyewear products that suit almost all age groups. Moreover, a growing number of consumers view eyewear as a fashion accessory, leading to a demand for stylish and trendy frames.

The eyewear market faces much less competition from product substitutes. While glasses and lenses are the primary product, other options, such as laser eye surgery, can compete for market share. On the other hand, sunglasses continue to be a popular and essential item, particularly in regions with high levels of sunlight, which reduces the competition from product substitutes.

Product Insights

Prescription (RX) glasses accounted for the largest revenue share of over 70.0% in 2023. The increasing prevalence of eye conditions such as myopia, hyperopia, astigmatism, and presbyopia is driving the demand for corrective eyewear. Moreover, advancements in lens technology, including the development of thinner, lighter, and more scratch-resistant lenses, have made prescription glasses more comfortable and aesthetically appealing. Besides, the availability of a wide range of prescription eyewear options, including designer frames and customized lenses, has enhanced the market outlook for prescription glasses.

The sunglasses segment is expected to record the highest CAGR of over 10.0% from 2024 to 2030. The growing production of temperature-sensitive drugs, including biologics and vaccines, is bolstering the demand for reliable cold storage solutions. Stringent regulations on pharmaceutical storage and distribution are driving investments in high-precision refrigeration units with advanced monitoring capabilities. Personalized medicine and gene therapies are leading to a high demand for ultra-low temperature storage, driving segmental growth.  

Distribution Channel Insights

The brick-and-mortar segment accounted for the largest revenue share in 2023 owing to high consumer preference for physical stores owing to several advantages associated with them. Customers can receive personalized advice from trained opticians regarding frame selection, lens prescriptions, and adjustments. Moreover, these stores help customers physically try on frames to ensure proper fit and comfort, which quickens the purchase decision. In addition, these stores also offer attractive offers and discounts and have a wide variety of brands, which increases consumer demand, favoring segmental growth.  

The e-commerce segment is expected to record the fastest CAGR from 2024 to 2030 owing to increasing purchases of eyewear products through online shopping due to greater convenience and accessibility. Online retailers offer a wider range of products, including designer brands and niche offerings, often at competitive prices. Moreover, e-commerce platforms provide detailed product information, customer reviews, and virtual try-on tools, enabling consumers to make informed purchasing decisions. The rise of mobile commerce and the growing penetration of smartphones are expected to accelerate the growth of the e-commerce segment over the coming years.

End Use Insights

The female segment accounted for the largest revenue share in 2023 as women are increasingly embracing eyewear as a fashion accessory, with a wide range of styles and designs available to suit various preferences. Besides, the increasing participation of women in the workforce and their active lifestyles has created a need for eyewear that complements their daily activities and professional image. Moreover, the growing significance of eye health among women has increased the demand for prescription eyewear. The availability of fashionable and functional eyewear options, including contact lenses and prescription sunglasses, has further contributed to the segmental growth.

The kids segment is expected to record the fastest CAGR from 2024 to 2030. Increasing awareness among parents about the importance of protecting children's eyesight from an early age has driven demand for eyewear in this segment. In addition, the availability of stylish and durable kids' eyewear options, often featuring fun designs and characters, has made it more appealing to both children and parents. Moreover, the growing emphasis on screen time management and eye health has led to increased demand for protective eyewear for children who spend significant time using electronic devices.

Regional Insights

North America eyewear market accounted for the largest revenue share of around 32.0% in 2023. The availability of a wide range of stylish and affordable eyewear options, including designer brands and private label products, has made eyewear more accessible to consumers. In addition, favorable government initiatives, such as the Affordable Care Act in the U.S., which mandates coverage of preventive eye care services in all health insurance plans, including eye exams and prescription eyewear, are also creating ample growth opportunities for the market. Moreover, the growing popularity of online eyewear retailers has provided convenient access to a vast selection of products and competitive pricing, further stimulating market growth.   

U.S. Eyewear Market Trends

The U.S eyewear market is anticipated to grow at a CAGR of over 7% from 2024 to 2030. The growing popularity of contact lenses and the increasing availability of online eyewear retailers are contributing to the market growth. In addition, the prevalence of eye conditions, coupled with the growing awareness regarding eye health, has driven demand for eyewear products. Besides, the wide availability of advanced lightweight, durable, and stylish eyewear products is further accelerating the market growth.

Asia Pacific Eyewear Market Trends

The eyewear market in Asia Pacific is expected to record the highest growth rate of over 7.0% from 2024 to 2030. The large and growing population, coupled with rising disposable incomes, has led to increased demand for eyewear products in the region. The growing significance of eye care and rising demand for eyewear as a fashion accessory is favoring the market growth. In addition, the presence of major eyewear manufacturers and suppliers in the region has contributed to the growth and competitiveness of the market.   

India eyewear market is poised for notable growth in the coming years on account of growing population, increasing awareness about vision care, and lifestyle changes. The penetration of organized retail and the rise of online eyewear platforms have made eyewear more accessible. The rising prevalence of digital device usage has also led to a surge in demand for prescription glasses, contributing to the market growth.    

The eyewear market in China held a significant revenue share in 2023. The country's large and growing population, coupled with rising disposable incomes, has led to increased demand for eyewear products. Moreover, the country’s growing e-commerce industry has provided convenient access to a wide range of eyewear products, further stimulating market growth.     

Japan eyewear market is expected to witness a significant growth rate from 2024 to 2030, with rising product demand driven by increasing prevalence of eye conditions. In addition, the growing trend of online shopping and the availability of a wide range of eyewear options have also contributed to the market expansion.

Europe Eyewear Market Trends

The Europe eyewear market is accounted for a significant revenue share of in 2023 and is expected to witness a notable growth over the coming years. Rising disposable incomes, coupled with increasing awareness of eye health and the importance of vision correction, have driven demand for eyewear products. Moreover, the strong presence of several eyewear providers in the region who are investing heavily in research and development to develop innovative products that cater to the changing consumer preferences is further opening lucrative growth prospects for the regional eyewear market.  

UK eyewear market accounted for a sizeable revenue share in 2023 owing to various factors such as a growing aging population, a rise in demand for corrective lenses, and a growing awareness of eye health, which has led to a rise in preventive eyewear purchases. Technological advancements, such as the development of innovative lens materials and coatings, have further fueled market expansion.    

The eyewear market in Germany is estimated to record a considerable growth rate from 2024 to 2030. The country has a strong focus on eye health, with a significant portion of the population wearing corrective eyewear. The increasing prevalence of eye conditions such as myopia and astigmatism, coupled with the growing acceptance of eyewear as a fashion accessory, has further fueled demand, favoring market growth.

Middle East and Africa (MEA) Eyewear Market Trends

The eyewear market in the Middle East and Africa (MEA) is estimated to register a notable CAGR from 2024 to 2030.Rising disposable incomes, coupled with increasing awareness of the importance of eye health and fashion trends, have led to a surge in demand for eyewear products. The region's growing population, particularly among the younger demographic, is also contributing to the market expansion. Moreover, the increasing prevalence of eye conditions such as myopia and astigmatism, coupled with the growing acceptance of corrective eyewear as a fashion accessory, is further fueling regional market growth.    

Saudi Arabia eyewear market accounted for a notable revenue share in 2023 owing to increasing prevalence of vision disorders such as myopia, hyperopia, and astigmatism, as well as the growing demand for fashionable and stylish eyewear among consumers. Moreover, the disposable income of the population has increased, leading to higher spending on discretionary items like eyewear, contributing to market growth.        

Key Eyewear Company Insights

Some of the key players operating in the eyewear market include Bausch + Lomb Corporation, Zeiss Group, Johnson & Johnson Vision Care Inc., and HOYA Corporation among others.

• Bosch & Lomb Inc. is a manufacturer and provider of contact lenses, contact lens care solutions, and eye drops for curing dry eyes, allergies, and redness. It also provides eye vitamins, vision accessories, and ophthalmic surgical devices. The company produces contact lenses for astigmatism, presbyopia, cataract patients, vision shaping treatment, and nearsightedness/farsightedness. It offers contract manufacturing services for non-sterile and sterile solutions, ointments, suspensions, gels, nasals, creams, and injectables.  

• Zeiss Group is a manufacturer of optical systems, industrial measurement devices, and medical devices. The company is engaged in the design, manufacturing, and distribution of microscopes, measuring technologies, binoculars, camera & cinema lenses, eyeglass lenses, and semiconductor manufacturing equipment. It has four primary business segments, namely semiconductor manufacturing technology, research & quality technology, medical technology, and vision/consumer products.

• Johnson & Johnson Vision Care, Inc. is engaged in the design, manufacturing, and marketing of disposable contact lenses. The company acquired Frontier contact lenses, after which it was renamed VISTAKON, which secured a patent called Stabilized Soft Molding (SSM) for the proprietary manufacturing process. VISTAKON owns the Acuvue brand of contact lenses and is designed explicitly for vision correction for astigmatism and presbyopia in the U.S.

Warby Parker, Shamir Optical Industry, and Zeni Optical Inc. are some of the emerging market participants in the market.

• Warby Parker is a manufacturer and provider of designer eyewear, offering various products in the category of sunglasses, eyeglasses, accessories, and gift cards. Warby Parker distributes products through the online distribution channel and limited retail outlets. The company also offers home-try-on and virtual-try-on services for customers.

• Shamir Optical Industry Ltd. is a manufacturer of high-quality progressive lenses. The company is involved in the design, development, and manufacturing of premium progressive lenses. The company develops products using various advanced technologies, including EyePoint Technology III, Natural Posture, IntelliCorridor, As-Worn Quadro, and Direct Lens Technology. In August 2022, EssilorLuxoticca fully acquired Shamir Optical Industry Ltd.

Recent Developments

• In July 2024, EssilorLuxottica announced its agreement to acquire the entire share capital of Optical Investment Group, a leading Romanian optical retailer, from Innova/6, a private equity fund of Innova Capital Group, and minority shareholders. This acquisition is seen as a significant step in enhancing Romania's optical market, promoting quality eyewear and eyecare solutions.

• In June 2024, Bausch + Lomb Corporation launched Bausch + Lomb INFUSE for Astigmatism, a daily disposable contact lens. Designed with advanced lens material and ProBalance Technology, along with the proprietary OpticAlign design, these lenses offer a clear, stable vision to astigmatic patients with all-day comfort while reducing dryness. The company also unveiled its plans to start delivering INFUSE for Astigmatism fitting sets to eye care professionals in July 2024.

• In June 2024, The Fielmann Group acquired Shopko Optical, an optical retailer based in Green Bay, Wisconsin, from Monarch Alternative Capital LP. This expansion will enhance Fielmann's presence in the U.S., serving customers through digital channels and over 220 retail locations across 19 states, primarily in the Midwest.

• In October 2023, Alcon announced the launch of TOTAL30 Multifocal, the monthly Water Gradient multifocal contact lens. The lenses have begun to roll out in the United States and in select international markets.
  

Eyewear Market Report Scope

Global Eyewear Market Report Segmentation

This report forecasts and estimates volume & revenue growth at the global, regional, and country levels and analyzes the latest market trends and opportunities in each one of the sub-segments from 2018 to 2030. For this study, Grand View Research has further segmented the global eyewear market report based on product, distribution channel, end use, and region. 

• Product Outlook (Volume, Million Units; Revenue, USD Million, 2018 - 2030)

  • Contact Lenses

    • Premium Contact Lenses

    • Mass Contact Lenses

  • Prescription (RX) Glasses

    • Prescription Glasses, by Frame

      • Frame Type

        • Full Frame

        • Half Frame

        • Rimless

      • Frame Style

        • Round

        • Square

        • Rectangle

        • Oval

        • Others

      • Frame Material

        • Metal

        • Nylon

        • Others

    • Prescription Glasses, by Lens

      • Single Vision Lenses

      • Multi-vision Lenses

      • Progressive Lenses

      • Others

  • Sunglasses

    • Sunglasses, by Frame

      • Frame Type

        • Full Frame

        • Half Frame

        • Rimless

      • Frame Style

        • Round

        • Square

        • Rectangle

        • Oval

        • Others

      • Frame Material

        • Metal

        • Nylon

        • Others

    • Sunglasses, by Lens

      • Lens Type

        • Polarized Sunglasses

        • Non-Polarized Sunglasses

      • Lens Material

        • CR-39

        • Polycarbonate

        • Polyurethane

        • Others

• Distribution Channel Outlook (Volume, Million Units; Revenue, USD Million, 2018 - 2030)

  • E-Commerce

  • Brick & Mortar

• End Use Outlook (Volume, Million Units; Revenue, USD Million, 2018 - 2030)

  • Male

  • Female

  • Unisex

  • Kids

• Regional Outlook (Volume, Million Units; Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

    •  Austria

    • Belgium

    • Czech Republic

    • Denmark

    • Finland

    • France

    • Germany

    • Iceland

    • Ireland

    • Italy

    • Netherlands

    • Norway

    • Poland

    • Spain

    • Sweden

    • Switzerland

    • U.K.

  • Asia Pacific

    • China

    • India

    • Australia

    • China

    • Hong Kong

    • India

    • Indonesia

    • Japan

    • Malaysia

    • New Zealand

    • Philippines

    • Singapore

    • South Korea

    • Taiwan

    • Thailand

    • Vietnam

  • Latin America

    • Brazil

    • Argentina

    • Chile

  • Middle East and Africa (MEA)

    • Israel

    • Nigeria

    • Saudi Arabia

    • South Africa

    • Turkey

    • UAE