Eyewear Market Size, Share & Trends Report

Eyewear Market Size, Share & Trends Analysis Report By Product (Contact Lenses, Spectacles, Sunglasses), By Distribution Channel (E-commerce, Brick & Mortar), By Region, And Segment Forecasts, 2020 - 2027

  • Published Date: Apr, 2020
  • Base Year for Estimate: 2019
  • Report ID: 978-1-68038-018-7
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2018
  • Number of Pages: 266

Report Overview

The global eyewear market size was valued at USD 138.7 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 8.1% from 2020 to 2027. Increasing focus of premium optical brands on quality materials and classic designs is expected to offer growth potentials for the eyewear industry. Moreover, advancements in the shape and color of eyeglasses are expected to increase investments in the market for eyewear over the forecast period.

U.S. eyewear market size

The emergence of new players, due to low entry barriers, offers more buying options to consumers, and increases brand competitiveness. The new players have disrupted the market by offering handcrafted eyewear, which adds a premium touch to the product and offers more buying options to the customer. For instance, Wires Eyewear provides handcrafted eyewear to the customers by using metal wires for frames and 3D printing technology for the lens rims. Furthermore, companies such as Pixel Eyewear provides an innovative line-up of lenses where the blue light filtering pigment is baked into the lens, in spite of applying light filtering coating, thus offering attractive products to individuals. 

Furthermore, consumer buying preferences have changed considerably, forcing providers to keep up with the changing trends. For instance, thin metal frames were preferred in the 80s and 90s, but nowadays, wearers prefer thin metal-framed round glasses, for casual and business looks. Moreover, acetate frames are still in fashion, but the thin-rimmed glasses are in more acceptance, as they have an added advantage of durability and are lightweight as compared to the thick-rimmed glasses.

Furthermore, digital commerce for enhanced shopping experience is expected to drive the market for eyewear. The bots guide the buyers to select products based on popular frames and lenses. Also, product virtualization and facial analysis are the key components for a recommendation engine designed for eyewear selection. Incorporating customer assistant’s feedback, past purchase/search history, and customer preferences are expected to provide precise and personalized recommendations to the customers.

Product Insights

The spectacle segment dominated the eyewear market in terms of revenue share in 2019. The technical improvements have added to the new levels of comfort and durability in the spectacle manufacturing. Reforms in the spectacle lens making technology have enabled manufacturers to produce lenses with higher indexes for wider ranges of spherical power (SPH), which improves the functionality and aestheticism of the spectacles. Emerging eyewear companies, including Dresden Optics Pty. Ltd., are leveraging a new type of business model, which enables customers to customize their frames. This strategy has enabled the company to start mass-production of spectacles, which are sold at very low prices, hence offering promising growth prospects to the market for eyewear.

The contact lenses segment accounted for a revenue share of approximately 9.0% in 2019. The transition towards silicone incorporated polymer for making contact lenses, owing to better oxygen breathability is encouraging spectacle users to switch towards contact lenses. General notion regarding better aesthetic features and enhanced functionality offered by contact lenses as compared to spectacles and higher functionality capabilities are the primary growth factors for the contact lenses segment.

Distribution Channel Insights

The brick and mortar segment dominated the market for eyewear in terms of revenue share in 2019. Eyewear players, including Warby Parker, having only online business models have started venturing into brick and mortar stores to diversify and generate new revenue channels. The rising adoption of the drive-to-store model amongst eyewear manufacturers offers consumers a blend of the latest digital technology and expert optician feedback. Online players, such as eyebobs, LLC, have also started offering the facility to place orders online and collect products from their physical stores to increase footfall and generate awareness about the ergonomics and aesthetics of new product launches.

Global eyewear market share

Furthermore, the e-commerce segment has gained significant share owing to large discounts offered and a large number of styles to choose from. Furthermore, online websites enable users to test the aesthetics of eyewear, using specially built features and online tools. The adoption of affiliate marketing amongst eyewear providers is another factor resulting in market growth. Additionally, the integration of chatbots into e-commerce platforms helps users with prescription-related queries and navigate facets, resulting in enhanced user experience.

Regional Insights 

Asia Pacific dominated the market for eyewear in 2019. The rising number of cases registered against myopia in China is facilitating the need to use corrective eyewear. Additionally, key market players, such as PRADA, operate manufacturing centers in China, to access better technology and low-cost labor. Furthermore, the adoption of 'buy one, give one' business model by emerging labels, such as Mantra Eyewear, and province-based textile-inspired designs are further encouraging growth of the market for eyewear.

North America captured a significant amount of revenue share in 2019. Government regulations by several federal bodies such as the Federal Trade Commission (FTC) and the U.S. Customs and Border Protection have resulted in the effective and safe use and distribution of eyewear products. The regulators make sure to counter sales and distribution of fake products, thus promoting companies to practice profitable, safe, and accountable business models. Furthermore, data published by the FTC showcases a rising trend of independent Eyecare Professionals (ECPs) out-performing other retail chains owing to the availability of cheaper products and cost-effective services, which is driving the market for eyewear in the region.

Key Companies & Market Share Insights

Companies are constantly improvising their current product offerings as well as developing innovative products to meet user demand. For instance, Johnson and Johnson Vision, a subsidiary of Johnson and Johnson, Inc. launched a new contact lens in 2019, ACUVUE OASYS with Transitions Light Intelligent technology, a photochromatic contact lens that changes colors according to lighting conditions.

Furthermore, international players have started partnering with national governments to form business partnership platforms to generate commercial and social returns in developing countries. For instance, Essilor International S.A. recently partnered with the Government of Australia to provide affordable vision care to low-income consumers in the rural areas of Bangladesh. The initiative further trains people to become vision care providers. Furthermore, the company has also opened up a new innovation and technology center in China to accelerate eye optometry advancements in the market and drive the Group's improvement with developments catered explicitly to the necessities of local customers. Some of the prominent players in the eyewear market include:

  • Bausch and Lomb Inc.

  • Carl Zeiss AG

  • Charmant Group

  • CooperVision

  • Warby Parker

  • EssilorLuxotttica

Eyewear Market Report Scope

Report Attribute

Details

Market size value in 2020

USD 147.59 billion

Revenue forecast in 2027

USD 255.28 billion

Growth Rate

CAGR of 8.1% from 2020 to 2027

Base year for estimation

2019

Historical data

2016 - 2018

Forecast period

2020 - 2027

Quantitative units

Revenue in USD million, volume in million units and CAGR from 2020 to 2027

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Product, distribution channel, region

Regional scope

North America; Europe; Asia Pacific; South America; Middle East & Africa

Country scope

U.S.; Canada; U.K.; Germany; China; India; Vietnam; Japan; Brazil; Mexico

Key companies profiled

Bausch and Lomb Inc.; Carl Zeiss AG; Charmant Group; CooperVision; Warby Parker; EssilorLuxotttica

Customization scope

Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options


Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global eyewear market report based on product, distribution channel, and region.

  • Product Outlook (Volume, Million Units; Revenue, USD Million, 2016 - 2027)

    • Contact Lenses

      • Premium Contact Lenses

      • Mass Contact Lenses

    • Spectacles

      • Spectacle Frames

        • Type

          • Premium Spectacle Frames

          • Mass Spectacle Frames

        • Style

          • Round

          • Square

          • Rectangle

          • Oval

          • Others

      • Spectacle Lenses

    • Sunglasses

      • Lens Type

        • Polarized Sunglasses

        • Non-Polarized Sunglasses

      • Lens Material

        • CR-39

        • Polycarbonate

        • Polyurethane

        • Others

  • Distribution Channel Outlook (Volume, Million Units; Revenue, USD Million, 2016 - 2027)

    • E-Commerce

    • Brick & Mortar

  • Regional Outlook (Volume, Million Units; Revenue, USD Million, 2016 - 2027)

    • North America

      • The U.S.

      • Canada

      • Mexico

    • Europe

      • Germany

      • The U.K.

    • Asia Pacific

      • China

      • India

      • Japan

      • Vietnam

    • South America

      • Brazil

    • MEA

Frequently Asked Questions About This Report

Pricing & Purchase Options

Buy Chapters or Sections

Avail customized purchase options to meet your exact research needs:

  • Buy sections of this report
  • Buy country level reports
  • Request for historical data
  • Request discounts available for Start-Ups & Universities

Why Choose Us

  • Research support

    24/5 Research support

    Get your queries resolved from an industry expert.

  • Custom research service

    Custom research service

    Design an exclusive study to serve your research needs.

  • Quality assurance

    Quality assurance

    A testimonial for service in the form of BBB "A" Accreditation.

  • BBB Rating dandb
  • Information security

    Information security

    Your personal and confidential information is safe and secure.

  • grand view research PCI DSS complaint grand view research paypal verified