The global eyewear market size was valued at USD 147.60 billion in 2020. It is expected to expand at a compound annual growth rate (CAGR) of 8.5% from 2021 to 2028. The rising popularity of fast fashion among millennials is encouraging eyewear manufacturers to design affordable and attractive eyewear. To quickly respond to fast fashion trends and attract fashion enthusiasts, eyewear designers regularly come up with new designs and patterns. This offers new revenue generation opportunities to companies by acquiring new customers and ensuring continuous business relations with existing customers. Eyewear providers are diversifying their service offerings to enhance the customer buying experience and to build better business relations.
Companies such as Vision Express and Coolwinks have started offering an eye check-up facility to their customers from their homes. These companies also allow users to choose their frames and try them on in real-time, with Lenskart offering a wide range of choices, to offer better services and to ensure better customer relations.
The exponential growth of social media is offering new growth avenues for the market. Popular social media platforms offer eyewear companies the opportunity to carefully analyze audience demands and choices, thus enabling them to offer specially curated products according to different geographies. The presence of a sizeable audience on platforms such as Twitter, Instagram, and Facebook enable eyewear companies to penetrate the market more effectively. While creating new channels to market their products, social media platforms enable companies to engage in innovative marketing practices such as influencer marketing and affiliate marketing, thus capturing a larger revenue share.
The COVID-19 pandemic has impacted eyewear adoption trends in 2020. Countrywide lockdowns and the implementation of Work From Home (WFH) models by several companies has resulted in people spending more time on their laptops, desktops, and mobile phones for work and entertainment purposes. The longer screen times and the resulting rise in eye fatigue have facilitated the need to use vision correction and anti-fatigue glasses. This has allowed eyewear companies to capture higher sales of anti-fatigue and blue light canceling lenses, thereby resulting in overall market growth.
The spectacles segment captured a volume share of over 55% in 2020. This can be attributed to the high usage of mobile phones and digital screens, resulting in the rise in the prevalence of computer vision syndrome (CVS) globally in recent years. The growing popularity of online learning has further resulted in children developing CVS, thereby driving the adoption of anti-fatigue and anti-glare glasses. Additionally, recent trends such as the rising popularity of clear eyeglasses and bright translucent glasses have boosted the overall demand for spectacles.
The contact lenses segment accounted for a significant revenue share in 2020. This can be attributed to continuous research in the field of contact lenses to develop products with improved user experience and better aesthetics. The introduction of light-adaptive lenses and multifocal toric lenses has been critical for the growth of the contact lenses segment in recent years. These modern lenses have been designed to smoothly and quickly change according to different lighting conditions, which reduced irritation and dryness often associated with contact lenses.
Electronic focusing eyeglasses are at the introductory stage of their product life cycle and are likely to gain traction in near future. The awareness level of the technology is quite low and the product is yet to be commercialized on a larger scale. Considering their added advantages and benefits, electronic focusing eyeglasses are expected to gain increased popularity among consumers in the next few years.
The brick and mortar segment dominated the eyewear market in 2020, with a revenue share of over 79%. There has been a slight decrease in the revenue share from previous years due to the implementation of lockdowns in several countries, which restricted brick and mortar stores' sales. However, the general trend of getting eye-power checked by the optometrist and buying glasses from the store is expected to remain strong over the forecast years. Furthermore, several companies such as Vision Service Plan, eyebobs, LLC, and Glassic, which earlier only had an online presence, have opened physical stores in recent years to facilitate omnichannel sales, generate awareness regarding new product updates, and increase footfall.
The e-commerce segment gained significant revenue share in 2020, as people were encouraged to stay at home and utilize online services for essentials. Furthermore, the rise in the adoption of smart devices, lucrative discounts, and the ability to easily compare prices and eyewear features offered by online players encourage customers to increasingly adopt e-commerce channels. E-commerce websites also enable users to read and write reviews about products, enhancing the customer journey, and promoting them to use e-commerce distribution channels. The rising popularity of the online distribution channel has resulted in a notable rise in the number of online eyewear start-ups worldwide, such as Eyewa, Hubble, and Ace & Tate.
Europe dominated in 2020 and held a revenue share of over 37%. The region, considered a fashion hub, witnesses people adopting eyewear as a fashion accessory, such as colored contact lenses, sunglasses, and frames. Moreover, the presence of several fashion brands in the region, such as Prada S.p.A., Guccio Gucci S.p.A., Christian Dior, and TOM FORD, ensure that healthy competition is maintained by offering their products at competitive prices. Essentially, eyewear products and sunglasses come under personal protective equipment (PPE) in EU-regulated countries, making it mandatory for suppliers to adhere to the directives. This helps in regulating the market and ensures steady and healthy growth opportunities for eyewear companies.
North America captured a significant revenue share in 2020. The American Academy of Ophthalmology has established guidelines that aid doctors and eye clinics to offer in-person appointments and virtual telemedicine visits. These services, coupled with a well-established e-commerce delivery system, improve the overall user experience regarding eye power consultation and choosing spectacles, thus aiding in market growth. Moreover, the emergence of companies such as Kits is revolutionizing the eyewear industry by using locally manufactured products, thus enabling them to save shipping costs and reduce environmental impact, thereby resulting in regional growth.
Continuous R&D activities are being undertaken by established players such as EssilorLuxottica and Johnson & Johnson Vision, providing an impetus to market growth. R&D activities done by these companies are promoting competitors and new entrants to improve their product functionalities and service offerings. For instance, Johnson & Johnson Vision is working on antihistamine-releasing contact lenses, which showcased positive results in phase-3 trials. Patients using these lenses had reduced itching sensation and better experience than non-medicated control lenses.
Eyewear is slowly emerging as an ethical choice for individuals aware of the environmental welfare and wellness of people around them. The emerging trend amongst companies to mitigate climate change and waste reduction is promoting the practice of offering recycled eyewear. Companies such as Sea2see Eyewear and PEL China utilize plastic waste from the sea, recycled metal, and recycled wood to make eyewear. Additionally, Sea2see Eyewear has also collaborated with fishermen from Spain, France, and West Africa to get abandoned fishnets and marine plastic waste to make attractive eyewear products. Some of the prominent players operating in the eyewear market include:
Johnson & Johnson Vision Care, Inc.
ESSILORLUXOTTICA
CooperVision
Carl Zeiss AG.
Bausch & Lomb Inc.
Safilo Group S.p.A
Report Attribute |
Details |
Market size value in 2021 |
USD 157.98 billion |
Revenue forecast in 2028 |
USD 278.95 billion |
Growth Rate |
CAGR of 8.5% from 2021 to 2028 |
Base year for estimation |
2020 |
Historical data |
2017 - 2019 |
Forecast period |
2021 - 2028 |
Quantitative units |
Market revenue in USD million and volume in Million Units, CAGR from 2021 to 2028 |
Report coverage |
Revenue & volume forecast, company ranking, competitive landscape, growth factors, and trends |
Segments covered |
Product, distribution channel, region |
Regional scope |
North America; Europe; Asia Pacific; South America; MEA |
Country scope |
U.S.; Canada; Mexico; U.K.; Germany; China; India; Japan; Vietnam; Brazil |
Key companies profiled |
Johnson & Johnson Vision Care, Inc.; ESSILORLUXOTTICA; CooperVision; Carl Zeiss AG; Bausch & Lomb Inc.; Safilo Group S.p.A. |
Customization scope |
Free report customization (equivalent to 8 analyst 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 |
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 2017 to 2028. For 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, 2017 - 2028)
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 (Revenue, USD Million, 2017 - 2028)
E-Commerce
Brick & Mortar
Regional Outlook (Volume, Million Units; Revenue, USD Billion, 2017 - 2028)
North America
U.S.
Canada
Mexico
Europe
Germany
U.K.
Asia Pacific
China
India
Japan
Vietnam
South America
Brazil
MEA
b. The global eyewear market size was valued at USD 147.60 billion in 2020 and is expected to reach USD 157.98 billion in 2021.
b. The global eyewear market is expected to grow at a compound annual growth rate of 8.5% from 2021 to 2028 to reach USD 278.94 billion by 2028.
b. The spectacle segment dominated the eyewear market with a revenue share of 74.94% in 2020. This is attributable to the technical improvements to increase levels of comfort and durability in spectacle manufacturing.
b. Some of the key players in the global eyewear market include Bausch and Lomb Inc.; Carl Zeiss AG; Charmant Group; CooperVision; Warby Parker; and EssilorLuxotttica.
b. Key factors that are driving the market growth include the growing number of ophthalmic disorders, awareness regarding eye examinations, and perception of eyewear as a fashion accessory.
b. The brick and mortar (physical) distribution channel segment dominated the eyewear market in 2020, with a revenue share of over 79%.
b. Europe accounted for the largest revenue share of more than 37% in the eyewear market in 2020, as the region is home to major fashion labels such as Prada and Gucci, thus leading to high demand for fashionable eyewear.
b. There has been a huge growth in the number of online eyewear start-ups such as Eyewa, Hubble, and Ace & Tate globally, with the growing adoption of smart devices and the presence of attractive offers and features by online platforms aiding exponential growth of the market.
b. The demand and sales of anti-fatigue and blue light canceling lenses have exponentially increased during the pandemic, as lockdown norms have led to companies adopting work from home models for their employees, leading to increased time being spent on a smartphone, desktop, and laptop screens.
b. Social media platforms such as Instagram and Facebook offer an excellent opportunity to eyewear companies to gauge audience choices and demands, thus helping them to market their products more effectively.
GET A FREE SAMPLE
This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself.
NEED A CUSTOM REPORT?
We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities.
Contact us now to get our best pricing.
We are GDPR and CCPA compliant! Your transaction & personal information is safe and secure.
"The quality of research they have done for us has been excellent."
The shortage in supply of raw materials from Chinese manufacturers has resulted in a severe demand-supply gap. The manufacturers are further expected to be stranded on raw material orders owing to the logistics industry being significantly impacted due to lockdown amid COVID-19. However, the producers are expected to move away from China aiming to reduce the future risks that would affect the business and to reduce the manufacturers' cluster in a single country in order to smoothen the supply chain. The report will account for Covid19 as a key market contributor.
We value your investment and offer free customization with every report to fulfil your exact research needs.