What is the global market size of Eyewear Market?

Eyewear Market size was valued at USD 157.9 billion in 2021 and is poised to grow from USD 170.8 billion in 2022 to USD 357.1 billion by 2030, growing at a CAGR of 8.4% in the forecast period (2023-2030).

Global Eyewear Market Size, Share, Growth Analysis, By Products(Contact Lenses, Spectacles), By Distribution Channel(Retail Stores, Online Stores) - Industry Forecast 2024-2031

Report ID: SQSG35B2025 | Region: Global | Published Date: February, 2024
Pages: 165 | Tables: 63 | Figures: 75

Global Eyewear Market Dynamics

Eyewear Market Driver

Increasing awareness among people regarding the harmful effects of ultraviolet rays is driving the eyewear market.

With more people becoming aware of the risks of prolonged exposure to UVA and UVB rays, the sunglasses segment of the eyewear market is expected to expand at a faster rate during the projection period. Manufacturers' diverse product offerings are increasing global demand for eyewear products. Also, people are turning more towards prescription sunglasses as a means of both correcting their vision and shielding their eyes from harmful UV radiation are some of the major factors propelling the eyewear market growth during the analysis period.

Eyewear Market Restraint

Increasing adoption of less expensive frames and sunglasses in developing nations restraint market growth.

Spectacle frames and lenses can be purchased at a lower price in shops in developing countries. The high cost of quality eyewear and contact lenses is aggravated by import tariffs in developing countries. During the assessment period, these issues, in addition to the lower contact lens prevalence in emerging nations, are expected to restrain market growth and slow down eyewear market growth.

Global Eyewear Market Report Snapshots

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Eyewear Market size was valued at USD 157.9 billion in 2019 and is poised to grow from USD 170.8 billion in 2023 to USD 357.1 billion by 2031, growing at a CAGR of 8.4% in the forecast period (2024-2031).

The eyewear market is relatively fragmented, with a high level of competition. Few large players, like Charmant Inc., Carl Zeiss AG., and Bausch & Lomb Inc., now control the market in terms of market share. These industry leaders are extending their customer base across several areas, and many corporations are creating strategic and collaborative initiatives with other start-up enterprises to enhance their market share and profitability. 'Luxottica Group S.p.A.', 'Essilor International', 'Johnson & Johnson Vision Inc.', 'Safilo Group S.p.A.', 'Bausch & Lomb Incorporated', 'Carl Zeiss AG', 'CooperVision', 'Marchon Eyewear, Inc.', 'Fielmann AG', 'GrandVision', 'Charmant Group', 'Marcolin S.p.A.', 'De Rigo Vision S.p.A.', 'Silhouette International Schmied AG', 'Rodenstock GmbH', 'HOYA Corporation', 'Seiko Optical Products Co., Ltd.', 'Alcon Vision LLC', 'Shamir Optical Industry Ltd.', 'Optic 2000'

With more people becoming aware of the risks of prolonged exposure to UVA and UVB rays, the sunglasses segment of the eyewear market is expected to expand at a faster rate during the projection period. Manufacturers' diverse product offerings are increasing global demand for eyewear products. Also, people are turning more towards prescription sunglasses as a means of both correcting their vision and shielding their eyes from harmful UV radiation are some of the major factors propelling the eyewear market growth during the analysis period.

Fashion has a significant impact on the prevalent trends in this profession. With the evolution of 3D printing, it is now possible to produce eyeglasses in a matter of hours rather than days. As the popularity of social media sites such as Instagram and TikTok continues to rise, rapid style changes in accessories such as sunglasses have garnered considerable attention. It is no secret that businesses want to increase their global reach, hence they are collaborating with social media influencers. In addition, prominent players in the eyeglasses market are focusing on mergers and acquisitions to increase their products' global availability. These are some of the major trends propelling the eyewear market growth during the analysis period.

North America accounted for more than 25% of the worldwide eyewear market's revenue in 2021 and is anticipated to dominate the market during the analysis period due to the region's growing demand for eye ware products, which will propel the market during the forecast period.

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Global Eyewear Market Size, Share, Growth Analysis, By Products(Contact Lenses, Spectacles), By Distribution Channel(Retail Stores, Online Stores) - Industry Forecast 2024-2031

Global Eyewear Market Dynamics

Global Eyewear Market Report Snapshots

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