Eyewear Market Outlook

The global eyewear market is poised for significant growth in the coming years, with a projected market value of USD 325.82 billion by 2030, representing a compound annual growth rate (CAGR) of 8.60% from 2022 to 2030. This expansion is driven by evolving consumer preferences, rising disposable incomes, and increasing awareness of the importance of eye health.

To meet the growing demand for eyewear, companies are introducing a diverse range of products with innovative features and designs, catering to the needs of consumers seeking stylish, durable, and functional eyewear solutions. The market is characterized by monopolistic competition, with numerous players vying for market share. To overcome challenges and maintain a competitive edge, leading companies are focusing on product launches, strategic partnerships, mergers and acquisitions, and expanding their production capacities and geographical reach.

The global eyewear market report segments the market based on product type, distribution channel, and region. The spectacles segment is expected to dominate the market throughout the forecast period, driven by rising concerns about vision-related issues and the increasing prevalence of eye disorders. The sunglasses segment is projected to experience the fastest growth rate, fueled by the introduction of new and advanced products, such as prescription sunglasses that offer both vision correction and protection from harmful UV rays

Based on product type, the global eyewear market has been segmented into spectacles, sunglasses, contact lenses, and others. The spectacles segment is projected to be the largest during the forecast period. Increasing concerns about eyesight-related issues and increasing cases of eye disorders are expected to boost the eyewear market growth. Additionally, the increasing aging populations is widely preferring the prescription-based spectacles to tackle visual deficiencies and cure refractive errors. The sunglasses segment is expected to register the highest growth rate during the review period owing to the presence of new and advanced products in the market. For instance, prescription sunglasses is expected to be a more convenient option for outdoors. Prescription sunglasses help with visual deficiency as well as protection from UV rays.

By distribution channel, the global eyewear market report has segmented the market into store-based and non-store-based. The store-based segment has further been divided into supermarkets and hypermarkets, specialty stores, and others. The store-based segment is projected to account for the larger market share due to the widespread availability of variety of eyewear in supermarkets and hypermarkets. Moreover, there is a higher preference for store-based channels as they provide a one-stop shopping experience where the consumers can try out the products and then purchase them. However, the non-store-based segment is projected to register the higher CAGR due to the increasing adoption of e-commerce in the retail sector.

Key Players

Some of the key players in the global eyewear market are The Cooper Companies Inc. (US), Carl Zeiss AG (Germany), Bausch Health Companies Inc. (Canada), Safilo Group S.p.A. (Italy), Fielmann AG (Germany), Luxottica Group S.p.A. (Italy), Johnson & Johnson Vision Care, Inc.(US), GrandVision (Netherlands), Alcon Vision LLC (US), Marchon Eyewear Inc. (US), De Rigo Vision S.p.A. (Italy), Essilor International (France), Rodenstock GmbH (Germany), Marcolin SpA (Italy), and Charmant Inc. (US).

Regional Analysis

The global eyewear market has been segmented, on the basis of region, into North America, Europe, Asia-Pacific, and the rest of the world.

The market in Europe is expected to dominate the global eyewear market owing to the growing preference for premium eyewear, changing eyewear trends, and availability of wide range of options. The growing preference of the consumers for branded eyewear products is expected to pave the way for the market players to capitalize on lucrative prospects. Also, due to the changing trends regarding the use of various types of eyewear in countries including Italy and France, there has been a rise in the creation of new products, to meet the growing market demands, which have been successfully marketed in other regions.

The market in the Asia-Pacific, as per the Asia-Pacific eyewear market outlook, is expected to be the fastest-growing due to the expanding consumer goods industry, increasing prevalence of visual deficiency, and growing consumer awareness of consumers regarding eye protection from UV rays

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Key Developments

• In 2022, Safilo Group S.p.A. expanded its business in India by strengthening its presence in the top 60 cities of the country. The company made 24 of 31 brands, of its portfolio, avaliable in the country
• In 2022, Marcolin SpA signed an exclusive global licensing deal to manufacture, design, and market sunglasses and optical eyewear for luxury brand Bally.
• In 2022, Marchon Eyewear, Inc., manufacturer and distributor of eyewear and sunwear, and Cutler and Gross Ltd., British eyewear brand, entered into an agreement for the distribution of Cutler and Gross sun and optical eyewear throughout the US.
• In 2022, Johnson & Johnson Vision Care, Inc. launched contanct lenses with Transitions Light Intelligent Technology named Acuvue Oasys under its brand Acuvue. The contact lens provided vision correction to the wearer, along with a dynamic photochromic filter that helped to constantly balance the amount of light entering the eye.