Eyewear Market Analysis

Eyewear Market Analysis

To get key market trends

  Download Free Sample

The market by product is segmented into sensitive eyewear, upright eyewear, spectacles, contact lens, and sunglasses. In 2023, the spectacles segment dominated the market, generating a revenue of USD 69 billion. This segment is projected to reach USD 102.1 billion by 2032. The segment growth can be attributed to the increased product demand due to the prevalence of computer vision syndrome (CVS). CVS is caused by the increasing use of mobile phones and digital screens among the world's population.|
 

The growing trend of online learning and smart glasses technology, especially during the pandemic, has led to an increase in CVS cases among children, which has encouraged the adoption of anti-glare and anti-fatigue glasses. In 2020, Essilor reported a 39% increase in demand for children's anti-reflective and anti-fatigue lenses, driven by an increase in e-learning in their key market. The pandemic increased purchases of children's protective glasses as distance learning increased screen exposure. In addition, the increasing popularity of clear lenses and clear lenses has also increased the demand for glasses.
 

Based on the distribution channel the eyewear market is categorized into online and offline. Online segment dominate this market, accounting for 63.9% of the market share in 2023, and are projected to reach USD 143.8 billion by 2032. Online services gained huge traction during the pandemic when people had to practice social isolation. In addition, the growth of the online shopping channel is positively influenced by increased adoption of smart devices, lucrative discounts offered and the ability to compare prices and features.
 

The e-commerce segment is expected to grow at a faster rate during the forecast period as several key companies have partnered with leading e-commerce providers to expand their reach and target a larger consumer base. The spread of e-commerce has revolutionized the market, allowing various eyewear brands to display their product catalogues to different end users such as men, women, children and unisex customers, and provide convenient and free online eyewear shopping. experience In addition, e-commerce sites allow users to submit product reviews, which improves user experience and helps companies understand consumer preferences, which stimulates segment expansion
 

Europe emerged as the dominant segment, holding a share of more than 36.9% of the total market in 2023. The increasing incidence of eye diseases such as presbyopia, myopia, astigmatism and farsightedness and increasing awareness about the importance of regular eye check-ups and eye examinations are driving the market growth. In addition, the growth of the industry is accelerated by the spread of glasses as a fashion accessory among the youth. In 2023, the European market accounted for 36.6% of the turnover of the global eyewear market. Changes in lifestyles due to rapid urbanization, growth in innovations in the form of products from the health care and technology industries, and a large elderly population are other driving factors. industry demand.
 

North America: In terms of country, US is dominating the North America market with revenue of around USD 30.6 billion in the year 2023 and expected to reach around USD 47.4 billion by 2032. With changing lifestyles and the rise of luxury accessories, especially among millennials, the market is expected to grow. Growing visual inaccuracy and increasing awareness of vision correction is expected to drive the growth of the market. Continued renewal of eyeglass lenses due to constant prescription change will positively affect demand during the forecast period.
 

Stringent safety regulations, as enforced by governmental bodies, such as the OSHA, have necessitated the utilization of PPE in hazardous work environments. This encompasses the compulsory requirement for workers to utilize protective eyewear, safeguarding their eyes from potential injuries stemming from airborne debris, chemical exposure, or hazardous radiation.
 

The expansion of industries, such as construction, manufacturing, and healthcare, has been particularly instrumental in propelling the demand for protective eyewear. For instance, within the construction sector, workers are routinely exposed to an array of hazards including dust, sparks, and debris generated by machinery and tools. Similarly, manufacturing facilities frequently entail processes that produce airborne particles or the handling of chemicals, mandating the use of protective eyewear.
 

Europe: In terms of country, UK is dominating the Europe Eyewear market with revenue of around USD 11.8 billion in the year 2023 and expected to reach around USD 16.2 billion by 2032. Eyeglasses have become a complementary accessory as customers have become style conscious, especially in urban areas. Eyewear has become an important part of new fashion, with suppliers offering attractive frames such as vintage-inspired frames, retro, tortoiseshell and geometric frames, creating many shopping options for consumers. Combining glasses with clothes for different situations along with changing fashion trends is emerging as a new trend among users. Increasing consumer spending on prescription and luxury eyewear is expected to fuel the growth of the market. Manufacturers started targeting the middle classes, youth and high-income groups living in urban areas by introducing innovative and fashionable glasses.  
 

Asia Pacific: In terms of country China dominated with the overall market share of around 22.3% in the Asia Pacific market. Several organizations, including the World Health Organization (WHO), actively raise awareness of the harmful effects of UV radiation. They prepare guidelines and recommendations on how to protect yourself from excessive sun exposure. The American Academy of Ophthalmology recommends appropriate eye protection, such as sunglasses with UV protection, to protect the eyes from damage caused by long-term ultraviolet radiation.
 

In addition, the eye health and safety organization Prevent Blindness has designated May as UV Awareness Month to educate the public about the increased risk of diseases ranging from corneal sunburn to diseases such as cataracts and eye cancer. In addition, consumers are increasingly willing to invest extra money in branded products and expensive sunglasses to make unique fashion statements. Manufacturers respond to these trends by offering sunglasses in a variety of styles, colors and shapes according to consumer preferences.