Eyewear Market Size To Worth USD 292.58 Billion By 2032 | CAGR of 6.75%

Rising technological advancements and expanding sales channels offer opportunities for durable, high-performance eyewear, including smart and AR glasses.

AUSTIN, TX, UNITED STATES, December 3, 2024 /EINPresswire.com/ -- The Eyewear Market was valued at USD 162.53 billion in 2023 and is projected to reach USD 292.58 billion by 2032, growing at a robust CAGR of 6.75% during the forecast period of 2024-2032.

The growing demand for both prescription glasses and sunglasses, coupled with the increasing awareness of eye health and the emergence of online sales channels, is driving market expansion. Additionally, the rising disposable incomes, changing fashion trends, and the increasing prevalence of vision-related problems are contributing to the eyewear market's rapid growth.

Market Overview

The eyewear market encompasses a wide range of products, including prescription glasses, sunglasses, and contact lenses, which cater to both fashion-conscious individuals and those seeking corrective solutions. The demand for eyewear has witnessed steady growth, driven by various factors like aging populations, rising instances of myopia, and the growing popularity of eyewear as a fashion accessory. The eyewear sector also benefits from innovations in product designs, such as lightweight frames and advanced lenses that offer better protection against blue light and UV rays.

The market is further boosted by the increasing use of online platforms for eyewear purchases, providing consumers with an easy, convenient shopping experience. Prescription eyewear continues to dominate the market, accounting for the largest share, while contact lenses and sunglasses are gaining in popularity, particularly among younger consumers. The eyewear market is characterized by strong competition between established brands and new entrants, who constantly innovate with new styles, features, and technologies to meet evolving consumer needs.

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Some of the Major Key Players in the Eyewear Market are:

• Coopervision
• Carl Zeissa AG
• Johnson & Johnson Vision
• CIBA Vision
• Fielmann AG
• Hoya Corporation
• JINS
• Marchon Eyewear
• Warby Parker
• Zenni Optical
• Chemilens
• Others

Segment Analysis

By Product Type:
• Prescription Glasses/ Spectacles
• Sunglasses
• Contact Lenses

Prescription glasses held the dominant share of the eyewear market, accounting for over 60.0% of the total market share. This segment is driven by the increasing prevalence of vision issues such as myopia, hyperopia, and presbyopia, particularly among the aging population. As more people seek correction for their vision problems, the demand for prescription glasses continues to rise.

Sunglasses, while not as dominant as prescription glasses, are witnessing rapid growth due to rising consumer interest in fashion and the increasing awareness of UV protection. This segment is projected to grow at a steady pace, driven by fashion trends and the rising focus on protecting the eyes from harmful UV rays.

The contact lenses segment is expected to be the fastest growing over the forecast period, especially with the rising preference for contact lenses among young adults and professionals. Contact lenses offer convenience, aesthetic appeal, and comfort, leading to their increasing adoption.

By Sales Channel:
• Retail Stores
• Online Stores

In 2023, retail stores accounted for the majority of the eyewear market sales, with a dominant share of over 70.0%. Retail outlets offer consumers the ability to try on products in-store and receive personalized fittings, which continues to drive the segment's growth. Online stores are emerging as the fastest-growing sales channel, fueled by the increasing shift towards e-commerce.

By End User:
• Men
• Women

The men's eyewear segment is growing at a steady rate, with men increasingly opting for fashionable, durable eyewear products that align with their personal style and functional needs.

The women segment dominated the eyewear market, in 2023. The growing preference for eyewear as a fashion statement, combined with a rising focus on eye health, has led to this segment’s strong performance.

Regional Analysis

North America continued to hold a leading position in the Eyewear Market, commanding a significant share of the market. In 2023, the United States accounted for a major portion of this share, fueled by the increasing demand for sunglasses, prescription eyewear, and contact lenses. The region benefits from the presence of prominent eyewear manufacturers and robust healthcare infrastructure, which supports market growth. Additionally, the rise of e-commerce platforms has transformed consumer purchasing habits, with more customers opting for the convenience of buying eyewear products online. The growing awareness about eye health, along with an aging population, further contributes to the demand for eyewear in the region. The market is expected to maintain steady growth, driven by ongoing product innovations, particularly in the areas of contact lenses and lens technologies.

Recent Developments

• EssilorLuxottica Acquisition (July 2024): EssilorLuxottica announced its acquisition of Optical Investment Group, a prominent optical retailer in Romania, from Innova/6, a private equity firm from the Innova Capital Group, along with minority stakeholders. This acquisition marks a strategic move to strengthen the optical market in Romania, offering enhanced eyewear and eye care solutions to consumers.
• Bausch + Lomb Launch (June 2024): Bausch + Lomb introduced the Bausch + Lomb INFUSE for Astigmatism, a daily disposable contact lens, incorporating advanced lens materials and ProBalance Technology. The lenses, designed with the proprietary OpticAlign design, promise stable and clear vision for astigmatic patients, providing all-day comfort and reduced dryness. The company is also set to distribute INFUSE for Astigmatism fitting sets to eye care professionals starting in July 2024.
• Fielmann Group Expansion (June 2024):The Fielmann Group expanded its U.S. footprint with the acquisition of Shopko Optical, an optical retailer based in Green Bay, Wisconsin. The acquisition, which includes over 220 retail locations across 19 states in the Midwest, enhances Fielmann's reach in the U.S. market, strengthening its position through both physical stores and digital platforms.

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Table of Contents - Major Key Points

1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Eyewear Market, By Product Type
9. Eyewear Market, By Sales Channel
10. Eyewear Market, By End User
11. Regional Analysis
12. Company profile
13. Competitive Landscape
14. USE Cases and Best Practices
15. Conclusion

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