Eyewear Market by Lens Material (Glass, Plastic, Polycarbonate), Type (Contact Lenses, Protective Eyewear, Spectacles), Gender, Usage, Distribution Channel - Global Forecast 2024-2030

Eyewear Market by Lens Material (Glass, Plastic, Polycarbonate), Type (Contact Lenses, Protective Eyewear, Spectacles), Gender, Usage, Distribution Channel - Global Forecast 2024-2030

The Eyewear Market size was estimated at USD 185.67 billion in 2023 and expected to reach USD 208.36 billion in 2024, at a CAGR 12.51% to reach USD 423.81 billion by 2030.

The eyewear is increasingly used for vision correction, clear eyesight under sunlight, and eye protection for dirt, dust, and grim. The eyewear such as eyeglasses, sunglasses, and contact lenses are primarily chosen for providing reliable protection to eyes and lower risk of eye infection. The rise in the number of ophthalmic disorders is increasing the need for prescription-based eyeglasses. The introduction of low-cost and disposable lenses and the personalization of eyeglasses drive market growth. Various government & private organizations and NGOs are collaborating to offer affordable eyewear to mitigate vision disorders in rural areas of developing countries. However, the growing acceptance of non-invasive and cost-effective refractive surgeries may limit the market growth. The increased sales of illegal novelty contact lenses & unbranded frames are curbing the market demand for eyewear. However, an increase in product sales through online channels and the influence of advanced technology in eyeglasses for multifunctionality are expected to create opportunities in the market to attract a customer base.

Regional Insights

The increasing demand for fashionable, trendy, and stylish eyewear has played an essential role in driving market growth in the Americas region. The growing popularity of sunglasses for aesthetic looks and fashion purposes among the young population is enhancing the demand for eyewear products in the region. Manufacturers focus on research and development to provide technologically advanced and safe eyewear products in Europe. Furthermore, customers from developed countries in the EMEA region are becoming more affluent and increasingly inclined to purchase higher-end, designer eyewear brands, helping the market grow. Increasing population and enhanced consumer awareness about eyecare in countries including China, Japan, and India are boosting the market demand for protective spectacles and sunglasses in the region. Market players in the APAC region focus on providing prescription lenses with advanced features such as anti-reflective coatings and tints that protect against harmful UV rays from the sun.

Market Insights

• Market Dynamics
  
  The market dynamics represent an ever-changing landscape of the Eyewear Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
  • Market Drivers
    • Increasing demand for prescription-based eyeglasses owing to the rise in the number of ophthalmic disorders
    • Development of low cost and disposable lenses coupled with personalization of eyewear products and services
    • Market Restraints
      • Acceptance of Invasive and Cost-Effective Refractive Surgeries
      • Market Opportunities
        • Increase in product sales through alternative distribution channels
        • Influence of advanced technology in eyeglass for multifunctionality
        • Market Challenges
          • Limited online purchasing of eyewear
          • Increased sales of unbranded frames and illegal novelty contact lenses
          • Market Segmentation Analysis
            • Lens Material: Utilization of plastic lens material owing to lightweight properties
            • Type: Significant penetration of contact lenses globally
            • Gender: Growing popularity of innovative designs in women's eyewear
            • Usage: Increasing demand for adult eyewear products
            • Distribution Channel: Emerging popularity of online eyewear stores
            • Market Disruption Analysis
            • Porter’s Five Forces Analysis
            • Value Chain & Critical Path Analysis
            • Pricing Analysis
            • Technology Analysis
            • Patent Analysis
            • Trade Analysis
            • Regulatory Framework Analysis
            FPNV Positioning Matrix
            
            The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Eyewear Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
            
            Market Share Analysis
            
            The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Eyewear Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
            
            Recent Developments
            • Optical Retailer Fielmann Group Enters US market, Acquires SVS Vision and Befitting
              
              The Fielmann Group, an eyewear provider in Europe, has entered the US market with two strategic acquisitions in the eyewear industry, including SVS Vision and Befitting. This entry into the US market is planned towards the company's long-term plan of revolutionizing eyecare and eyewear for US consumers.
              
              Materialise and Vuzix Announce Collaboration to Bring Smart Eyewear to Customers
              
              Vuzix Corporation and Materialise NV have joined forces to expedite the development and manufacturing of smart eyewear using 3D printing technology in the context of the eyewear industry. Through this collaboration, the companies plan to create functional, stylish, and affordable smart eyewear significantly faster than previously achievable.
              
              Abu Dhabi Investment Authority to invest USD 500 Million in India's Lenskart
              
              Abu Dhabi Investment Authority (Adia) has made a USD 500 million investment in Lenskart, an online eyewear retailer, which has positioned Adia as one of the largest shareholders in the company. The investment is contingent upon obtaining the necessary statutory and regulatory approvals. With a network of 2,000 stores across India, Southeast Asia, and the Middle East, the company aims to ship 20 million pairs of eyewear next year, with plans to launch a new factory soon. The company emphasized that the next phase fosters a diverse culture that encourages innovation while addressing a major hindrance in providing a high-quality vision for all.
            Strategy Analysis & Recommendation
            
            The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Eyewear Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
            
            Key Company Profiles
            
            The report delves into recent significant developments in the Eyewear Market, highlighting leading vendors and their innovative profiles. These include Alcon Vision LLC, All Logic International Co., Ltd., Bausch + Lomb Corporation, Carl Zeiss AG, Charmant Inc., De Rigo Vision S.p.A., Eschenbach Optik GmbH, ESE International, EssilorLuxottica SA, Europa Eyewear, Eyeking, LLC, Fielmann AG, Hoya Corporation, Italia Independent S.p.A., JINS Eyewear US, Inc., Johnson & Johnson Services, Inc., Kering SA, Lenskart, Marchon Eyewear, Inc., Marcolin S.p.A., Mister Spex SE, Modo Eyewear, Multiópticas, S.C.L., Norville (20/20) Ltd., OGI Eyewear, Safilo Group S.p.A., Silhouette International Schmied AG, Thai Optical Group Pcl, The Cooper Companies, Inc., The McGee Group, and Warby Parker Inc..
            
            Market Segmentation & Coverage
            
            This research report categorizes the Eyewear Market to forecast the revenues and analyze trends in each of the following sub-markets:
            • Lens Material
              • Glass
              • Plastic
              • Polycarbonate
              • Type
                • Contact Lenses
                • Protective Eyewear
                • Spectacles
                • Sunglasses
                • Gender
                  • Men
                  • Women
                  • Usage
                    • Adult
                    • Kid
                    • Distribution Channel
                      • Offline Stores
                      • Online Stores
                      • Region
                        • Americas
                          • Argentina
                          • Brazil
                          • Canada
                          • Mexico
                          • United States
                            • California
                            • Florida
                            • Illinois
                            • New York
                            • Ohio
                            • Pennsylvania
                            • Texas
                            • Asia-Pacific
                              • Australia
                              • China
                              • India
                              • Indonesia
                              • Japan
                              • Malaysia
                              • Philippines
                              • Singapore
                              • South Korea
                              • Taiwan
                              • Thailand
                              • Vietnam
                              • Europe, Middle East & Africa
                                • Denmark
                                • Egypt
                                • Finland
                                • France
                                • Germany
                                • Israel
                                • Italy
                                • Netherlands
                                • Nigeria
                                • Norway
                                • Poland
                                • Qatar
                                • Russia
                                • Saudi Arabia
                                • South Africa
                                • Spain
                                • Sweden
                                • Switzerland
                                • Turkey
                                • United Arab Emirates
                                • United Kingdom
                                
                                
                                Please Note: PDF & Excel + Online Access - 1 Year