Eyewear Market, Size, Global Forecast 2023-2030, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis

Eyewear Market, Size, Global Forecast 2023-2030, Industry Trends, Growth, Share, Outlook, Impact of Inflation, Opportunity Company Analysis

Eyewear Market will reach US$ 223.22 Billion in 2030, according to Renub Research. Technology has increased screen time, causing eye strain, dry eyes, and related issues. Aging increases the risk of developing age-related eye problems like cataracts, glaucoma, and macular degeneration. Some eye problems are hereditary. Neglecting eye care and skipping regular eye exams can result in undetected eye problems that worsen over time.

According to a report by the World Health Organization (WHO) in 2022, more than 2.2 Billion people worldwide have either near or distant vision impairments. Almost half of these cases, at least 1 billion, could have been prevented or not yet treated. Eyewear corrects vision problems such as near-sightedness, farsightedness, and astigmatism, enhancing the quality of life. Sunglasses and safety glasses protect against UV rays, glare, and debris during outdoor activities. Fashionable eyewear complements the style and suits different preferences. It reduces eye strain during extended computer use and reading. Vision correction is convenient with eyewear, allowing individuals to continue their daily activities without worrying about their vision.

Eyewear Market shall grow at a CAGR of 7.40% from 2022 to 2030

As the global workforce expands, many individuals embrace sports and fitness as recreational activities. This shift in lifestyle preferences has increased demand for sports accessories, including sports sunglasses, particularly among endurance sports enthusiasts. The World Health Organisation (WHO) estimates that roughly 94 million people have cataract-related vision problems, and eyewear is often necessary following cataract surgery. While many individuals experience vision improvement after surgery, some may still require eyeglasses. In addition, even before surgery, discomfort may be present, so eyewear is commonly used post-surgery. This trend shall contribute to eyewear market growth during the forecast period.

Company’s primary focus is enhancing the consumer experience by introducing innovative products and new services in the eyewear market. For example, Essilor has launched the My Vision Check app, allowing consumers to conduct vision screenings at home and book an appointment for a comprehensive eye examination at their local practice as early as July 2021.

Expanding distribution channels, including e-commerce websites and social media platforms, aid the eyewear market's growth. Eyewear companies are advertising heavily on popular social media platforms like Instagram, Twitter, and Facebook, allowing them to gather insights into consumer preferences and offer personalized products. Furthermore, these platforms enable companies to employ innovative marketing techniques such as influencer and affiliate marketing, driving profitability. Hence, the market value for the global eyewear market was US$ 126.09 Billion in 2022.

Spectacles have dominated the Eyewear Market for a long time due to their cost-Effective Nature

Product types in the eyewear market are Spectacles, Sunglasses, and Contact lenses. Spectacles are the most traditional and widely recognized form of vision correction, with a history dating back centuries. They are also cost-effective and easy to manufacture, making them more accessible to consumers. Additionally, they offer a more comprehensive range of lens options, including bifocals and progressive lenses that can be customized to meet individual needs. Lastly, they are relatively low maintenance and durable, making them a popular choice for everyday use. Despite the growing popularity of contact lenses and other alternatives, spectacles remain the most popular choice for vision correction, dominating the eyewear market.

Growth of Online Shopping in the Eyewear market is due to the Convenience and Flexibility it provides to its Customers

The eyewear market has two sales modes - Online and Offline. Offline stores have an advantage of offering a wider selection of products and options, making it easier for customers to find the ideal fit. In-store professionals can also guide customers through the process and provide assistance. Despite the eyewear market’s rise in online stores, physical stores still have a crucial role in the industry.

Online eyewear sales have grown due to the availability of a wide range of products at competitive prices, virtual try-on tools, and the COVID-19 pandemic's shift towards contactless transactions. In addition, social media and online advertising have also allowed eyewear companies to reach a wider audience and grow online sales.

The eyewear market has been transformed by allowing customers to buy products from home instead of visiting stores. This has revolutionized the shopping experience by offering a wide range of styles, brands, and prices, facilitating comparison and informed decisions. Online eyewear retailers often offer reasonable prices, deals, and an easy return policy, enhancing the shopping experience. As more customers prefer online shopping, the eyewear market is rapidly growing and expected to continue expanding.

Women are dominant Eyewear users in the Global Eyewear Market

Based on the End-Users in the global eyewear market, there are three divisions Men, Women, and Unisex. Women's interest in eyewear is due to its role as a fashion accessory that complements their look. They are also more probable to suffer from vision problems and seek preventive eye care, making them a significant market for prescription glasses and contact lenses. Additionally, women's higher participation in the workforce has increased their purchasing power, making them a substantial market for luxury eyewear brands. Finally, the emergence of trendy and stylish eyewear designed specifically for women and the use of social media and influencer marketing has further increased their interest in eyewear.

The demand for versatile eyewear suitable for both men and women has increased, driven by advancements in technology that produce comfortable and lightweight options. The need for protection against blue light from digital devices has also contributed to the growth of unisex eyewear, which is available in a broader range through online shopping. Additionally, social media influencers promoting unisex eyewear have helped popularize this trend.

Europe is considered a dominant Region in the Global Eyewear Market

The regions where the global eyewear market is flourishing are North America, Europe, Asia-Pacific, and Rest of World. Asia-Pacific's growing population with a high prevalence of vision problems has increased demand for eyewear products, including prescription glasses and contact lenses. Rising disposable incomes have fuelled demand for luxury eyewear. Digital devices and long screen time have led to a higher prevalence of digital eye strain, increasing the need for protective eyewear. E-commerce and social media platforms have made it easier for eyewear companies to reach a wider audience and offer their products online, driving the eyewear market growth in the region.

Europe's strong tradition of fashion and design contributes to the development of stylish and high-quality eyewear brands. Additionally, the presence of significant eyewear industry players like Luxottica, Essilor, and Safilo in the region fuels the growth of the eyewear market.

The latest version of Innovative Eyewear, Inc.'s LucydLyte audio eyewear platform, known as the LucydLyte 2.0, was launched in February 2023 and is now accessible for purchase on Lucyd.co. The updated product line includes several improvements and can be customized for any optical prescription. The company plans to market the product through various retailers worldwide and is associated with well-known brands such as Lucyd, Nautica, and Eddie Bauer.

Key Players Analysis

Burberry Group, Essilor Luxottica, Carl Zeiss Group, Hoya Corporation, Prada, Tesco, Louis Vuitton, and Cooper Vision are significant companies competing in the eyewear market.

In January 2022: The newly launched Crizal Sapphire HR by EssilorLuxottica SA features an advanced anti-reflective coating incorporating Crizal High Resistance technology. As per the company, this technology offers significantly enhanced scratch resistance of up to 70% and up to a 20% improvement in thermal resistance.

Renub Research report titled “Global Eyewear Market Global Forecast by Product Type (Spectacles, Sunglasses, and Contact lenses), Mode of Sales (Online, and Offline), End Users (Men, Women, and Unisex) Regions (North America, Europe, Asia-Pacific, and ROW), Company Analysis (Burberry Group, Essilor Luxottica, Carl Zeiss Group, Hoya Corporation, Prada, Tesco, Louis Vuitton, and Cooper Vision)"" provides a detailed analysis of Global Eyewear Market.

Product Type – Market breakup from 3 Viewpoints:

1. Spectacles
2. Sunglasses
3. Contact lenses

Mode of Sales – Market breakup from 2 Viewpoints:

1. Online
2. Offline

End-Users – Market breakup from 3 Viewpoints:

1. Men
2. Women
3. Unisex

Regions – Market breakup from 3 Viewpoints:

1. North America
2. Europe
3. Asia-Pacific
4. Rest of world

Company have been covered from 3 Viewpoints:

1. Overview
2. Recent Development
3. Revenue

Company Analysis:

1. Burberry Group
2. Essilor Luxottica
3. Carl Zeiss Group
4. Hoya Corporation
5. Prada
6. Tesco
7. Louis Vuitton
8. Cooper Vision