Global Eyewear Market Analysis: Forecast 2024-2032
The global eyewear market is projected to reach US$ 270.03 billion by 2032, up from US$ 151.92 billion in 2023, growing at a CAGR of 6.60% from 2024 to 2032. Eyewear has evolved into a critical part of daily life, whether for vision correction, fashion, or protection from harmful environmental elements like UV rays. Products such as spectacles, contact lenses, and sunglasses remain in high demand across all demographic groups, including men, women, and children.
Eyewear Market Growth Drivers
Key factors driving the growth of the eyewear market include:
- Increased Prevalence of Ocular Diseases: The rising incidence of vision impairment, such as myopia and hypermetropia, is leading to increased demand for eyewear as a corrective solution.
- Digital Eye Strain: The widespread use of digital devices has contributed to the rise of eye-related issues like dry eyes and computer vision syndrome (CVS), boosting the demand for glare-free prescription eyewear.
- Aging Population: As the global population ages, there is growing demand for eyewear to address common age-related vision conditions.
- Fashion Influence: Eyewear has also become a significant fashion accessory, with celebrities and fashion icons driving demand.
Impact of COVID-19
The COVID-19 pandemic had a notable impact on the eyewear market, disrupting supply chains and reducing consumer demand, particularly for sunglasses. However, as people spent more time on digital devices during lockdowns, there was a surge in the demand for prescription glasses and contact lenses to combat digital eye strain.
Spectacles: Dominating Product Segment
Spectacles lead the market, driven by the increasing incidence of myopia and the growing use of digital devices, which has contributed to the prevalence of computer vision syndrome. The demand for anti-glare and anti-fatigue eyewear has risen, alongside trends such as translucent and clear eyeglasses. The spectacles segment is divided into lenses and frames.
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Distribution Channels
The offline channel remains dominant as consumers continue to prefer in-person eye check-ups and purchasing glasses from physical stores. Eyewear retailers are integrating advanced services and offering a wide range of brands to meet consumer demands. However, online channels are also growing, with companies such as eyebobs and Glassic expanding into physical retail to complement their online sales.
North America: A Key Growth Region
The North American eyewear market is experiencing significant growth due to high per capita incomes, evolving fashion preferences, and increasing demand for luxury eyewear. Technological innovations in the industry, such as smart glasses and removable temples, are driving further growth. The aging population is also contributing to the rising demand for optical products in the region.
Major Market Players
The global eyewear market is highly competitive, with key players including:
- Essilor International S.A.
- Fielmann
- Burberry
- Carl Zeiss Group
- De Rigo Vision S.P.A.
- LVMH Group
- Hoya Corporation
- Prada
- Tesco Group
Market Segmentation
The eyewear market is segmented based on:
- Product Types: Spectacle Lenses, Eyewear Frames, Sunglasses, Contact Lenses.
- Distribution Channels: Offline and Online.
- End Users: Men, Women, and Unisex.
- Regions: North America, Europe, Asia-Pacific, Rest of the World (ROW).
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