Eyewear Market Analysis And Growth Forecast 2024-2032

• Global Eyewear Market

Market Overview: The global eyewear market, estimated at USD 151.92 billion in 2023, is projected to reach USD 270.03 billion by 2032, growing at a compound annual growth rate (CAGR) of 6.60% from 2024 to 2032. This significant growth is driven by a combination of increasing awareness about vision health, fashion trends, technological innovations, and the rise in digital eye strain.

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Eyewear Market Definition: Eyewear refers to products designed for vision correction, protection, or fashion purposes. Common types of eyewear include glasses (spectacles), contact lenses, sunglasses, and goggles. Eyewear serves various functions such as protecting the eyes from harmful ultraviolet (UV) rays, improving vision, and enhancing appearance. With growing fashion consciousness and increasing awareness of eye health, eyewear has transitioned from a purely functional item to a significant fashion accessory.

Key Drivers of Market Growth:

1. Rising Awareness of Eye Protection:Increasing concerns about UV radiation, which can cause long-term damage to the eyes, are propelling the growth of the sunglasses segment. As more consumers become aware of the harmful effects of UVA and UVB rays, demand for sunglasses that offer superior UV protection has surged. Prescription sunglasses are particularly gaining popularity for their dual functionality of vision correction and UV protection.
2. Fashion and Lifestyle Influence:Eyewear is increasingly viewed as a fashion statement, especially with the influence of social media, influencers, and celebrities. Eyewear manufacturers are capitalizing on this trend by launching stylish, high-end frames and offering a broad range of designs to cater to different tastes. Designer eyewear is in high demand, as consumers look for stylish options that complement their wardrobes.
3. Growing Prevalence of Vision Disorders:With a rise in the global population and an aging demographic, the incidence of vision-related issues such as myopia, hypermetropia, and astigmatism is increasing. This trend is contributing to the growing demand for prescription glasses and contact lenses. According to the World Health Organization (WHO), over 2.2 billion people worldwide experience some form of vision impairment, with an increasing number opting for corrective eyewear.
4. Impact of Digitalization on Eye Health:The increasing use of digital devices like smartphones, laptops, and tablets has led to a surge in digital eye strain. As people spend more time in front of screens, the need for protective eyewear such as blue light blocking glasses and lenses designed to reduce eye strain has increased. This growing concern over eye health is driving demand for specialized eyewear.

Market Segmentation:

5. By Product:
   • Spectacles:Glasses or eyeglasses designed for vision correction and protection.
   • Sunglasses:Worn for eye protection against UV rays, as well as for fashion purposes.
   • Contact Lenses:Used for vision correction, offering an alternative to traditional glasses.
6. By End User:
   • Men:Eyewear designed to suit male aesthetics and needs.
   • Women:Eyewear products targeting women’s fashion and functional requirements.
   • Children:Eyewear designed to meet the specific needs of younger consumers, including durability and comfort.
7. By Distribution Channel:
   • Optical Stores:Specialized stores offering a range of eyewear products with professional services for vision correction.
   • Independent Brand Showrooms:Branded stores offering exclusive eyewear collections.
   • Online Stores:E-commerce platforms offering a wide range of eyewear products, providing convenience and variety for consumers.
   • Retail Stores:General stores, including department stores and supermarkets, offering eyewear as part of their product range.
8. By Geography:The eyewear market is global, with significant growth observed across the following regions:
   • North America:The United States and Canada are key players due to high awareness of vision health and a strong consumer base.
   • Europe:Countries like France, Germany, and Italy are seeing increased demand for designer eyewear and prescription glasses.
   • Asia Pacific:The growing middle class in countries like China, India, and Japan is driving demand for premium eyewear. The rise of digital eye strain is also increasing the need for protective eyewear.
   • Latin America:Brazil and Mexico are key markets, with increasing disposable incomes leading to more demand for eyewear products.
   • Middle East & Africa:Countries like Saudi Arabia and the United Arab Emirates are witnessing a rise in demand for both fashionable and functional eyewear.

Regional Insights:

• • North America Eyewear Market: The United States stands as a major market, with 12 million adults aged over 40 experiencing some form of visual impairment, according to the Centers for Disease Control and Prevention (CDC). This, coupled with the growing trend of eyewear as a fashion accessory, is driving the demand for various eyewear products in the region.
  • Asia-Pacific Eyewear Market: The Asia-Pacific region is seeing increasing demand due to the region’s vast population and the rising prevalence of vision problems. Growing disposable incomes, coupled with an expanding middle class, are driving the demand for premium eyewear. E-commerce and social media have also played a significant role in expanding market reach.

Key Players:

• • Burberry Group
  • Essilor Luxottica
  • Hoya Corporation
  • Carl Zeiss Group
  • Prada
  • Tesco
  • Louis Vuitton
  • CooperVision

Recent Developments:

• • December 2023: Carl Zeiss Meditec AG acquired Dutch Ophthalmic Research Center (D.O.R.C.) to enhance its range of ophthalmic treatments and digitally connected workflow solutions for vision-related conditions.
  • October 2023: Alcon introduced the TOTAL30 Multifocal, a water gradient contact lens, in select international markets and the U.S.
  • October 2023: Bausch & Lomb introduced SeeNa, an ocular diagnostic device for patients with refractive cataracts, integrated with its Eyetelligence surgical planning software.

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