The Eyewear Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Eyewear Global Market Report 2024, The eyewear market size has grown rapidly in recent years. It will grow from $146.08 billion in 2023 to $162.66 billion in 2024 at a compound annual growth rate (CAGR) of 11.4%. The growth in the historic period can be attributed to fashion and style trends, increasing vision problems, rising awareness of up protection, celebrity endorsements and influences, aging population.
The eyewear market size is expected to see rapid growth in the next few years. It will grow to $244.24 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%. The growth in the forecast period can be attributed to innovation in smart eyewear, eco-friendly and sustainable practices, globalization and market expansion, personalization and customization, rise of online try-on services. Major trends in the forecast period include digital eye strain awareness, technological advancements, focus on sustainable eyewear, e-commerce dominance, blue light filtering technology.
The increasing cases of deteriorating eye health are driving the growth of the eyewear market. Eye deterioration refers to losing the ability to see clearly or the emergence of some defects in the eyes. The most prevalent causes of eye deterioration include age-related macular degeneration, cataract, diabetic retinopathy, glaucoma, and prolonged screen usage. The increasing prevalence of eye deterioration will drive significant demand for eyewear as it helps in correcting eye disorders and helps in gaining clear vision. For instance, according to a news release in October 2021 by the World Health Organization (WHO), at least 1 billion people worldwide have near or distant visual impairment that could be prevented or has yet to be addressed. Vision impairment majorly affects people over the age of 50 and the leading causes are untreated cataracts and uncorrected refractive error. Therefore, the increasing cases of deteriorating eye health is expected to boost demand for eyewear during forecast period.
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The eyewear market covered in this report is segmented –
1) By Product: Contact Lenses, Spectacles, Sunglasses
2) By Gender: Men, Women, Unisex
3) By Distribution Channel: Optical Stores, Independent Brand Showrooms, Online Stores, Retail Stores
Major companies operating in the eyewear market are focused on developing innovative technologies such as Alexa-powered glasses. Alexa-powered glasses seamlessly integrate Amazon’s virtual assistant, Alexa, enabling users to interact with the digital assistant hands-free through voice control directly integrated into the eyewear. For instance, in September 2023, Amazon.com, Inc., a US-based e-commerce company, launched ‘Echo Frames’. These smart frames are integrated with Alexa, which permits users to maintain connectivity while effortlessly integrating into their lifestyle when not actively in use. These smart glasses offer a variety of lens choices, including UV400-protected sunglass lenses, prescription-ready options, and blue light lenses. Additionally, they boast IPX4 water resistance and scratch-resistant features. With a full battery charge, each pair of these smart glasses provides up to six hours of continuous media playback, offering 40% more audio playback and 80% more talk time compared to the previous generation. Packed with convenient features, they allow users to start a playlist with a double-press of a button and support multipoint pairing.
The eyewear market report table of contents includes:
1. Executive Summary
2. Eyewear Market Characteristics
3. Eyewear Market Trends And Strategies
4. Eyewear Market – Macro Economic Scenario
5. Global Eyewear Market Size and Growth
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26. South America Eyewear Market
27. Brazil Eyewear Market
28. Middle East Eyewear Market
29. Africa Eyewear Market
30. Eyewear Market Competitive Landscape And Company Profiles
Top Major Players:
- Silhouette International Schmied AG
- JAND Inc
- LVMH Moët Hennessy Louis Vuitton SE
- Essilor International S.A
- Carl Zeiss AG
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