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The eyewear market size is forecast to increase by USD 76 billion, at a CAGR of 7.9% between 2022 and 2027. The growth of the market depends on several factors, the increasing prevalence of vision disorders, rising demand from emerging economies, and product innovation and differentiation through functional features. Vision disorders are becoming more prevalent due to factors such as changing eating habits and prolonged use of electronic devices at work and home, leading to myopia or hypermetropia. Myopia or hypermetropia affects approximately three-fourths of people in APAC and one-third each in Europe and the US. Cataracts are also a leading cause of vision disorders globally, with around 5,000 cataract operations performed per million people every year. Age-related macular degeneration (AMD), diabetic retinopathy, glaucoma, and cataracts are some of the eye diseases that people become more susceptible to as they age.
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The market share growth by the offline segment will be significant during the forecast period. The segment mainly comprises the sale of eyewear in retail stores such as specialty stores, malls, and branded stores. It is dominated by specialty stores that specifically offer different types of eyewear, including luxury eyewear. In addition, hypermarkets and supermarkets are other major constituents of the offline distribution channel segment. A marked increase in business expansion, complemented by a steady rise in the number of stores offering eyewear, is a major contributor to the growth of the offline segment.
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The offline segment showed a gradual increase in market share from USD 101.67 billion in 2017. Walmart Inc., Tesco Plc (Tesco), and Wayfair Inc. (Wayfair) are some of the major hypermarket and supermarket chains that offer eyeglasses. Therefore, the presence of various specialty stores, hypermarkets, and supermarkets in different regions allows consumers to choose from a wide range of eyewear, depending on the price, quality, and other aspects, thereby driving the growth of the market during the forecast period. This growth in the offline distribution channel segment can also be attributed to the growth of online-to-offline marketing, which enables users to choose eyewear online before purchasing it offline
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Europe is projected to contribute 31% by 2027. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Rising household income, increasing demand for high-quality healthcare products, and product advancements by leading companies are the major factors driving the market in Europe. A large proportion of European consumers invest in premium brands. New product launches of sports sunglasses and innovations by market players to enhance their product designs and expand their customer base will drive the growth of the market in Europe during the forecast period.
The market witnessed a surge due to increasing visual impairment and eye defect cases, particularly among the young generation engrossed in digital devices and gadgets. With a focus on vision correction products, branded eyewear reflects fashion trends and lifestyle influence, especially appealing to female consumers and female professionals seeking trendy and designer eyewear. The standard of living in developing economies drives demand, bolstered by economic independency of women. Innovations like anti-reflective coatings, light-adaptive lenses and multifocal toric lenses cater to diverse needs, while ecofriendly eyewear resonates with eco-conscious consumers. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increasing prevalence of vision disorders is the key factor driving market growth. Factors such as changing eating habits, time spent playing video games, watching TV, and working in front of computers at the workplace and at home are the key reasons to fuel the market growth. About three-fourths of the people in APAC and one-third of the population both in Europe and the US suffer from some form of myopia or hypermetropia.
Further, cataracts are one of the leading causes of vision disorders worldwide. Approximately 5,000 cataract operations per million people are performed every year globally. With the increase in age, people become more susceptible to eye diseases such as age-related macular degeneration (AMD), diabetic retinopathy, glaucoma, and cataracts. Uncorrected refractive error is still the most common factor in vision impairment among children worldwide, similar to that among the adult population. Such a high prevalence of eyesight or vision-related disorders will lead to a significant rise in demand during the forecast period.
The market growth will be driven by the increasing adoption of omnichannel distribution systems and digital marketing. Online shopping has gained a strong foothold worldwide, with emerging players increasingly choosing online platforms to launch their products. To expand their customer reach and increase the volume and value of eyewear sales, companies are aggressively executing online marketing and promotional activities. The adoption of the online channel not only helps companies reduce operational costs but also increases product reach. In response to dynamic customer demand, market players are offering customization services for online purchases, including virtual fitting and free product trials at home.
Further, the popularity of eyewear customization is driving companies to increase customer satisfaction rates by offering expert advice and suggestions on product choices based on customer needs. Leading marketers like Essilor offer online services for purchasing contact lenses, vision care products, and surgical products. With growing internet penetration and the high number of consumers making online purchases, this trend is expected to significantly impact the market growth during the forecast period.
The presence of counterfeit eyewear products is the major challenge that affects the market growth. Some of the highly imitated brands in the market are Ray-Ban and Gucci. The presence of counterfeit brands leads to the fragmentation of the market, thereby leading to a lack of price standardization, low margins for branded players, low brand equity, uneven competitive scenario, and market share erosion. The products of counterfeit brands are available at low prices.
Consequently, the easy affordability of these products increases their volume purchase, therefore helping the counterfeit brands to earn a competitive edge over international brands. Counterfeit products also lack quality and durability, resulting in the image dilution of branded products. These factors restrict established companies from achieving optimal market penetration, negatively affecting the growth of the market during the forecast period.
The eyewear market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the eyewear market growth analysis report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Charmant Inc- The company offers company provides a variety of glasses from various brands, including AD Lib, Aristar, Charmant Blue Label, Charmant Titanium Perfection, and Line Art Charmant.
The eyewear market research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The eyewear market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2023 to 2027, as well as historical data from 2017 to 2021 for the following segments.
The eyewear market is fueled by a growing concern over visual impairments and eye defects cases, particularly prevalent among the ageing population and millennials engaged in heavy digital device usage. From trendy and premium eyewear favored by celebrities to prescription glasses addressing eyesight-related issues, innovation thrives. Eyecare technology drives the development of anti-fatigue and vision correction glasses and blue light-canceling lenses, catering to digital eye strain. Online retailing and digital marketing strategies extend access to efficient eye care facilities even in rural areas, ensuring quality eyewear models with high-quality and innovative designs reach all demographics.
Furthermore, the market responds to the growing prevalence of visual impairment and eye disorders, offering solutions for eyesight-related issues across demographics. From trendy eyewear to prescription glasses addressing presbyopia and computer vision syndrome (CVS), the market caters to diverse needs. With an aging population and extended life expectancy, demand for high-quality designs incorporating polycarbonate and Trivex lenses rises. Lens coatings like anti-reflective, anti-scratch, and blue light filtering enhance functionality, reflecting lifestyle changes and ensuring efficient healthcare reaches even the rural population with access to clear and bright translucent glasses.
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Market Scope |
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Report Coverage |
Details |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 7.9% |
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Market growth 2023-2027 |
USD 76 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
7.0 |
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Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
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Performing market contribution |
Europe at 31% |
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Key countries |
US, Canada, China, Italy, and Germany |
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Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Alcon Inc., Bausch Health Co. Inc., Bespoke Inc., Carl Zeiss AG, Charmant Inc., De Rigo Vision Spa, Dealskart Online Services Pvt. Ltd., EssilorLuxottica SA, Fielmann AG, HOYA Corp., JINS Eyewear US Inc., Kering SA, Le petit fils de L.U. Chopard and Cie SA, Marcolin Spa, Safilo Group Spa, Tata Sons Pvt. Ltd., TEK Optical Inc., The Cooper Companies Inc., Vision Express UK Ltd., and Vision Service Plan |
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Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the market forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Distribution Channel
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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