The eyewear market is poised for significant growth, with a projected valuation of US$ 291 billion by 2033. This translates to a healthy 5.60% annual growth rate, presenting a compelling opportunity for industry leaders to capitalize on this expanding market.
Why the Eyewear Market is Sharper Than Ever:
- The Digital Eye Strain Epidemic: The rise of mobile phones, computers, and tablets has led to a surge in Computer Vision Syndrome (CVS). Consumers are increasingly seeking eyewear solutions to combat eye strain, dryness, and other vision-related issues.
- Awareness is Key: Consumers are becoming more aware of the importance of eye health. This heightened awareness fuels demand for protective eyewear designed to shield eyes from harmful blue light emitted by digital devices.
- Innovation Takes Center Stage: The market is witnessing a surge in blue-light blocking glasses, available in both prescription and non-prescription forms. This caters to a wider audience and provides a convenient solution for combating digital eye strain.
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Sharpen Your Competitive Edge:
- Focus on Blue Light Solutions: Develop a range of stylish and effective blue-light blocking glasses to address the growing consumer need for eye protection.
- Embrace Preventative Care: Promote the benefits of eyewear for digital eye strain and position your brand as a leader in preventative eye care.
- Cater to Diverse Needs: Offer a variety of prescription and non-prescription blue-light blocking glasses to cater to a broader customer base.
- Invest in Digital Marketing: Reach your target audience through targeted online campaigns, educating them about the importance of eye health and your innovative solutions.
Outside of doctor’s offices, glasses are now a big part of what people wear everyday in terms of clothing and style. Big companies are working with famous people from social media, stars and sports players to help advertise their glasses well. People who play sports and care about staying fit help make money for the eyewear business when doing adventure things.
“The eyewear market is now very condensed due to numerous international brands. These brands have to come up with innovative marketing strategies to always stay in touch with their loyal consumers. In the last few years, it can be noticed that brands have been heavily investing in developing frames and lenses from sustainable materials that can be 100% recycled”, says Sneha Verghese, Senior Consumer Goods and Products Consultant at Future Market Insights (FMI).
Key Takeaways from the Eyewear Market Report:
- The eyewear market is expected to grow by 5.6% for the forecast period of 2023 to 2033.
- Metal-framed glasses and spectacles dominate the global eyewear market, with an overall revenue share of 45%.
- Regarding product type, sunglasses capture a 10% of the global eyewear market revenue.
- India is the leading market for eyewear, with a remarkable growth rate of 8% CAGR from 2023 to 2033.
- India is followed by China (6.60%), Germany (6.20%), and Singapore (6.20%) in terms of eyewear market growth.
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Competitive Landscape of the Eyewear Market:
A mix of well-established and niche-focused companies characterizes the eyewear market’s competitive landscape. Ray-Ban, Oakley, Gucci, etc., have historically had an essential market share for years.
These companies have a prolonged consumer base and are constantly making innovations to keep up with recent trends in the fashion industry. Small brands need help to maintain their position in the market. In the past few years, there has been an influx of celebrity-owned brands in the international and local marketplaces.
Key Companies in the Eyewear Market
- Luxottica Group S.p.A.
- Essilor International SAS
- Johnson & Johnson Vision Care, Inc.
- Safilo Group S.p.A.
- Alcon Vision LLC
- Carl Zeiss AG
- Cooper Companies
- GrandVision
- Prada S.p.A
- Valeant Pharmaceuticals International, Inc.
- Silhouette International Schmied AG
- LVMH Group
- Marcolin SpA
- De Rigo Vision SpA
- Hoya Corporation
- Fielmann AG
Recent Developments:
- Ray-Ban has launched a new generation of Ray-Ban Meta smart glasses in partnership with EssilorLuxottica, which can shoot and record HD videos in just one touch. Users can also go live on their social media platforms using the camera of these sunglasses.
- Marchon, one of the most prominent eyewear designers and producers in the world, is finding inventive ways to use recycled and bio-based materials in the 22 million frames it produces annually for brands like Lacoste, Nike, and Calvin Klein. The company has announced that it would soon manufacture frames from castor beans.
- Ampere, the world’s leading eyewear, recently announced a series of glasses with the world’s first light and touch-responsive, prescription-ready glasses with instant electronic tint control.
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Market Segmentation
By Product Type:
- Sunglasses
- Spectacle
- Spectacle Frame
- Spectacle Lens
- Contact Lens
- Soft Contact Lens
- Rigid Gas Permeable Lens
- Plano Sunglasses
- Polarized
- Non Polarized
By End Use:
- Male
- Female
- Unisex
- Kids
By Sales Channel:
- Online
- Hypermarkets/Supermarkets
- Specialty Stores (Optical Stores)
- Franchise Outlets
- Multi-Brand Stores
- Hospitals/Clinics
By Material Type:
- Metal
- Plastic
- Silicone
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East and Africa
Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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