Global Eyewear Market Size And Forecast Report 2024-2032

Global Eyewear Market Analysis

The Global Eyewear Market is anticipated to witness a CAGR of approximately 7.40% from 2022 to 2030, driven by the growing young population and an aging demographic, along with an increased demand for eye protection during outdoor activities, including sports and driving.

According to Renub Research, the worldwide eyewear market may reach a value of US$ 223.22 billion by 2030. The sector is experiencing growth due to heightened awareness of eye health and the increasing incidence of eye injuries, which number over 2.5 million annually, resulting in 50,000 cases of permanent vision loss. This has led to a surge in demand for prescription glasses, sunglasses, and contact lenses. Furthermore, the rise of digital device usage has contributed to vision problems, thereby increasing the need for eyewear tailored to digital environments.

Key Growth Drivers

1. Aging Population:
   • An older demographic is more likely to require vision correction. Research from the Health Policy Institute indicates that 18%of individuals aged 65 and above experience visual impairments, compared to only 6% of those under 65.
2. Fashion and Technological Innovations:
   • Eyewear has evolved into a fashion statement, reflecting individuality and personal style. Innovative products like Titan EyeX smart glasses, launched by Titan in January 2022, integrate advanced features such as open-ear audio systems, touch controls, and fitness monitoring, enhancing user experience.
3. Rising Demand for Sunglasses:
   • Growing awareness about UV protection and the fashionable appeal of sunglasses are driving their popularity. Increased celebrity endorsements and the growth of e-commerce are further boosting the market.
4. Offline vs. Online Sales:
   • While offline stores dominate due to the need for prescription verification and the ability to try on frames, online sales have surged, offering convenience, competitive pricing, and extensive product choices. Consumers increasingly prefer online platforms for their eyewear purchases.
5. Unisex Eyewear Trends:
   • The demand for versatile and inclusive unisex eyewear is rising, driven by changing fashion trends and consumer preferences. This trend is particularly evident as consumers increasingly purchase diverse eyewear for various occasions.

Recent Company News

• Titan (January 2022): Launched the Titan EyeXsmart glasses, which feature open-ear audio systems and health monitoring capabilities, targeting tech-savvy consumers.
• EssilorLuxottica (October 2023): Announced a partnership with major fashion brands to create exclusive eyewear collections, enhancing their fashion appeal.
• CooperVision (September 2023): Introduced a new line of contact lenses designed specifically for digital device users, addressing the growing need for eye protection in the digital age.
• Roche (April 2023): Expanded its eyewear portfolio to include enhanced prescription glasses that incorporate blue light filtering technology, aimed at reducing digital eye strain.
• Burberry Group (March 2023): Launched a new sustainable eyewear line made from recycled materials, appealing to eco-conscious consumers.

Regional Insights

• Europecontinues to hold a dominant position in the global eyewear market due to its rich history in eyewear production. Meanwhile, the Asia-Pacific region is experiencing significant growth fueled by rising disposable incomes and increasing demand for fashionable eyewear.

Key Players in the Eyewear Market

The eyewear market is competitive, featuring several prominent players, including:

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

Market Summary

• The report analyzes the global eyewear market across four key dimensions: product type, mode of sales, end-user, and region.
  • Product Types: Spectacles, sunglasses, contact lenses.
  • Mode of Sales: Online and offline.
  • End-Users: Men, women, unisex.
  • Regions: Asia-Pacific, North America, Europe, and Rest of the World (ROW).

Related Reports

• Europe Air Conditioner Market
• Dishwasher Market
• Paper Packaging Market

About Renub Research

Renub Research is a leading Market Research and Information Analysis firm with over 15 years of experience in research, surveys, and consulting. With more than 9,000 published syndicated reports and over 750 custom research projects, Renub Research provides valuable insights to help companies make informed business decisions across various markets.

Media Contact:
Company Name: Renub Research
Contact Person: Rajat Gupta, Marketing Manager
Phone No: +1-478-202-3244 | +91-120-421-9822 (IND)
Address: 225 Kristie Ln, Roswell, GA 30076
Email: info@renub.com
LinkedIn: Renub Research
Web: www.renub.com