Report Overview

The global eyewear market was worth USD 126.0 billion in 2020 and is expected to register exponential growth over the forecast period at a CAGR of 4.9% to reach USD 177.1 billion in 2027.

The global eyewear market was worth USD 126.0 billion in 2020 and is expected to register exponential growth over the forecast period at a CAGR of 4.9% to reach USD 177.1 billion in 2027. The growth can be attributed to the rising incidences of eye defects and increasing awareness regarding eye health. Eyewears are an essential accessory that aid in correcting numerous visual defects such as myopia and hyperopia. The growth of the eyewear industry is projected to be driven by factors such as acute myopia at a younger age and the acceptability of eyewear as a trendy accessory. Additionally, the increasing usage of computers and smartphones is also aiding market growth as prolonged use of such electronic devices has increased the incidences of Computer Vision Syndrome (CVS), which is caused as a result of fixing the eyes on a display device for lengthy periods.

Global Eyewear Overview

The term ‘eyewear’ generally refers to the items and accessories worn over the eyes for protection or as a fashion statement. Contact lenses, prescription glasses, and designer glasses are all part of the eyewear industry and come in a wide range of styles. Eyewear products like contact lenses and prescription glasses are used as a non-surgical solution against the eye conditions like myopia, hyperopia, and others. Sometimes, people also prefer wearing glasses, that look like prescription glasses, as a fashion accessory. Some companies manufacture both lens and frames of spectacles and sunglasses, while others specialize in one or the other. Well-known and global brands like Gucci, Prada, Chanel, Ralph Lauren, Versace, and others issue licenses to the manufacturers for the manufacturing of frames or lenses.

Global Eyewear Market Trend

Growth Drivers

Increasing Cases Of Eye Conditions Like Hyperopia, Myopia, And Astigmatism

Eye conditions like hyperopia, myopia, and astigmatism are on a rise around the world. Eye conditions either need treatment or some type of eyewear in order to see properly. Macular degeneration, cataracts, glaucoma, diabetic retinopathy, dry eyes syndrome, conjunctivitis (pinkeye), retinal detachment, uveitis, eyestrain, night blindness (nyctalopia), color blindness are some common eye disorders among today’s generation. According to World Glaucoma Association (WGA), glaucoma is the most common cause of irreversible blindness around the world with 79.6 million people affected by it in 2020. This figure is expected to rise to 111.8 million by 2040, according to the WGA.

According to WGA, 90% of glaucoma cases go unreported in developing countries, with more than half of those affected unaware of the condition. According to WHO, in 2018, around 1.3 billion people were suffering from some form of visual impairment worldwide, of which 188.5 million are prone to distance vision impairment, 217 million have moderate to severe vision impairment, and 826 million people live with a near vision impairment. According to the American Foundation for the Blind (AFB), 23.7 million adults in the US are either completely blind or have vision problems even with glasses or contact lenses, and this number is expected to treble by 2025.

Opportunities

Transformation In The Spectacle Lenses Technology

Innovative technologies are transforming the way we experience the world as we move forward in time. Companies have been embracing new technologies in recent years to transform the technology of spectacle lenses. For example, The BLINCAM developed by Japanese researchers uses innovative technology to control the shutter of the camera attached to the frame of the glasses. The person can control the shutter with the blinks and capture photos even when they are not carrying a camera or mobile phone. 3D printing could greatly benefit the eyewear industry and enable a new affordable eyewear category, with some claiming 3D printed eyewear products has the potential of being customizable. Although 3D printing isn't quite new, it's more commonly connected with the manufacturing of other products and is yet to be widely adopted in the eyewear industry. Thus, technological advancements are creating lucrative opportunities for the global eyewear market.

The JINS MEME (ES) glasses are a pair of Internet of Things (IoT) glasses. These glasses come with built-in sensors to track the eye and head movements of the wearer and inform the wearer about rest timing and the appropriate cycle for the individual's circadian rhythm. The JINS MEME can be easily controlled via a smartphone application. Companies are also working on a lens to protect "lutein," in the retina. Lutein is vital for visually identifying things and can be damaged by sunshine or light emitted from a computer, laptop, or tablet screen.

Restraints

Growing Adoption Of Eye Corrective Surgeries

LASIK surgery is widely accepted as one of the surgical procedures for the treatment of myopia and presbyopia because of its permanent nature and minimally invasive procedure; thus, the growing popularity of LASIK surgery is expected to hamper the growth of the eyewear market during the forecast period. Since the first LASIK surgery in the US in 1991, around 700,000 LASIK surgeries have been performed in the country every year with more than 3,250 surgeons performing LASIK surgery in 2019 in the US.

According to EUROSTAT, approximately 5 million cataract surgeries were performed in the EU in 2018, with 1,000 or more surgeries per 100,000 inhabitants in 2018. Latvia performed 1,656 cataract surgeries per 100,000 inhabitants in 2018 which is followed by Portugal with 1,416, and Estonia with 1,391 surgeries per 100,000 inhabitants. Growing usage of enhanced intraoperative imaging and technology, as well as advancements in surgical tools with artificial intelligence and robot-assisted operations, are likely to drive LASIK surgery acceptance and limit the worldwide eyewear market's growth.

Impact of COVID-19 on Global Eyewear Market

Globally, the eyewear industry is expected to witness the impact of the rapid spread of COVID-19 on each stage of its value chain, including the affected industrial workforce, the supply of raw materials (lens material, frame materials, polishing and coating materials), trade & logistics, demand uncertainties and unpredictable consumer demand for eyewear products. Production, distribution, and inventory rates across the eyewear spectrum are hit especially hard due to the ongoing pandemic. Retail closure fired up the e-commerce section for eyewear products. Companies took a while to adjust to the situation and began providing remote eye prescriptions. Although demand for trendy eyewear has dwindled, the e-commerce segment has played a crucial role in the growth of contact lenses and eyeglass frames.

Global Eyewear Market: By Product Type

Based on product type, the global eyewear market is segmented into contact lenses, spectacles, and sunglasses. Among these, the spectacles segment accounted for the largest share in the market and is expected to grow at a healthy CAGR in the forecast period. The  growth of this segment can be attributed to the increase in the number of eye diseases, retina disorders, and other eye conditions. Nevertheless, the sunglasses segment is also expected to witness the fastest growth during the forecast period due to the increasing awareness of eye protection from harmful UVB and UVV rays that has propelled the demand for sunglasses globally.

Global Eyewear Market: By Material

Based on materials, the global eyewear market is segmented into glass, plastic, and metals. The plastic segment was the fastest-growing segment in the market in 2020 and is expected to grow at a significant CAGR during the forecast period. Plastic is the most used material in today’s optic industry. As plastic is used for both manufacturing of frames and lenses. The properties of plastics such as durability, flexibility, and scratch-resistance are some of the key factors driving the growth of the material. Plastic is the most commonly utilized material in the optical sector today as it is used in the production of both frames and lenses.

Global Eyewear Market: Regional Insights

Geographically, the global eyewear market is categorized into North America, Europe, the Asia-Pacific, the Middle East & Africa, and Latin America. North America accounted for the largest share in the global eyewear market followed by Europe.

Europe is predicted to be the second-largest regional market, owing to high average selling prices for eyeglasses items and a strong inclination of the masses for the premium category. Premium consumers are increasingly opting for scratch-resistant, anti-reflective, and UV-protected eyewear products, which is further fueling the demand in a particular region. Moreover, the presence of major eyewear vendors such as Safilo and Luxottica has led the European region to capture this share in the global eyewear industry.

Competitive Landscape

Key players in the global eyewear market are EssilorLuxottica SA, Johnson & Johnson Vision, CooperVision, Charmant Group, Chemiglass Corporation, De Rigo SpA, Fielmann Group, Hoya Corporation, Marchon Eyewear, Inc., Rodenstock GmbH, Shamir Optical Industry Ltd., Silhouette International Schmied AG, Marchon Eyewear, Inc., Rodenstock GmbH, Shamir Optical Industry Ltd., Silhouette International Schmied AG, and other prominent players. The market players are continually launching groundbreaking eyewear products with enhanced lens clarity and other advancements to match changing customer tastes. The global eyewear market is fragmented due to the presence of numerous players in the market. Additionally, there are also many unorganized market players, such as local vendors, local suppliers, and others.

Recent Developments

• In April 2021, EssilorLuxottica announced its plan to acquire out GrandVision in order to create a truly global eyecare and eyewear firm. GrandVision will be able to benefit from EssilorLuxottica's dedication to product innovation, supply chain, talent development, and digital knowledge as a result of this acquisition.

• In April 2021, Johnson & Johnson Vision*, a global leader in eye health and a subsidiary of Johnson & Johnson Medical Devices Companies, received Health Canada approval for the first and only daily disposable contact lens for vision correction in patients suffering from itchy allergy eyes due to allergic conjunctivitis: ACUVUE® TheravisionTM with Ketotifen1. Equipped with an H1 histamine receptor antagonist, the lens prevents itchy allergy eyes associated with allergic conjunctivitis.

Scope of the Report

By Product Type

1. Contact Lenses

• Soft
• Rigid

2. Spectacles

• Spectacle Lenses
• Spectacle Frames

3. Sunglasses

• Polarized
• Non-Polarized

By Material

• Glass
• Plastics
• Metal

By End-Users

• Male
• Female

By Distribution Channel

• Online Store
• Retail Store
• Specialty Stores

By Region

• North America
• Europe
• The Asia-Pacific
• The Middle East & Africa
• Latin America