Eyewear Market to be Worth $323.77 Billion by 2030 - Grand View Research, Inc.

SAN FRANCISCO, June 14, 2023 /PRNewswire/ -- The global eyewear market size is expected to reach USD 323.77 billion by 2030, expanding at a CAGR of 8.5% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growth can be attributed to the rising popularity of customized eyewear, as consumers prefer unique products that can be designed as per their needs. They prefer glasses that suit the face and eye shape, while also focusing on the texture and colors of the glasses and the design & material of the frame.

Key Industry Insights & Findings from the report:

• In terms of product, the sunglasses segment is expected to witness substantial growth over the forecast period, which can be attributed to the growing awareness among people about the significance of protecting the eyes from UV light. Besides, rising consumer interest in luxury fashion accessories will further support segment growth.
• Based on the distribution channel, the e-commerce segment is anticipated to observe a considerable growth rate of 9.7% by 2030. This can be credited to the various benefits associated with this channel, such as ease of access, improved functionality, better discounts, and more buying options.
• In terms of region, Asia Pacific is expected to record the highest CAGR of 10.5% from 2023 to 2030, which can be mainly attributed to the resumption of eyewear manufacturing and supply chain activities in the region.
• The increasing penetration of colored and soft contact lenses in Japan and China further enhances the regional eyewear industry in the Asia Pacific.

Read 171-page market research report, "Eyewear Market Size, Share & Trends Analysis Report By Product (Contact Lenses, Spectacles, Sunglasses), By Distribution Channel, By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Eyewear Market Growth & Trends

Popular customized eyewear includes photochromic glasses and glasses with high index numbers to eliminate UV radiation. The technological developments in lens-making technology and the availability of 3D printing technology for eyewear manufacturing allow market players to gain a strategic advantage.

For instance, in February 2023, Innovative Eyewear, Inc. launched its newest collection, Lyte 2.0. By combining fashionable frames with cutting-edge technologies like open audio, voice control, and app integrations, the Lyte 2.0 range aims to offer customers a distinctive fusion of style and utility. Users can experience high-quality audio and use the internet with Lyte 2.0, allowing them to stay connected to the world.

The market is being strongly influenced by the collaboration of digital channels with the eyewear value chain, which has exponentially increased the sales of eyewear products. As the e-commerce distribution channel is gaining momentum, several eyewear companies have leveraged it as an opportunity to offer features like product virtualization and virtual facial analysis to their customers. Investing in digital channels helps companies maintain crucial consumer data such as buying preferences, feedback, and search history. This enables companies to offer specific products to their customers in the future.

Another important factor changing the market dynamics is the increased emphasis on sustainability among eyewear companies. They have started offering eyewear made of eco-friendly materials to practice sustainable development while enhancing customer experience. For instance, in August 2022, Zenni launched ReMakes, a new sustainable eyewear collection made with 100% certified recycled post-consumer plastic.

The initiative was aimed at supporting the Wyland Foundation's purpose of promoting, protecting, and preserving the world's seas, waterways, and marine life. Moreover, companies are also applying different materials, including wood, leather, paper, and wool, to develop eyewear with innovative textures, which is expected to attract a more extensive customer base in the coming years.

Eyewear Market Segmentation

Grand View Research has segmented the global eyewear market based on product, distribution channel, and region

Eyewear Market - Product Outlook (Volume, Million Units; Revenue, USD Billion, 2018 - 2030)

• Contact Lenses

• Premium Contact Lenses
• Mass Contact Lenses

• Spectacles

• Spectacle Frame
• Type
• Premium Spectacle Frames
• Mass Spectacle Frames
• Style
• Round
• Square
• Rectangle
• Oval
• Others
• Spectacle Lenses

• Sunglasses

• Lens Type
• Polarized Sunglasses
• Non-Polarized Sunglasses
• Lens Material
• CR-39
• Polycarbonate
• Polyurethane
• Others

Eyewear Market - Distribution Channel Outlook (Revenue, USD Billion, 2018 - 2030)

• E-commerce
• Brick & Mortar

Eyewear Market - Regional Outlook (Volume, Million Units; Revenue, USD Billion, 2018 - 2030)

• North America

• U.S.
• Canada
• Mexico

• Europe

• Germany
• U.K.

• Asia Pacific

• China
• India
• Japan
• Vietnam

• South America

• Brazil

• MEA

List of Key Players in the Eyewear Market

• Johnson & Johnson Vision Care, Inc.
• EssilorLuxottica
• CooperVision
• Carl Zeiss AG
• Bausch & Lomb Inc.
• Safilo Group S.p.A.
• Charmant Group
• Chemilens (CHEMIGLAS Corp.)
• CIBA VISION
• De Rigo Vision S.p.A
• Fielmann AG
• HOYA Corporation
• JINS, Inc.
• Marchon Eyewear, Inc.
• Marcolin S.p.A
• QSpex Technologies
• Rodenstock GmbH
• Seiko Optical Products Co., Ltd.
• Shamir Optical Industry Ltd.
• Silhouette International Schmied AG
• Warby Parker
• Zenni Optical, Inc.

Check out more market research studies published by Grand View Research:

• Wearable Payments Devices Market - The global wearable payments devices market size is expected to reach USD 80.39 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 29.8% from 2021 to 2028. Over time, payment systems have adapted to suit the needs of customers, such as increased convenience and reduced time while making payments. The growing popularity of contactless payment technology, coupled with the increasing adoption of wearable devices, such as smartwatches for contactless payments, is expected to fuel the market growth over the forecast period.
• Smart Fitness Devices Market - The global smart fitness devices market is expected to reach USD 29.4 billion by 2025, according to a new report by Grand View Research, Inc. The smart fitness devices market has witnessed a rising demand among the growing urban population in a bid to enhance their fitness goals. Advantages such as accessing fitness activities data in remote and real-time operations have resulted in an increased penetration of the market. Additionally, there are tremendous opportunities for advancements in the smart fitness devices owing to the increasing usage of smartphones and enhanced internet accessibility, which, in turn, would fuel the growth of smart fitness market. The growing adoption of the smart fitness devices to keep track of sleep, steps, calories, heart rate, and other bodily stats is anticipated to revolutionize the market by 2025.
• Enterprise Wearable Market - The global enterprise wearable market is expected to reach USD 22.3 billion by 2025, according to a new study conducted by Grand View Research, Inc. The high demand for enterprise wearable devices in the Asia Pacific region is anticipated to drive industry growth over the next decade. The aging population and rising chronic diseases, such as coronary heart diseases and diabetes, in countries such as China, India, and Japan would drive the demand for wearable technology in the region.

Browse through Grand View Research's Next Generation Technologies Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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