Market Size of Eyewear Industry
| Study Period | 2019-2029 |
| Market Size (2024) | USD 178.98 Billion |
| Market Size (2029) | USD 229.35 Billion |
| CAGR (2024 - 2029) | 5.08 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Eyewear Market Analysis
The Eyewear Market size is estimated at USD 178.98 billion in 2024, and is expected to reach USD 229.35 billion by 2029, growing at a CAGR of 5.08% during the forecast period (2024-2029).
The global eyewear market is propelled by the growing demands for corrective and prescription-based spectacles, especially among the geriatric population. For instance, the survey study of National Health and Ageing Trends conducted in the United States in 2021 states that 27.8% of United States adults aged above 71 years had vision Impairment. Thus, the higher prevalence of vision impairment among older age is raising the demand for spectacles in the market. Furthermore, an increase in consumer awareness regarding eye protection coupled with a rise in disposable income fuels the sunglasses market significantly. Moreover, the increasing demand for fashionable accessories among the young population is another major factor driving the growth of sunglasses in eyewear during the forecast period.
Over the past few years, the market studied has been witnessing a growing adaptation rate based on factors such as a rise in interest among consumers in opting for performance-oriented sunglasses due to the adoption of sunglasses for outdoor activities, inclusive of mountain biking, rock climbing, golfing, and inline skating, among others. For instance, according to the Outdoor Foundation, over 64 million people participated in outdoor activities in the United States in 2021, with hiking being the most popular. E-retailing and online advertising are gaining popularity in the market as key players are implementing online marketing and promotional activities. Online marketing and promotion provide customers with easy access and also help vendors reduce operational costs. This factor is expected to boost eyewear sales through online platforms over the coming years.
Eyewear Market Indsutry Segmentation
Eyewear consists of accessories worn over the eyes to correct vision or protect the eyes from debris, radiation, or excessive light. The global eyewear market is segmented by product type, end-user, distribution channel, and geography. By product type, the market is segmented by spectacles, sunglasses, contact lenses, and other protective eyewear that comprises different lens materials. By end users, the market is segmented into men, women, and unisex. Based on distribution channels, the market is segmented into offline channels and online channels. By geography, the market is segmented into North America, Europe, Asia-Pacific, South America, and Middle East and Africa. The report offers the market size in value terms in USD for all the abovementioned segments.
| Product Type | |
| Spectacles | |
| Sunglasses | |
| Contact Lenses | |
| Other Product Types |
| End User | |
| Men | |
| Women | |
| Unisex |
| Distribution Channel | |
| Offline Channel | |
| Online Channel |
| Geography | |||||||||
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Eyewear Market Size Summary
The eyewear market is experiencing significant growth, driven by increasing demand for corrective and prescription spectacles, particularly among the elderly population with vision impairments. The rising awareness of eye protection and the growing disposable income are boosting the sunglasses segment, while the trend of fashionable eyewear is gaining traction among younger consumers. The market is also benefiting from the growing interest in performance-oriented sunglasses for outdoor activities. The shift towards e-retailing and online marketing is further enhancing accessibility and reducing operational costs, thereby increasing sales through digital platforms. The prevalence of vision impairment due to factors like cataracts and uncorrected refractive errors is propelling the demand for spectacles and contact lenses, with a notable impact on the elderly and those with lifestyle-related health issues.
In the Asia-Pacific region, there is a notable shift in consumer perception of eyewear from purely functional to a fashion statement, driven by economic growth and increased purchasing power. China, as a leading manufacturer, presents a vast potential market due to its high myopia rates among children and teenagers. The demand for sports eyewear is also rising, supported by participation in sports and recreational activities. The market is fragmented, with key players like Safilo Group and Essilor International expanding their presence through product innovation, partnerships, and technology-driven solutions. Recent collaborations and product launches, such as those by Pair Eyewear and Ray-Ban, highlight the industry's focus on customization and smart technology integration, further propelling market growth.
Eyewear Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Product Type
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2.1.1 Spectacles
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2.1.2 Sunglasses
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2.1.3 Contact Lenses
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2.1.4 Other Product Types
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2.2 End User
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2.2.1 Men
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2.2.2 Women
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2.2.3 Unisex
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2.3 Distribution Channel
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2.3.1 Offline Channel
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2.3.2 Online Channel
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2.4 Geography
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2.4.1 North America
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2.4.1.1 United States
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2.4.1.2 Canada
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2.4.1.3 Mexico
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2.4.1.4 Rest of North America
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2.4.2 Europe
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2.4.2.1 Spain
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2.4.2.2 United Kingdom
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2.4.2.3 Germany
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2.4.2.4 France
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2.4.2.5 Italy
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2.4.2.6 Russia
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2.4.2.7 Rest of Europe
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2.4.3 Asia-Pacific
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2.4.3.1 China
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2.4.3.2 Japan
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2.4.3.3 India
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2.4.3.4 Australia
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2.4.3.5 Rest of Asia-Pacific
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2.4.4 South America
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2.4.4.1 Brazil
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2.4.4.2 Argentina
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2.4.4.3 Rest of South America
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2.4.5 Middle East and Africa
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2.4.5.1 South Africa
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2.4.5.2 Saudi Arabia
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2.4.5.3 Rest of Middle East and Africa
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Eyewear Market Size FAQs
How big is the Eyewear Market?
The Eyewear Market size is expected to reach USD 178.98 billion in 2024 and grow at a CAGR of 5.08% to reach USD 229.35 billion by 2029.
What is the current Eyewear Market size?
In 2024, the Eyewear Market size is expected to reach USD 178.98 billion.
