Eye Glasses Market

The global eye glasses market size is projected to reach $171.88 billion by 2027 from $122.89 billion in 2022, at a CAGR of 6.9% during the forecast period. The surge in visual impairment and eye defect cases coupled with the inclination towards latest fashion trends are driving the growth of the eye glasses market. Also, the rise in number of eye disorders in the younger generation and the increasing demand for vision correction products is propelling market growth. The increase in disposable income and improved standard of living along with the growing popularity of sports sunglasses is supporting the growth of the market.

On the other hand, the COVID-19 pandemic has adversely affected the eye glasses market as it has impacted the value chain, including workforce losses, raw materials supply (lens materials, frame materials, polishing materials), trade and logistics, and uncertain consumer demand. This has led to a reduced demand and purchase of sunglasses.

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“The prescription eyeglasses segment accounted for the largest share of the eye glasses market in 2021.”

The eye glasses market is segmented into prescription eyeglasses, sunglasses, over-the-counter readers, and accessories. The prescription eyeglasses segment accounted for the largest share of the global eye glasses market in 2021. The increasing prevalence of myopia and hypermetropia lead to the increase in demand for spectacles. Also, the increasing population and declining rate in people opting for LASIK and contact lenses in the US have led to the increase in demand for prescription eyeglasses. The growing trend of online learning, especially during the pandemic, has increased the cases of CVS among children, stimulating the adoption of anti-glare and anti-fatigue glasses. Moreover, the growing popularity of clear eyeglasses and bright translucent glasses has also augmented the demand for spectacles.

“The Asia Pacific region is expected to witness the highest growth during the forecast period.”

The global eye glasses market is divided into five regions: North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. The Asia Pacific region is expected to witness the highest growth during the forecast period in the eye glasses market. This can be attributed to the changing consumer perception of eyewear from function to fashion along with the increasing cases of myopia in the region. Also, the growing economy and increasing purchasing power, the large manufacturing base of spectacles in China, and a large consumer base of the region are also supporting the growth of the market. The growing demand for sports sunglasses is also witnessing a surge in the region.

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Competitive Landscape

The eye glasses market is fragmented where various players are competing in the market on the basis of the number of in-house and licensed brands, price range, product variants of each brand, type of glasses, and other parameters. Key players such as Luxottica Group SpA, Safilo Group, and Essilor International are witnessing a gain in their revenue share across developing economies. The most adopted strategies by key market players are product innovation and development, followed by partnerships and joint ventures, and expansion.

Industry Developments:

• In March 2020, Safilo Group and Isabel Marant announced a new global ten-year license agreement for the design, manufacturing, and distribution of Isabel Marant sunglasses and optical frames.
• In January 2020, Chopard created an exclusive pair of gold sunglasses. De Rigo designed a jewelery-inspired frame for the Maison, boasting of a timelessly elegant aviator shape and sophisticated details, including a double bridge with a decorative element characteristic of the 1000 Miglia watch case, engraved by hand by authentic eyewear jewelers.

The primary interviews conducted for this report can be categorized as follows:

• By Company Type: Tier 1 - 42%, Tier 2 - 35%, and Tier 3 - 23%
• By Designation: C-level - 30%, D-level - 20%, and Others - 50%
• By Region: North America - 45%, Europe - 20%, Asia Pacific - 20%, Latin America – 9% , and the Middle East & Africa – 6%

Lists of Companies Profiled in the Report:

• ALCON/NOVARTIS AG
• ESSILORLUXOTTICA
• COOPERVISION
• JOHNSON & JOHNSON SERVICES, INC.
• BAUSCH & LOMB INC
• CARL ZEISS AG
• FIELMANN AG
• SAFILOGROUP S.P.A
• INDO OPTICAL S.L.U.
• OAKLEY, INC.
• TEK OPTICAL INC.
• CHARMANT GROUP
• CIBA VISION
• HOYA CORPORATION
• SEIKO OPTICAL PRODUCTS CO. LTD.

Research Coverage

This report provides a detailed picture of the global eye glasses market. It aims at estimating the size and future growth potential of the market across different segments, such as type and region. The report also includes an in-depth competitive analysis of the key market players, along with their company profiles, recent developments, and key market strategies.

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