According to Meticulous Research®, the global eyewear market is projected to grow to $215.5 billion by 2031, with a CAGR of 4.2% from 2024 to 2031. The growth is driven by an increase in eye disorders and visual impairments, a rise in screen time, and a greater focus on eye safety. Furthermore, the demand for stylish eyewear and advancements in prescription eyewear are contributing to this trend. The impact of social media on fashion, the expansion of e-commerce, and improved health insurance coverage for eye care services are also significant growth drivers.
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Challenges include the rising popularity of laser eye surgeries and the high cost of premium eyewear, which may limit market expansion. However, innovations in eyewear materials, coatings, and lens designs offer considerable growth opportunities. Issues related to old eyewear disposal and rapidly shifting fashion trends are notable obstacles. Key trends include the development of 3D-printed eyewear and glasses equipped with fitness trackers and Bluetooth technology.
In 2024, the spectacles segment is expected to lead the market due to its role in addressing vision problems and consumer preferences for high-quality eyewear. This segment includes various types of spectacles, such as prescription and non-prescription glasses, along with different lens and frame options. Statistics Netherlands reported that about 62% of the Dutch population aged four and older used glasses occasionally in 2022.
However, challenges persist, notably the increasing adoption of vision correction methods such as laser eye surgery and the high costs associated with premium eyewear. These factors could impede market growth. Innovations in eyewear materials, coatings, and lens designs present opportunities for market expansion, but issues related to the disposal of old eyewear and fast-evolving fashion trends pose significant obstacles. Emerging trends such as 3D-printed eyewear, fitness-tracking frames, open-ear speakers, and Bluetooth-enabled glasses highlight the industry’s dynamic nature.
In 2024, spectacles are anticipated to dominate the eyewear market due to their widespread use in addressing vision disorders and adapting to changing consumer preferences.
Anti-reflective coatings are anticipated to dominate the coating segment in 2024. These coatings enhance vision clarity, reduce glare, and offer UV protection. They also provide additional protection for lenses, helping to extend their lifespan by preventing scratches and smudges.
Plastic is projected to be the leading material in the eyewear market in 2024. The material’s durability and stylish options make it a popular choice. Plastic frames are lightweight, break-resistant, and ideal for sports and children’s eyewear. They also come in a wide variety of colors and styles.
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The vision correction segment is expected to hold the largest market share in 2024. This is driven by the rising prevalence of vision problems, including myopia, hyperopia, and astigmatism, and increased daily screen time, which has risen by approximately 50 minutes per day since 2013.
Asia-Pacific is forecasted to exhibit the highest growth rate during the forecast period. This growth is supported by an aging population in China and India, the adoption of advanced eyewear products in emerging markets, and increased awareness of eyewear benefits. Rising disposable incomes and a trend towards fashion-conscious youth also contribute to market growth in this region.
The key players operating in the global eyewear market are Safilo Group SpA (Italy), EssilorLuxottica SA (France), Fielmann Group AG (Germany), Johnson & Johnson Vision Care, Inc. (U.S), Carl Zeiss AG (Germany), De Rigo Vision SpA (Italy), Hoya Corporation (Japan), Marchon Eyewear, Inc., Alcon Inc. (Switzerland), Appier Inc. (Tokyo), The Cooper Companies, Inc. (U.S.), and Warby Parker Inc. (U.S).
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Key Questions Answered in the Report:
- Which are the high-growth market segments in terms of type, coating, material, application, age, distribution channel, end user, and geography?
- What was the historical market size for eyewear globally?
- What are the market forecasts and estimates for the period 2024–2031?
- What are the major drivers, restraints, challenges, opportunities, and trends in the global eyewear market?
- Who are the major players in the global eyewear market?
- What is the competitive landscape like, and who are the market leaders in the global eyewear market?
- What are the recent developments in the global eyewear market?
- What are the different strategies adopted by the major players in the global eyewear market?
- What are the geographical trends and high growth regions/countries?
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