The Eyewear Market valuation is estimated to reach USD 169.01 billion in 2023. The market is predicted to grow at a healthy rate of 5.60% from 2023 to 2033. The valuation of the eyewear market is expected to reach USD 291.00 billion by 2033.
Key Market Highlights
Rise in the Usage of Digital Devices to Drive the Eyewear Market
The recent years have seen people's reliance on digital devices, such as mobile phones, computers, tablets, etc. This increased usage has also led to various problems related to the eyes, including eye strain, dryness, and other vision-related issues collectively known as Computer Vision Syndrome (CVS). The significance of eyewear in the market has been rising rapidly, all thanks to growing awareness among individuals about the importance of the well-being of their eyes.
Along with this, various other factors that contribute to the expansion of the eyewear market include the protection of eyes from the blue light from these devices. Blue-light glasses, or computer glasses, can help reduce eye strain and improve sleep quality by filtering out the high-energy blue light. This has led to a surge in demand for eyewear specifically designed to block blue light, both in prescription and non-prescription forms.
| Attributes | Key Statistics |
|---|---|
| Expected Base Year Value (2023) | USD 169.01 billion |
| Anticipated Forecast Value (2033) | USD 291.00 billion |
| Estimated Growth (2023 to 2033) | 5.6% CAGR |
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The eyewear market is very heavily dependent on consumer awareness and perception regarding eye health fashion trends and the benefits of eyewear. Along with this, technological advancements in the field, such as lens materials, coatings, and frame designs, also add to the expansion of this market. In the past few years, there has been an increasing awareness among individuals across the world about their health and well-being. This has led to an increased demand for eyewear across the globe.
During the pandemic, the market experienced a series of ups and downs. Initially, the demand plunged due to the disruptions in the supply chain and sudden shutdowns. But as more people started working from home, which eventually increased screen time, the demand for blue light-blocking and computer glasses surged. With the emergence of more advanced eyewear in the global market, this market is likely to grow in the coming decade.
| Attributes | Key Statistics |
|---|---|
| Expected Base Year Value (2018) | USD 129.97 billion |
| Anticipated Forecast Value (2022) | USD 160.4 billion |
| Estimated Growth (2018 to 2022) | 5.4% CAGR |
Sunglasses have been in the lives of individuals for the last two centuries. They are the most popular eyewear compared to other types due to the high demand for eye protection and fashion appeal. The significance of sunglasses in the general population worldwide is primarily due to their ability to protect the eyes from harmful ultraviolet (UV) rays emitted by the sun. UV rays are detrimental to the eyes, and this realization has led to an increased adoption of sunglasses in the day-to-day lifestyle of people across the globe.
| Attributes | Details |
|---|---|
| Product Type | Sunglasses |
| Market share | 60.10% |
Based on the product type, the eyewear market is segmented into sunglasses, goggles, spectacles, etc., where sunglasses dominate the market with a significant share of 60.10%. Their demand can also be attributed to the fact that sunglasses have become a fashion statement and a style accessory. With a wide range of frame designs, lens colors, and shapes, sunglasses allow people to create a unique look. These factors, collectively, have led to the expansion of the eyewear market in recent years.
The demand for metal-framed eyewear in recent years has been experiencing substantial growth as it offers a sleek and sophisticated aesthetic that appeals to a wide range of consumers. The sleek design, rigidity, and durability of metal frames attract individuals all over the world. This versatility of the frames also complements any face shape and fashion style, making them a popular choice for formal and casual occasions.
| Attributes | Details |
|---|---|
| Material | Metal |
| Market share | 45.00% |
The demand for metal-framed eyewear can also be attributed to the fact that metal frames, especially those made from high-quality materials like titanium or stainless steel, are highly resistant to wear and tear. Material-wise, the eyewear market is segmented into metal, plastic, alloys, etc., where metal-framed eyewear dominates the global market with a revenue share of 45.00%. Along with all these factors, metal frames are also prone to breakage or discoloration compared to plastic or alloy frames.
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| Countries | CAGR |
|---|---|
| India | 8.80% |
| China | 6.60% |
| Germany | 6.20% |
| Singapore | 6.20% |
| Australia | 6.10% |
With the emergence of social media sites and short video platforms, there is a revolutionary change in the way people dress and style their outfits, not just in India but all around the world. Social media influencers with millions of followers have started incorporating eyewear in their outfits as an essential accessory, which has not only made them popular with the general masses but has also helped in the expansion of the eyewear market in and around India.
The market for eyewear in India is anticipated to experience an expansion at a remarkable growth rate of 8.8% in the forecast period of 2023 to 2033. This growth can also be due to the increased disposable income in the Indian working class.
With a population of over 1.4 billion people, China represents a massive consumer base for eyewear products. As the population continues to grow, so does the potential customer pool for the eyewear industry.
This demographic growth has resulted in an increased demand for vision correction solutions, including prescription glasses and contact lenses. Along with these factors, there’s also the fact that a significant part of the Chinese population is now beyond the age of sixty. This demographic has the highest chance of developing vision-related problems, thus aiding the eyewear market. The China eyewear market is expected to surge with a significant growth rate of 6.60% through the forecast period of 2023 to 2033.
Germany, like all the other countries in the world, is going through a technological revolution where the general population is spending a significant part of their lives in front of screens. Along with this, the German population is also becoming increasingly aware of their eye health. The robust healthcare system in the country with substantial insurance coverage has also contributed to the overall market for eyewear.
The market for eyewear in Germany is anticipated to experience an expansion at a remarkable growth rate of 6.2% in the forecast period of 2023 to 2033.
According to the Ministry of Health, Singapore has one of the highest rates of myopia in the world. It is also often regarded as the ‘Myopia Capital of the World.’ As these numbers continue to grow, the demand for eyewear in the Singaporean market is very likely to foresee a significant rise in the upcoming years. In Singapore, 65% of children are myopic, and more than 50% of the adult population deals with issues related to vision.
The eyewear market in Singapore is expected to surge with a significant growth rate of 6.20% through the forecast period of 2023 to 2033.
The Australian population is filled with sports-loving people, and many indulge in sporting activities daily. Eyewear offers excellent protection from the harmful UV rays of the sun during various outdoor activities like cycling, mountaineering, hiking, etc. Apart from this, due to its position in the far west, sun rays in Australia are very intense, forcing people to go for sunglasses.
The Australia eyewear market is expected to surge with a significant growth rate of 6.10% through the forecast period of 2023 to 2033.
The market for eyewear in the global context is on the verge of saturation, where international players like Ray-Ban, Titan, Prada, Oakley, etc., have dominated the market for the past few decades. These brands have sustained excellent quality across the years, which has resulted in a loyal consumer base.
There are various innovations now and then in the material of frames, lenses, and packaging. Other than that, technological advancements like camera and audio recording in sunglasses drive the demand for eyewear in the international market.
Recent Developments:
As of 2023, the global valuation of the eyewear market is valued at USD 169 billion.
The eyewear market will grow at a rate of 5.60% and reach a valuation of USD 291 billion.
Sunglasses are the most preferred eyewear in the international eyewear market.
Metal is the most common material due to its sleek design, rugged quality, and durability.
India is dominating the eyewear market with a CAGR of 8.6%.
| Estimated Market Size (2024E) | USD 4,249.9 million |
|---|---|
| Projected Market Value (2034F) | USD 7,740.3 million |
| Value-based CAGR (2024 to 2034) | 6.2% |
| Market Value (2023) | USD 2.7 billion |
|---|---|
| Expected Forecast Value (2033) | USD 4.2 billion |
| Projected CAGR (2023 to 2033) | 4.4% |
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