Eyewear Market Projected to Reach US$ 348.28 Billion by 2031, Growing at a CAGR of 8.41%

The global Eyewear Market was valued at US$ 182.55 billion in 2022 and is projected to reach US$ 348.28 billion by 2031, growing at a compound annual growth rate (CAGR) of approximately 8.41% during the forecast period from 2024 to 2031.

The Eyewear Market, valued at USD 182.55 billion in 2022, is projected to experienceWith the Eyewear Market valued at USD 182.55 billion in 2022, it is expected to reach USD 348.28 billion by 2031, reflecting a Compound Annual Growth Rate (CAGR) of 8.41% during the forecast period from 2024 to 2031. Key factors driving this growth include the increasing prevalence of vision-related disorders, a surge in demand for premium and technologically advanced eyewear, and growing fashion trends influencing eyewear choices. Additionally, the rise in digital device usage and increased screen time are boosting the need for eyewear solutions that offer eye protection and comfort

substantial growth, reaching USD 348.28 billion by 2031. This significant expansion corresponds to a Compound Annual Growth Rate (CAGR) of 8.41% over the forecast period from 2024 to 2031. The growth is driven by increasing global vision impairment rates, rising awareness about eye health, and advancements in eyewear technology. Innovations in lens materials and frame designs, coupled with the growing popularity of fashion-forward eyewear, are also contributing to the market’s robust expansion.

 

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Overview of Eyewear Market

The eyewear market encompasses various products such as spectacles, sunglasses, and contact lenses, catering to vision correction and fashion preferences globally. Increasing awareness about eye health, advancements in lens technologies, and changing consumer lifestyles are driving the growth of this market.

Market Dynamics

Rising Demand for Vision Correction Solutions

The growing prevalence of vision-related disorders, coupled with an aging population globally, is fueling the demand for vision correction solutions. This includes prescription eyeglasses and contact lenses, driving market growth.

Fashion Trends and Lifestyle Changes

Eyewear has evolved beyond functional purposes to become a fashion statement. Changing fashion trends and increasing disposable incomes are boosting the demand for designer eyewear, especially among the younger demographic.

Technological Advancements

Advancements in lens materials, coatings, and frames are enhancing the comfort, durability, and aesthetics of eyewear products. Technological innovations such as blue-light blocking lenses for digital device users are also driving market expansion.

Online Retail Channels

The proliferation of online retail channels has significantly contributed to market growth, offering consumers convenience, a wide range of choices, and competitive pricing. E-commerce platforms have become crucial for eyewear manufacturers and retailers to reach a broader audience.

Regional Insights

North America and Europe

North America and Europe dominate the eyewear market due to high healthcare spending, awareness about eye health, and fashion-conscious consumer base. The presence of major eyewear manufacturers and fashion brands further supports market growth in these regions.

Asia-Pacific

The Asia-Pacific region is witnessing rapid growth driven by increasing urbanization, rising disposable incomes, and growing awareness about eye health. Emerging economies like China and India are key contributors to market expansion.

Key Players

Major companies in the Eyewear Market include:

  • EssilorLuxottica

  • Johnson & Johnson Vision Care, Inc.

  • Alcon

  • CooperVision

  • Safilo Group S.p.A.

  • Carl Zeiss AG

Future Outlook

The Eyewear Market is poised for substantial growth, driven by increasing demand for vision correction solutions, evolving fashion trends, and technological advancements in eyewear products. Continued innovation and expanding online retail channels are expected to further propel market expansion globally.

Table of Contents

  1. Eyewear Market Overview

  2. Global Eyewear Market Landscape by Player

  3. Eyewear Upstream and Downstream Analysis

  4. Eyewear Manufacturing Cost Analysis

  5. Market Dynamics

  6. Players Profiles

  7. Global Eyewear Sales and Revenue Region Wise (2017-2024)

  8. Global Eyewear Sales, Revenue (Revenue), Price Trend by Type

  9. Global Eyewear Market Analysis by Application

  10. Global Eyewear Market Forecast (2024-2031)

  11. Research Findings and Conclusion

  12. Appendix

Insights and Tools

The various insights in the Eyewear Market study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at SNS Insider adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable.

Actionable Results

The findings presented in this study are an indispensable guide for meeting all business priorities, including mission-critical ones. The results, when implemented, have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework.

Strategic Frameworks

The Eyewear Market study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost preparedness.

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