Eyewear Market size was valued at USD 201.13 billion in 2022 and is poised to grow from USD 218.02 billion in 2023 to USD 415.66 billion by 2031, growing at a CAGR of 8.40% in the forecast period (2024-2031).
The global eyewear market is driven by the growing demand for corrective lenses and prescriptions, especially among the elderly population. According to, the National Health and Aging Survey study in the United States in 2021 that 27.8% of United States adults over the age of 71 are visually impaired increased. Also, increasing consumer awareness towards eye care drives the eyewear market immensely along with rising disposable income and demand for fashion trends among the youth is another key factor as it increases eyeglasses and sunglasses over the forecast period.
Over the past few years, the market has witnessed a high conversion rate based on factors such as increased interest among consumers to opt for performance-related sunglasses due to the adoption of sunglasses for outdoor activities such as for mountain biking, rocks and others.
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Competitive Landscape of the Eyewear Market: A Magnified View
The eyewear market has evolved into a highly competitive and diversified industry, shaped by the influence of fashion, healthcare, technology and e-commerce. The key players in the market span a wide range of the high-end industries, including luxury goods, healthcare companies, start-ups andthe e-commerce platforms, each of which competes for acquisition customer segments.
E-commerce Platforms and Shopping Malls
E-commerce giants like Amazon, AliExpress and Flipkart have made a huge impact on the eyewear industry by offering a variety of products at affordable prices. Additionally, the large retailers such as Walmart and Costco have created a niche in the budget-conscious market by providing affordable prescription eyeglasses and contact persons through their eye care departments.
Augmented Reality and Smart Glasses Market
With glass and technology, new frontiers of competition have opened in smart glasses. Companies like Google, Apple and Facebook (META) are developing augmented reality (AR) glasses, positioning themselves as future leaders in the high-tech segment of the market.
October 2023 – Lenskart introduced Blue Billion Collective a new treatment and it was set up to celebrate the Cricket World Cup by donating various blue products in support of Team India.
September 2023 – Meta launches the Ray-Ban Meta smart glasses collection in partnership with AsilorLuxotica.
August 2023 – Titan iPlus launched a new line of eyeglasses called the Zephyr. These beautiful products are available for both men and women.
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This report covers the following segments:
A. Products
- Contact Lenses
- Spectacles
- Sunglasses
B. Distribution Channel
- Retail Stores
- Online Stores
- Ophthalmic Clinics
This report covers the following players:
- Luxottica Group S.p.A.
- Essilor International
- Johnson & Johnson Vision Inc.
- Safilo Group S.p.A.
- Bausch & Lomb Incorporated
- Carl Zeiss AG
- CooperVision
- Marchon Eyewear, Inc.
- Fielmann AG
- GrandVision
- Charmant Group
- Marcolin S.p.A.
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Vision of the Future Expanding Horizons in Eyewear
The eyewear market is a diverse and competitive environment where fashion trends, healthcare innovations and technological disruptions come together. With increasing demand for visually appealing, affordable and functional products, companies across verticals continue to innovate to meet evolving customer preferences as digital tools such as virtual try-ons. AR glasses and e-commerce platforms continue to shape the market. It reflects a strategic balance between vision care and technology.
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To view the original version on ABNewswire visit: Eyewear Market to Surpass USD 415.66 Billion by 2031, Witnessing 8.40% CAGR Growth