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Eyewear Market Size, Share & Industry Analysis, By Product Type (Spectacles {Frames and Lens}, Sunglasses {Plano and Prescription}, and Contact Lens {Toric, Multifocal, and Sphere}), By Distribution Channel (Retail Store, Online Store, and Ophthalmic Clinics), and Regional Forecast, 2024-2032

Last Updated: April 29, 2024 | Format: PDF | Report ID: FBI101749



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The global eyewear market size was valued at USD 161.61 billion in 2023 and is projected to grow from USD 170.98 billion in 2024 to USD 285.20 billion by 2032, exhibiting a CAGR of 6.6% during the forecast (2024-2032). North America accounted for a market value of USD 47.38 billion in 2023. The market includes products, such as spectacles, sunglasses, and contact lenses. These products offer vision correction and protection from harmful Ultraviolet A (UVA) and Ultraviolet B (UVB) sun rays. In the current scenario, people prefer using spectacles owing to the rising awareness regarding ocular diseases, combined with the increasing prevalence of vision abnormality. For instance, in 2020, according to Lancet Global Health, it is projected that around 43.3 million people were blind, out of which 23.9 million were females. The industry is also highly fragmented with many local and international players.

Moreover, wearing spectacles is considered to be a fashion statement in both developing and developed nations. Globally, there is a surge in the incidence of ocular disorders, such as myopia, hypermetropia, and astigmatism, and others. For example, in February 2021, as per World Health Organization (WHO), there were at least 2.2 billion people globally who have a near or distant visual impairment. Therefore, a wide variety of product offerings by large and smaller market players have propelled eyeglasses usage among the general public.

The rapid spread of COVID-19 has significantly affected the sales of contact lenses, sunglasses, prescription eyeglasses, and sunglasses. Government bodies globally enforced strict lockdowns in the primary phase of the COVID-19 pandemic. This led to the closure of ophthalmic clinics and retail stores for an extended period. The postponement of non-urgent eye examination appointments also caused a dip in the sales revenue of many players operating in the market. Additionally, disruptions in the manufacturing and transportation of sunglasses, spectacle lenses, and contact lenses due to the COVID-19 pandemic have also influenced the decreased market growth in 2020. In 2021, the market clawed its way back to growth, driven by the uplifting of restrictions and the unavoidable momentum of e-commerce. The market is anticipated to witness steady growth from 2022 onwards.

Eyewear Market Trends

Emergence of 3D Printing is a Prominent Trend in Market

The fashion industry significantly influences the global eyewear market trends. The advent of 3-D printing has enabled quick and easy customization of eyeglasses. For instance, in July 2021, Luxexcel announced Luxexcel VisionPlatform 7, the company’s next-generation manufacturing platform, to assist businesses in integrating prescription lenses into the production of smart glasses in their manufacturing facilities. This technology combines objects such as waveguides and liquid crystal foils during the 3D printing process. Fast fashion changes in accessories such as sunglasses have gained traction from the increasing social media applications, such as Instagram and TikTok. Companies are actively collaborating with social media influencers to increase their brand presence and customer reach across the globe. Combined with this, major players operating in the market are focusing on the introduction of advanced materials for 3D printing of eyewear products. For instance, in September 2023, Materialise, one of the prominent players in 3D printing, introduced a new 3D printing material for eyewear. This material is translucent, which offers new design possibilities for the products.

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Eyewear Market Growth Factors

Rising Incidence of Eye Health Issues to Propel Market Growth

On a global basis, there is an increase in awareness related to ocular disorders in developing countries, which is estimated to surge the eyeglass products' acceptance.  A higher population of individuals suffering from ocular diseases is estimated to be one of the key drivers influencing the market trends. Based on the projections given by the International Myopia Institute (2020), by 2050, there will be around 5.0 billion new incidences of myopia globally. In countries such as Japan, South Korea, and China, individuals adopt colored contact lenses for increased aesthetic value.

Additionally, the rising availability of spectacles and sunglasses in retail and online channels in developing and developed nations is anticipated to boost market growth during the forecast period. The increasing disposable incomes of individuals in developing nations have further spurred the demand for higher-value sunglasses. The increasing brand consciousness is also projected to drive the market globally.

Furthermore, the increase in geriatric population is estimated to augment market growth during the forecast period. As people live longer, there is a rise in the risk of ocular disease among the geriatric population. This trend can be witnessed in developed as well as developing nations. An increase in the geriatric population suffering from myopia and hypermetropia is anticipated to fuel the market growth. There has been a surge in the adoption of multifocal lenses among the geriatric population over the years. Hence, this trend is estimated to further propel the global eyewear market growth.

  • For instance, according to a study published by a team of researchers from Iran in January 2023, in the elderly Iranian population, the prevalence of refractive errors was significantly high. Out of the total study participants, the prevalence of myopia and hyperopia was estimated to be 31.65%.

Increasing Awareness among People Regarding Harmful Effects of Ultraviolet Rays to Augment Market Growth

The sunglasses segment is anticipated to grow at the fastest CAGR in the market for eyewear due to the increasing awareness regarding the harmful effects of UVA and UVB rays on vision. Additionally, in developed countries, there is a surging acceptance of sportswear sunglasses among the general public. The wide product offering by manufacturers is bolstering the demand for sunglasses globally. The people are also adopting prescription sunglasses for vision correction and protection from UV rays. Additionally, according to the analysis by the Vision Council, in June 2021, around 70% of adult respondents wear sunglasses mostly for general use, and approximately 22% wear sunglasses for both specific sporting activities and general use in the U.S.

There is high unmet demand for sunglasses in emerging nations of Latin America and Asia Pacific, owing to the advanced sunray protection offered by polarized lenses. Thus, driving the market growth over the forecast period.


Surging Use of Cheaper Frames and Sunglasses in Emerging Countries to Hamper Market Growth

Various local shops and manufacturers of eyewear produce cheaper and more affordable frames and spectacles in developing countries. Additionally, the limited use of luxury sunglasses in countries, such as India and Brazil is estimated to impact the market's sales revenue in the upcoming years. Higher costs of luxury sunglasses and contact lenses owing to costly import duties are the major factors attributed to the limited product acceptance in these emerging nations. For instance, according to an article published in January 2024, a single pair of ultra-high-end designer sunglasses costs between USD 300 and USD 500,000.

These factors mentioned above, combined with the lower penetration of contact lenses in developing countries, are projected to restrain market growth in the future.

Eyewear Market Segmentation Analysis

By Product Type Analysis

Spectacles Segment Dominated the Market Due to Rising Prevalence of Hypermetropia and Myopia

Based on the product type, the market is segmented into spectacles, sunglasses, and contact lenses.

The spectacles segment is further bifurcated into frames and lenses. The sunglasses segment is divided into Plano and prescription sunglasses. The contact lenses segment is further segmented into toric, multifocal, and sphere.

The spectacles segment held the largest market share in 2023 and is expected to maintain its dominance during the forecast period. This trend is owing to the rising prevalence of hypermetropia and myopia. Additionally, the increasing lucrative product offering by major players is expected to further augment the segment’s growth.

  • For instance, in September 2023, Amazon launched a new line of smart glasses. The Echo Frames are integrated with Alexa.

In Asia Pacific and Latin America, there is an increasing demand for contact lenses, which is estimated to boost the contact lens segment’s growth. The market players are also focusing on launching innovative products to meet the changing customer demands. For instance, in October 2023, Alcon introduced TOTAL30 Multifocal contact lenses for individuals with presbyopia. These lenses are monthly Water Gradient lenses.

There is also a high unmet demand for sunglasses in the countries of Latin America and the Middle East & Africa. The players operating in the sunglasses market are increasing their customer base by tapping into online channels and offering lucrative pricing.

Due to the increasing population and declining number of people opting for laser-assisted in situ keratomileusis (LASIK) and contact lenses in the U.S., the total population of adults wearing prescription spectacles has increased in the past few years. There is also a surge in the adoption of trendy frames in developed countries as a fashion accessory. This trend is estimated to boost the market value during the forecast period.

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By Distribution Channel Analysis

High Accessibility of Eyewear in Retail Stores to Drive Retail Store Segment Growth

By distribution channel, the market is segregated into retail store, online store, and ophthalmic clinics.

The retail store segment accounted for the highest global eyewear market share and is further expected to continue dominating the market during the forecast period. The high accessibility of sunglasses and spectacle products in retail stores of shopping malls, branded stores, and others drives the retail store segment.

However, there is a rise in the popularity of purchasing eyeglass products through online stores and channels. This is estimated to propel online store sales in the upcoming years.


Geographically, the market is studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

North America Eyewear Market Size, 2019-2032 (USD Billion)

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North America generated a revenue of USD 47.38 billion in 2023 and is expected to hold the highest share throughout the forecast period. The well-established e-commerce delivery system in the U.S. and availability of services with increased local production is propelling the market growth in North America. In addition, high inclination towards eyewear products among consumers and prolonged usage of gadgets along with hectic lifestyle are major driving factors for the market.

Asia Pacific is expected to account for the highest CAGR in the forecast period of 2024-2032 and is projected to maintain the growth rate over the forecast period. This is attributed to the higher population of people who depend on eyeglasses products for vision correction in China, Japan, and India, which is owing to the higher prevalence of ocular diseases in the region. Hence, Asia Pacific is projected to grow at the highest CAGR during the forecast period. The higher availability of cheaper eyeglass products and increasing disposable incomes in developing countries of Asia Pacific is also driving the market growth for the region.

Moreover, Europe is projected to grow at a considerable growth rate over the forecast period. Factors such as the higher awareness of ocular disorders, increasing demand of premium eye care products, and increasing affordability of purchasing expensive sunglasses are expected to drive market growth in European nations, such as Germany, France, the U.K., and others. The growing trend of the adoption of fashionable frames and spectacles is also expected to boost market growth in Europe.

Latin America is estimated to drive the adoption of spectacle in the forecast years.

The market in the Middle East and Africa is estimated to grow slowly compared to that of Asia Pacific and Latin America. Latin America is estimated to grow at a steady rate owing to the unmet demand for these products.

List of Key Companies in Eyewear Market

Johnson and Johnson Services, Inc. and Alcon Held Major Shares Due to High Technology Adoption

The global eyewear industry is highly fragmented due to the presence of both local and international players. Major eyewear companies are segmented into the contact lens market and the spectacles and sunglasses market. Johnson and Johnson Services, Inc. holds the highest share in the global contact lens market, followed by Alcon.

Other prominent players in the global spectacles market include companies, such as Essilor Luxottica, SAFILO GROUP S.P.A, and ZEISS. These companies are adopting newer technologies, such as 3D printing, to enhance the quality of spectacle lenses and capture more market share. The competition in price range is also one of the key trends observed in this competitive market landscape. Strategic partnerships and collaborations are among the few of the many strategies adopted by key players to improve product offerings.



  • October 2023 – Lenskart introduced Blue Billion Collective – a new curative product line. This launch was aimed to celebrate the Cricket World Cup by offering a wide range of products in blue to support team India.

  • September 2023 – Meta, in collaboration with EssilorLuxottica, launched the Ray-Ban Meta smart glasses collection. These next-generation products were made available in stores since October 2023.

  • August 2023 – Titan Eyeplus introduced a new eyeglasses brand named Zefr. These premium products are available for both men and women.

  • April 2023 - Innovative Eyewear, Inc., the manufacturer of smart eyewear, launched the first ChatGPT-enabled smart eyewear called Lucyd.

  • April 2023 - Blue Point Capital Partners announced the acquisition of Eyebobs, a provider of premium reading glasses. The acquisition aims to expand Blue Point Capital Partners' product portfolio.

  • March 2021 - JINS eyewear announced the launch of the JINS&SUN sunglasses brand in the U.S. with 29 different shapes and 84 styles.

  • February 2021 - Johnson and Johnson Services, Inc. announced that the company received a CE mark for ACUVUE OASYS MULTIFOCAL contact lens for individuals with presbyopia.

  • August 2020 - Bausch Health Companies Inc. announced the launch of Bausch + Lomb INFUSE silicone hydrogel (SiHy) daily disposable contact lens.


An Infographic Representation of Eyewear Market

To get information on various segments, share your queries with us

The global market report provides qualitative and quantitative insights into the global market and a detailed global eyewear market analysis of the global market size & growth rate for all possible market segments. Along with this, the report provides an elaborative analysis of the market dynamics and competitive landscape. Various key insights presented in the report are the epidemiology of ocular disease by key countries, 2022, key industry developments, new product launches, key industry trends, and healthcare industry overview by key countries.

Report Scope & Segmentation



Study Period


Base Year


Estimated Year


Forecast Period


Historical Period


Growth Rate

CAGR of 6.6% from 2024 to 2032


Value (USD Billion)


By Product

  • Spectacles

    • Frames

    • Lens

  • Sunglasses

    • Plano

    • Prescription

  • Contact lens

    • Toric

    • Multifocal

    • Sphere

By Distribution Channel

  • Retail Store

  • Online Store

  • Ophthalmic Clinics

By Region

  • North America (By Product Type, By Distribution Channel, and By Country)

    • U.S. (by Product Type)

    • Canada (by Product Type)

  • Europe (By Product Type, By Distribution Channel, and, By Country)

    • U.K. (by Product Type)

    • Germany (by Product Type)

    • France (by Product Type)

    • Italy (by Product Type)

    • Spain (by Product Type)

    • Rest of Europe (by Product Type)

  • Asia Pacific (by Product Type, By Distribution Channel, and, By Country)

    • China (by Product Type)

    • Japan (by Product Type)

    • India (by Product Type)

    • Australia (by Product)

    • Southeast Asia (by Product)

    • Rest of Asia Pacific (by Product)

  • Latin America (by Product Type, By Distribution Channel, and, By Country)

    • Brazil (by Product)

    • Mexico (by Product)

    • Rest of Latin America (by Product)

  • Middle East & Africa (By Product Type, By Distribution Channel, and, By Country)

    • GCC Countries (by Product)

    • South Africa (by Product)

    • Rest of  the Middle East & Africa (by Product)

Frequently Asked Questions

Fortune Business Insights says that the market value stood at USD 161.61 billion in 2023 and is projected to be worth USD 285.20 billion by 2032.

In 2023, the market value stood at USD 161.61 billion.

The global market will exhibit a steady CAGR of 6.6% during the forecast period of 2024-2032.

The spectacles segment is expected to lead the market during the forecast period.

The increasing prevalence of ocular disorders globally will drive the growth of the market.

Alcon and Johnson and Johnson Services, Inc. are the top players in the contact lens segment in the market.

North America is expected to hold the highest share in the market.

New product launches and increasing awareness regarding the harmful effects of sun rays on the eyes are a few factors driving the adoption of sunglasses.

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