READING GLASSES MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)

Reading Glasses Market Size and Forecast – 2024 - 2031

The global reading glasses market is estimated to be valued at USD 47.68 Bn in 2024. The market is expected to reach USD 71.45 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 5.9% from 2024 to 2031.

Key Takeaways of the Reading Glasses Market:

• The plastic segment is expected to account for 40.3% of the market share in 2024
• The prescription reading glasses segment is projected to represent 64.5% of the market share in 2024
• The online retail segment is expected to account for 38.7% of the market share in 2024
• North America is projected to lead the global market with a 38.5% share in 2024, followed by the Asia Pacific region, which is expected to hold a 31.8% share

Market Overview:

The aging population globally is one of the major drivers for the increasing demand of reading glasses. As people are now staying active and working even after retirement, the need for reading glasses to aid with near-vision problems has increased significantly over the past decade. The rising prevalence of presbyopia due to increasing geriatric population is expected to push the demand for reading glasses. Additionally, the changing lifestyle and extensive use of digital devices are making young people susceptible to near-vision issues. This, in turn, is anticipated to contribute towards the market growth during the forecast timeline.

Segmental Insights

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Material Insights - Affordability and durability drive plastic's dominance

In terms of material, the plastic segment is expected to contribute 40.3% share of the market in 2024, owing to its affordability and durability. Being the lightest and most affordable option available, plastic reading glasses are budget-friendly for consumers. Their lightweight frame prevents fatigue over long reading sessions. Polycarbonate plastic provides strength equivalent to higher-end materials while maintaining a low price point. It withstands flexing and impact stresses without cracking or breaking. Plastic glasses are less prone to scratches and damage from daily use. Consumers prefer replacing inexpensive plastic frames rather than paying heavily for repairs on more premium options.

Type Insights - Standard prescriptions maximize prescription reading glasses usage

In terms of type, the prescription reading glasses segment is expected to contribute 64.5% of the market share in 2024 for meeting standard vision needs in the market. Most readers only require a mild prescription between +1.0 to +3.0 diopters to assist with extended near focus tasks. Optometrists can quickly and affordably prescribe standard reading strengths which are readily available off the shelf or for order. Not needing customized lenses keeps costs low and supply chains streamlined. Users appreciate the ability to try different frame styles without heavy investment.

Distribution Channel Insights - Online retail channels capitalize on convenience and discounts

In terms of distribution channel, the online retail segment is expected to contribute 38.7% share of the market in 2024, owing to unmatched convenience and price advantages. E-commerce platforms allow customers to research and compare a vast variety of styles, brands, and prescription options easily from any location. Online stores provide extensive product descriptions with enlarged images to assess frame details. Websites make navigation intuitive with filter functions for attributes like material, color, and size.

Regional Insights

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North America Reading Glasses Market Trends

North America is projected to dominate this market, accounting for 38.5% of the market share in 2024. This leadership is driven by factors such as an aging population, increasing awareness about eye health, and supportive government initiatives to enhance eye care services. Leading companies like Johnson & Johnson Vision and Essilor have solidified their presence in the region through extensive distribution networks and strong brand reputation.

Asia Pacific Reading Glasses Market Trends

The Asia Pacific region is anticipated to capture 31.8% of the market share in 2024 and is expected to grow at the fastest rate. This growth is fueled by an expanding middle class, higher disposable incomes, and a growing emphasis on lifestyle-oriented eyecare products. Markets such as China and India are emerging as highly attractive opportunities, with local manufacturers actively broadening their presence.

Reading Glasses Market Outlook for Key Countries

U.S. Reading Glasses Market Trends

The U.S. reading glasses market remains highly attractive, driven by strong consumer spending on vision care and the introduction of innovative products designed to address digital eye strain. A key factor fueling growth is the rising prevalence of presbyopia among the aging population, with the American Academy of Ophthalmology noting that 1.8 billion individuals worldwide are affected by this condition, underscoring a substantial demand for vision correction solutions. Moreover, the increasing use of digital devices has exacerbated digital eye strain. According to a February 2024 CooperVision report, over 50% of U.S. adults aged 18-44 spend six or more hours daily on digital devices, leading to a surge in symptoms associated with digital eye strain.

China Reading Glasses Market Trends

The China reading glasses market is expanding rapidly due to increasing internet penetration and online sales channels. The rise of e-commerce platforms has made reading glasses more accessible, with a notable shift towards online purchasing.  This trend is supported by the growing number of internet users, which reached 1 billion in 2023, facilitating easier access to eyewear products, according to Statista in 2023.

Germany Reading Glasses Market Trends

Germany reading glasses market remains a significant player in the Europe reading glasses market, driven by a high awareness about ocular health and a large elderly population. The presence of major manufacturers like EssilorLuxottica enhances market growth. In October 2024, Essilor Luxottica completed the acquisition of an 80% stake in Heidelberg Engineering, a Germany-based company specializing in diagnostic solutions and healthcare IT for clinical ophthalmology, further strengthening its position in the German reading glasses market.

India Reading Glasses Market Trends

India reading glasses market is characterized by growing awareness about ocular disorders, yet it remains underpenetrated. A study for eye care services indicated that over 25% of taxi drivers were unaware they needed vision correction, emphasizing the need for increased awareness initiatives. The government is focusing on improving accessibility to eye care services, which could drive future market growth.

U.K. Reading Glasses Market Trends

The U.K. reading glasses market benefits from a strong presence of premium brands and a high demand for fashionable eyewear. The trend towards stylish reading glasses is evident, with consumers increasingly seeking trendy designs. The market is projected to grow as brands innovate with new styles and materials, responding to consumer preferences for both aesthetics and functionality. A key player contributing significantly to this market is Specsavers, a U.K.-based multinational optical retail chain. Founded in 1984 by Doug and Mary Perkins, Specsavers has grown to operate over 1,000 stores in 11 countries, with revenues reaching US$5.04 billion in 2023.

Market Players, Key Devlopment, and Competitive Intelligence

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Key Developments:

• In October 2024, EssilorLuxottica, a dominant player in the global eyewear industry, acquired a 5.1% stake in Nikon. This investment reflects a strategic, long-term commitment to support Nikon's leadership and growth. Although EssilorLuxottica may not be a household name, it commands a significant market presence through ownership of iconic brands like Ray-Ban, Oakley, Persol, and Vogue Eyewear. Furthermore, the company holds exclusive licenses for producing eyewear for prestigious luxury fashion labels, including Prada, cementing its leadership in the industry.
• In March 2022, Johnson & Johnson Vision Care achieved a significant milestone with FDA approval for ACUVUE Theravision with Ketotifen. This innovative etafilcon A drug-eluting contact lens combines vision correction with allergy relief, offering a unique solution for individuals suffering from eye allergies while wearing contact lenses.

Top Strategies Followed by Global Reading Glasses Market Players

• Established Players: Leading companies like Essilor, Zeiss, and Rodenstock focus heavily on research and development to introduce innovative products. They invest over 5% of their annual revenues in R&D to develop high-performance lenses using new materials and enhance lens attributes like strength, clarity, and lightweight features.
• Mid-Level Players: Medium sized players like Fielmann and Vision Express pursue strategies focused on delivering affordable yet quality reading glasses. They introduce budget-friendly product lines targeting price-conscious customers globally. This helps them gain market share in emerging price-sensitive regions.
• Small-Scale Players: Small manufacturers focus on niche segments by launching products with unique attributes. For example, companies introduce photochromic or computer lenses targeted at specific user groups like students or professionals. This niche focus helps them stay competitive against larger players.

Emerging Startups - Global Reading Glasses Industry Ecosystem

• Innovative Technologies: Startups like Clip and Focus are developing smart reading glasses equipped with features like live text translation and visual enhancement using AI. Focallure introduced myopia management lenses integrated with smart sensors.
• Market/Impact: Such innovative technologies have the potential to disrupt the market. Smart sensor-based solutions can track user behavior and help address issues like digital eye strain and myopia in children.
• Sustainable Solutions: Startups like Chelios and Re:Vision are focused on developing sustainable product lines. Chelios manufactures reading glasses using recycled aircraft windshields and Re:Vision uses naturally fallen wood for frames.

Market Report Scope

Market Dynamics

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Reading Glasses Market Growth Factors

Increasing prevalence of vision-related issues among the aging population

As the global population ages significantly over the coming decades, more and more people are experiencing vision-related issues that requires the use of reading glasses. Aging eyes undergo a variety of changes as one grows old such as the gradual loss of elasticity of the lens inside the eyes. This means the lens becomes harder and loses its ability to flex and change focus from distance to near. Presbyopia, the medical term for age-related long or far-sightedness, is the most common such condition affecting people over the age of 40. While reading glasses cannot stop or reverse the softening of the lens, they can help compensate for it by bringing the letters or words closer so they can be seen clearly.

Reading Glasses Market Challenge - High competition from low-cost alternatives and counterfeit products

This market faces high competition from low-cost alternatives and counterfeit products. The rising availability of affordable generic reading glasses from local optical stores and online retailers has intensified competition. Furthermore, the market sees a proliferation of counterfeit products being sold through various distribution channels at steep discounts. This poses a major challenge for established brands to differentiate their products and command premium pricing. The easy access to low-cost alternatives and counterfeits has made customers price-sensitive, thus restricting brand loyalty.

Reading Glasses Market Opportunity - Expansion of e-commerce platforms for wider accessibility

The growth of e-commerce platforms presents significant opportunities for the market players to expand their customer base. Online shopping for vision care products has risen manifold over the past few years driven by ease of procuring from varied brands sitting at home and 24x7 accessibility. This expanding digital landscape allows manufacturers to connect with a wider customer demographic beyond local markets. Major players such as Foster Grant are strengthening their online distribution strategies and focusing on optimizing virtual storefronts.

Analyst Opinion (Expert Opinion)

• This market continues to grow steadily driven by the aging populations and increasing computer and smartphone usage. As more people are spending longer hours looking at digital screens, it is fueling the demand for reading glasses. The easy availability of affordable reading glasses from retailers and online channels is also supporting the market expansion.
• The presence of alternative vision correction options like bifocals and progressive lenses is limiting the reading glasses sales to some extent. Many consumers prefer upgrades to more premium vision correction products as their prescriptions get stronger with age. Moreover, the inconsistent standardization of prescription strengths across regions poses challenges for manufacturers in maintaining inventory levels.
• The Asia Pacific region holds tremendous growth opportunities for reading glasses suppliers over the coming years. Countries like China and India have a large elderly base that will continue needing vision aids. North America currently dominates worldwide revenues owing to early adoption of latest eyewear trends.

Market Segmentation

• By Material Insights (Revenue, USD Bn, 2019 - 2031)
• • Plastic
  • Metal
  • Hybrid
  • Others
• By Type Insights (Revenue, USD Bn, 2019 - 2031)
• • Prescription Reading Glasses
  • OTC Reading Glasses
• By Distribution Channel Insights (Revenue, USD Bn, 2019 - 2031)
• • Online Retail
  • Optical Stores
  • Supermarkets/Hypermarkets
  • Pharmacies
  • Others
• Regional Insights (Revenue, USD Bn, 2019 - 2031)
• • North America
    • U.S.
    • Canada
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Rest of Latin America
  • Europe
    • Germany
    • U.K.
    • Spain
    • France
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • South Korea
    • ASEAN
    • Rest of Asia Pacific
  • Middle East
    • GCC Countries
    • Israel
    • Rest of Middle East
  • Africa
    • South Africa
    • North Africa
    • Central Africa
• Key Players Insights
• • EssilorLuxottica
  • Johnson & Johnson Vision Care
  • Safilo Group S.p.A.
  • Hoya Corporation
  • CooperVision
  • Warby Parker
  • Zenni Optical
  • Foster Grant
  • EyeBuyDirect
  • Maui Jim
  • Ray-Ban
  • Oakley, Inc.
  • Nikon Corporation