EYEWEAR MARKET ANALYSIS

Eyewear MarketSize and Trends

Global eyewear market is expected to reach US$ 388.48 Bn by 2031, from US$ 216.65 Bn in 2023, exhibiting a compound annual growth rate (CAGR) of 8.7% during the forecast period (2024-2031).

Global Eyewear Market- Trends

Increasing preference for premium and designer brands: In recent times, there has been a noticeable shift in preferences of consumers towards premium and designer eyewear brands globally. Consumer demand for high-quality products with emphasis on style, aesthetics, and brand value has increased significantly. This changing trend is influencing strategies of players in the eyewear market. Customers now want eyewear products that make a fashion statement and reflect their personality and taste. There is greater willingness to pay higher prices for branded eyewear that come with perceived notion of premium quality, latest designs, and latest lens technologies and after-sales service. This preference for premium branding over generic products has pushed many mainstream eyewear brands to elevate their product offerings, increase focus on celebrity endorsements and luxury retail experience. For example, brands like Ray-Ban, Oakley, and Michael Korshave expanded their premium products portfolio targeting the luxury and fashion-conscious segment. The trend is quite evident in markets like the U.S., Western Europe, China, and India where disposable incomes are rising and more customers want affordable luxury. As per U.S. Department of Commerce reports, 2022, the overall eyewear export from U.S. grew from US$ 2.56 Bn in 2020 to US$ 3.07 Bn in 2022. During this period, the exports of premium designer frames witnessed disproportionately higher growth of over 20% annually compared to around 5% for generic frames. This highlights growing global demand for premium and luxury eyewear products. In order to leverage the ongoing preference for premium brands, eyewear companies are differentiating their offerings with new material innovation, latest lens technologies, celebrity endorsements and emphasis on brand reputation. Partnerships with luxury brands have also increased. These strategies are helping players to expand their customer base and command premium pricing. The growing trend clearly underlines the increasing willingness of customers to pay more for branded products that signify status and personality.

Growing demand for sunglasses with advanced lens technologies: The global eyewear market has been witnessing major changes over the past few years due to evolving consumer needs and advancements in lens technology. Sunglasses are no longer considered a mere fashion accessory but a lifestyle product that can make a major difference in terms of vision correction and eye protection. Myopia control lenses that can potentially slow the progression of near-sightedness in children are another revolutionary technology gathering interest.

Manufacturers are proactively leveraging these innovations to differentiate their offerings. For instance, major brands like Luxottica and Essilor have launched product lines with self-tinting and anti-blue light lenses. The popularity of outdoor and water sports has also boosted the need for high quality lenses that filter 100% of UVA (Ultraviolet A) and UVB (Ultraviolet B) rays and offer clarity of vision. Direct-to-consumer e-commerce platforms are further helping consumers sample and choose from a wide array of specialized lens types and coatings. According to a 2021 study by the Centres of Disease Control and Prevention, the number of eye injuries from outdoor recreational activities rose by over 10% from 2019 to 2021 with over 60% treatable by use of protective eyewear.

This has prompted lens companies to invest heavily in technologies like polarized photochromic coatings and compressive surf lenses that can make sunglasses safer, functional and comfortable for a variety of sporting needs. The adaption of new materials like blue blocking polycarbonate and high-index plastic in frame design have also enhanced product attractiveness. Sunglasses with advanced vision care solutions are clearly redefining industry prospects by attracting both fashion-conscious customers and those seeking visual performance and eye protection features.