Eyewear Industry | Forecast 2030
Eyewear Industry Data Book – Traditional Eyewear, Contact Lenses and Smart Glasses Market
Grand View Research’s eyewear sector data book is a collection of market sizing information & forecasts, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, all such information is systematically analyzed and provided in the form of presentations and detailed outlook reports on individual areas of research.
Access the Global Eyewear Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies
Eyewear Industry Data Book Coverage Snapshot
- Eyewear Industry USD 171.1 billion in 2022 8.7% CAGR (2023-2030)
- Traditional Eyewear Market Size USD 152.8 billion in 2022 8.4% CAGR (2023-2030)
- Contact Lenses Market Size USD 17.1 billion in 2022 8.9% CAGR (2023-2030)
- Smart Glasses Market Size USD 1.2 billion in 2022 27.1% CAGR (2023-2030)
Traditional Eyewear Market Growth & Trends
The traditional eyewear market globally was estimated at USD 152.8 billion in 2022 and is likely to grow at a CAGR of 8.4% from 2023 to 2030. The global eyewear industry is experiencing significant growth due to rising demands for corrective and prescription-based spectacles, especially among the geriatric population. Multiple factors, such as the increasing awareness of eye health, a rise in visual impairments, and a growing aging population, have all contributed to the market’s revenue growth. In addition, changing lifestyle patterns and adopting luxurious accessories among millennials are other factors driving the eyewear market revenue growth.
Encouraged by the burgeoning demand, eyewear manufacturers are actively expanding their consumer base by introducing new designs and patterns that swiftly respond to ongoing fashion trends and appeal to enthusiasts. For instance, in June 2022, CooperVision commenced expanding and renovating its manufacturing and distribution facilities in New York to meet the rising demand from eye care professionals and wearers for its contact lenses. Additionally, in January 2023, Harley-Davidson motor company and Marcolin renewed the licensing agreement for the designing, manufacturing, and global distribution of eyewear frames and sunglasses branded by Harley-Davidson motor company.
Order your copy of the Free Sample of “Eyewear Industry Data Book – Traditional Eyewear, Contact Lenses and Smart Glasses Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 – 2030” Data Book, published by Grand View Research
Contact Lenses Market Growth & Trends
The global contact lenses market size is estimated to reach USD 33.80 billion by 2030, registering an estimated CAGR of 8.9% from 2023 to 2030, according to a new report by Grand View Research, Inc. The market growth can be ascribed to the increasing demand for contact lenses driven by factors, such as rising cases of refractive errors coupled with the growing aging population. A significant rise in the cases of astigmatism and myopia across the globe and the growing acceptance of contact lenses in developing countries are favoring the expansion of the market. In addition, increasing product demand for aesthetic appearance, especially among the young population, and rising disposable income are enhancing the market growth.
Technological advancements, a rising number of active lens wearers, and the development of innovative solutions, such as silicone hydrogel material, are influencing the growth of the market. The market players are focusing on introducing innovative products that can cater to a larger customer base and help them gain a competitive edge. For Instance, in September 2022, Johnson & Johnson Vision Care, Inc. unveiled two new contact lenses, namely ACUVUE OASYS MAX 1-Day MULTIFOCAL and ACUVUE OASYS MAX 1-DAY, for presbyopia. The latest offerings are designed with modern technologies that are suitable for digitally intense lifestyles.
Smart Glasses Market Growth & Trends
The global smart glasses market size is anticipated to reach USD 8,187.1 million by 2030 according to a new report by Grand View Research, Inc. The is anticipated to register a CAGR of 27.1% from 2023 to 2030. The promising growth prospects of the market can be credited to the growing adoption of wearable computing technologies coupled with improvement in operations efficiency. Moreover, the ability of smart glasses to offer Augmented Reality (AR) visuals, including weather imaging, stocks, text messages, calender, and teleprompter-like functions is expected to drive the market growth further.
Smart glasses are usually equipped with behind-the-ear speakers for music playback, hands-free calling, and activity tracking. Moreover, it also detects accurate and precise measurements, which has led to an increase in its use in the aerospace and defense, architecture and construction, medical, electronics, energy and power, heavy machinery, and entertainment sectors. This, in turn, is expected to drive the market growth further.
The key players in the eyewear industry, such as Bausch & Lomb Incorporated; Carl Zeiss AG; NetEase, Inc.; Johnson & Johnson Vision Care, Inc.; CooperVision; EssilorLuxottica; Alcon Vision LLC; Microsoft Corporation; Google LLC; and Amazon Inc. continuously seek various initiatives including mergers and acquisitions, strategic alliances, and new product launches. These vendors have significant eyewear industry expertise and a global strategic presence. This, in turn, has enabled these companies to defend their position in the market successfully.