Eyewear Market Embracing Smart glasses Trend by 2031

The eyewear market comprises a wide range of vision care
products including prescription glasses, sunglasses, contact lenses, and vision
care equipment and accessories. Eyewear products provide vision correction and
protection from UV rays. Increasing cases of vision impairment and changing
fashion trends have been fueling the demand for eyewear globally. Advancements
in technologies have enabled the development of smart and connected eyewear
products. Major manufacturers are focusing on developing innovative smartglass
technology integrated with features such as augmented reality, optical
see-through, sensors and voice commands.

The Global
Eyewear Market is estimated to be valued at US$ 163.01 Bn in 2024 and is
expected to exhibit a CAGR of 8.1% over the forecast period 2024 to 2031.



Key Takeaways

Key players operating in the eyewear market are EssilorLuxottica,
CooperVision, Johnson & Johnson, Bausch + Lomb and Carl Zeiss.

Growing cases of myopia among young adults and rising fashion consciousness
have been boosting the demand for prescription glasses and sunglasses globally.
Increasing spending on optical products in emerging nations is further
supporting market growth.

Key players are expanding their presence across Asia Pacific and Latin America
to tap the growing demand from developing nations. Companies are focusing on
digital platforms for better consumer experience and online product
customization.



Market Key Trends

The Eyewear
Market Demand is embracing smartglass technology integrated with AR
capabilities. Major players are focusing on launching innovative smartglasses
for consumer and enterprise applications. For example, in 2020,
EssilorLuxottica launched Ray-Ban Stories smartglasses equipped with dual 5MP
cameras, open-ear speakers and a three-microphone array. Such technological
advancements are expected to drive the demand for connected eyewear over the
forecast period.

Porter’s
Analysis

Threat of
new entrants: Low capital requirements and the availability of suppliers lower
the barriers for new companies to enter this market.



Bargaining power of buyers: Large buyers in the medical and lifestyle sectors
can negotiate lower prices due to their high volume purchases.



Bargaining power of suppliers: Specialized components and proprietary
technologies used in manufacturing eyewear result in suppliers having some
control over prices.



Threat of new substitutes: New ophthalmic technologies and non-prescription
digital eyewear offer alternatives but cannot fully replace prescription
eyewear.



Competitive rivalry: Intense competition exists between major brands and
private labels sold through retailers and online channels.



Geographical Regions

North America currently accounts for the largest share of the global
eyewear market, valued at around US$ 50 Bn in 2024. High disposable incomes and
frequent replacements driven by new fashion trends support strong demand in the
US and Canada.



The Asia Pacific region is projected to see the fastest market growth during
the forecast period. Rapid economic development, rising living standards and a
growing middle class are increasing eyewear consumption in China, India and
other Southeast Asian markets. Japan also represents a major existing market.

Get more insights on Eyewear
Market

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Author:

Ravina
Pandya, Content
Writer, has a strong foothold in the market research industry. She specializes
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