Eye Glasses Market

The report "Eye Glasses Market by Type (Prescription Eyeglasses (Frames, Lens), Sunglasses (Plano, Prescription), Accessories, OTC Readers), Geography (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa) - Global Forecast to 2027", size is projected to reach USD 171.88 billion by 2027 from USD 122.89 billion in 2022, at a CAGR of 6.9% during the forecast period

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Factors such as the surge in visual impairment and eye defect cases such as myopia and hypermetropia coupled with the inclination towards latest fashion trends are driving the growth of the eye glasses market. Also, the rise in number of eye disorders in the younger generation and the increasing demand for vision correction products is propelling market growth. The increase in disposable income and improved standard of living along with the growing popularity of sports sunglasses is supporting the growth of the market. Moreover, the endorsement by celebrities is increasing the demand for designer and premium eyewear products which offer growth opportunities to manufacturers. On the other hand, the COVID-19 pandemic has adversely affected the eye glasses market as it has impacted the value chain, which has led to a reduced demand and purchase of sunglasses.

“The prescription eyeglasses segment accounted for the largest share of the eye glasses market in 2021.”

The eye glasses market market is segmented into prescription eyeglasses, sunglasses, over-the-counter readers, and accessories. The prescription eyeglasses segment accounted for the largest share of the global eye glasses market in 2021. The increasing prevalence of myopia and hypermetropia lead to the increase in demand for spectacles. Also, the increasing population and declining rate in people opting for LASIK and contact lenses in the US have led to the increase in demand for prescription eyeglasses.

“The Asia Pacific region is expected to witness the highest growth during the forecast period.”

The global eye glasses market is divided into five regions: North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa. The Asia Pacific region is expected to witness the highest growth during the forecast period in the eye glasses market. This can be attributed to the changing consumer perception of eyewear from function to fashion along with the increasing cases of myopia in the region. Also, the growing economy and increasing purchasing power, the large manufacturing base of spectacles in China, and a large consumer base of the region are also supporting the growth of the market.

The major players operating in this market are Alcon/Novartis AG (Switzerland), Essilorluxottica (France), Coopervision (US), Johnson & Johnson Services, Inc. (US), Bausch & Lomb Inc. (Canada), and Carl Zeiss AG (Germany).

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