Global Spectacles Market Size, Share, Growth, Forecast: By Parts: Lens, Frames; By Distribution Channel: Offline, Online; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand, Key Indicators for Price; Competitive Landscape; Key Trends and Developments in the Market; 2024-2032

Global Spectacles Market Outlook

The global spectacles market size reached approximately USD 83.89 billion in 2023. The market is projected to grow at a CAGR of 7.2% between 2024 and 2032, reaching a value of around USD 156.63 billion by 2032.

Key Takeaways

• Innovations in lens technology, such as blue light filtering lenses and progressive lenses are enhancing the functionality of spectacles.

• There is a growing trend towards eco-friendly eyewear, with companies using recycled materials and adopting sustainable manufacturing practices.

• According to a survey, East Asian countries have a much greater frequency of myopia.

Spectacles or eyeglasses are used by people with ocular abnormalities such as myopia, hypermetropia, and astigmatism to correct their vision. Individuals are increasingly wearing spectacles in the contemporary market due to increased knowledge of ocular illnesses and the rising prevalence of vision impairment. Furthermore, the development of high-end spectacles and eyeglasses has led to the acceptance of spectacles as a fashion statement in both developed and developing countries in recent years.

Devices or gadgets, such as computers, laptops, and mobile phones, have become increasingly important in recent years. As a result, the prevalence of eye problems linked to long-term use of the aforementioned technologies has increased which has fuelled the spectacles market growth. Individuals prefer spectacles with reflective coating as a result of increased awareness about the drawbacks of increased screen time. These reflecting coatings shield users' eyes from the blue light emitted by laptops, computers, and smartphone screens.

The spectacles market expansion is also expected to be aided by an increase in refractive errors among the global population. In addition, the prevalence of refractive ocular problems in the elderly population is increasing globally as life expectancy increases. Thus, the world's growing geriatric population is expected to drive the global market in the coming years.

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Key Trends and Developments

Customisation and personalisation; focus on sustainability; technological advancements; and smart eyewear are the major trends impacting the spectacles market development

April, 2024

Lenskart announced the launch of the French eyewear brand Le Petit Lunetier to the Indian market.

February, 2024

Brilliant Labs, a technology company, introduced a new product called Frame, which is a pair of AI smart glasses equipped with a unique AI virtual assistant.

September, 2023

Amazon announced that it has expanded its lineup of smart glasses, introducing seven new styles that are powered by Alexa, its virtual assistant.

September, 2023

Meta has partnered with EssilorLuxottica, a leader in the eyewear market, to announce a new collection of Ray-Ban Meta smart glasses.

Customisation and personalisation

Consumers are increasingly seeking personalised eyewear solutions, such as custom-fit frames and lenses tailored to their specific vision needs.

Sustainability focus

There is a growing trend towards eco-friendly and sustainable eyewear, with manufacturers using recycled materials and biodegradable frames.

Technological advancements

Innovations in lens technology, such as blue light filtering lenses and progressive lenses, are becoming more popular due to increased screen time.

Smart eyewear

There is an integration of technology into eyewear, such as smart glasses with augmented reality capabilities and built-in health-tracking features.

Spectacles Market Trends

Innovations in lens technology, particularly blue light filtering lenses and progressive lenses, have gained popularity due to the increasing use of digital devices. For instance, with the rise of smartphones, tablets, and computer use, people are exposed to more blue light than ever before. Blue light filtering lenses are designed to reduce the amount of blue light that reaches the eyes and help alleviate symptoms of digital eye strain.

Market players in the eyeglasses market are adopting smart technology into eyewear to offer multiple functionalities. Brilliant Labs announced a new product called Frame in February 2024, which is a pair of AI smart glasses with a unique AI assistant. The glasses are expected to have smart features such as hands-free communication, audio playback, and possibly even augmented reality (AR) capabilities.

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Market Segmentation

“Spectacles Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Parts

• Lens

• Frames

Market Breakup by Distribution Channel

• Offline

• Online

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

Lenses account for a major spectacles market share as they are the primary component required for correcting the vision

Lenses typically hold the highest share of the market. This is because the primary function of spectacles is vision correction, which is achieved through the lenses. Lenses are also subject to more frequent updates and replacements due to changes in prescription, wear and tear, or the desire for new features like blue light filtering or anti-reflective coatings. Innovations in lens technology, such as progressive lenses, photochromic lenses, and high-index materials, have contributed to the growth of this segment.

In the forecast period, the frames segment is expected to grow at a significant rate. The segment's growth is expected to be aided by the regular replacement of spectacle frames and the availability of a wide range of options. Furthermore, the rising usage of fibre frames due to their endurance is expected to drive up demand. Additionally, the launch of attractive products, along with the rising consumer awareness about fashion, is expected to propel the spectacles sector forward.

Offline channel maintains its dominance in the market as it offers the provision of eye examination as well as trying frames

The offline channel holds the highest share of the eye glasses market. This includes brick-and-mortar stores such as optical shops, department stores, and speciality eyewear stores. The offline channel has been preferred for several reasons, including the ability to try on frames, receive personalised fitting and adjustments, and obtain professional eye examinations and consultations. Many consumers also value the immediate availability of products and the tactile experience of shopping in-store.

The online channel is anticipated to witness sizeable growth in the spectacles market in the coming years. The growth of the online channel has been driven by factors such as the convenience of shopping from home, wider product selections, often lower prices, and technological innovations like virtual try-on tools and online vision tests.

Competitive Landscape

The spectacles market players are expanding their presence in emerging markets, where there is growing demand for eyewear

EssilorLuxottica SA is a global leader in the design, manufacture, and distribution of ophthalmic lenses, frames, and sunglasses and owns several well-known eyewear brands, including Ray-Ban.

Johnson and Johnson is a multinational corporation that produces a wide range of healthcare products, including pharmaceuticals, medical devices, and consumer health products.

Novartis AG is a global healthcare company that focuses on innovative medicines, generic drugs, and eye care products.

Carl Zeiss AG is a technology company specialising in optics and optoelectronics and offers a wide range of products including eyeglass lenses, and diagnostic and treatment devices for eye diseases.

Other market players include Zenni Optical, Inc. and Jand, Inc., among others.

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Spectacles Market Analysis by Region

North America is expected to witness a significant market share in the forecast period. Higher awareness of ocular illnesses, increased adoption of vision care products, and a desire for luxury eye care products are expected to drive the market expansion in the region. The affordability of premium frames is expected to boost the region's global market worth. Furthermore, the rising trend of wearing glasses and attractive frames is expected to drive market revenue in the coming years.

The spectacles market in the Asia Pacific has been growing significantly due to various factors. The increasing incidence of myopia, hyperopia, and presbyopia among the population in the Asia Pacific region is a primary driver of demand for spectacles. Urbanisation and lifestyle changes, such as increased screen time, are contributing to the higher prevalence of vision impairments.

Key Highlights of the Report

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.