World Market for Eyewear

January 2024

Eyewear was on an upward trend in 2023. The resurgence of travel post-pandemic, coupled with heightened consumer interest in eye health amid vision challenges such as myopia, presents opportunities for players. Going into 2024, businesses and consumers will increasingly face the adverse effects of the new economic reality of slowing growth. Nevertheless, deals such as LVMH’s acquisition of Barton Perreira highlight the growing importance of eyewear for the luxury industry.

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This report comes in PPT.

Key findings

Inflation, a rising ageing population and travel revival boost 2023 sales

The global eyewear market sees a solid performance in 2023, with a rising ageing population and consumers’ heightened interest in health, coupled with rising inflation forcing companies to adjust pricing upwards, driving demand. Nevertheless, the global uncertainty regarding prices and resources will remain a significant threat for eyewear, with the impact of restrained consumer behaviour.

Asia Pacific poised to take Western Europe’s number two spot

Asia Pacific is poised to overtake Western Europe in 2025, to become the second largest region in global eyewear sales, reaching USD41.6 billion. North America retains its position as the leading regional market, achieving over USD50 billion in 2023.

Travel revival offers opportunities for luxury eyewear

Luxury eyewear continues to grow rapidly across the world, propelled by the return of international tourists, which will provide a welcome boost to sales of luxury sunglasses. Sunglasses emerged as the fastest growing category in 2023.

The rise and rise of ethical and sustainable eyewear

The growing demand for sustainable eyewear from Gen Z consumers, coupled with businesses acknowledging their responsibility for long-term green impact, highlights the importance of sustainability in the industry. Business are also increasingly being reminded to ensure that everyone, regardless of their physical, economic, or geographical barriers, have access to correct vision and a perfect fit.

Omnichannel is the way of the future for eyewear

The pandemic marked a pivotal moment for eyewear e-commerce. Despite initial high growth, e-commerce has slowed as consumers value in-store expertise. To succeed, optical retailers of any size must embrace an omnichannel approach, ensuring a seamless transition between online and offline experiences.


Executive summary
2023 gains in eyewear fuelled by travel revival and consumers’ health awareness…
…but the global economy continues to face an increasingly uncertain outlook
Sunglasses leads five-year growth across multiple markets
Asia Pacific set to outpace Western Europe by 2025 to become the second largest region
Sunglasses is fastest growing eyewear category, while spectacles remains dominant
India and China remain attractive growing markets for eyewear players
Despite shift to e-commerce, optical stores benefit from consumer's trust
Eyewear’s largest players continue to dominate value sales
Global uncertainty offers opportunities for luxury eyewear players to gain market share
Australian retailer Oscar Wylee continues to dominate eyewear company value growth
Top five trends shaping the eyewear industry
The rise and rise of sustainable eyewear
Eyewear brands pioneering change in sustainable eyewear
US ethically-made brand Woodzee produces sunglasses from recycled skateboards
UK digital native fashion brand Pangaia launches sunglasses made from CO2 emissions
Dutch Ace & Tate shocked the optical industry with its brutally honest sustainable marketing
Omnichannel is the way of the future for eyewear
Dubai-based Eyewa enters into physical retail space with 50 stores in two years across GCC
VR store Sunglasses Hut Utopia is created by EssilorLuxottica for summer 2022 campaign
Bausch & Lomb launches #LUMIFYEyeDance TikTok challenge in the US
Visionary Holdings partners with Uber Eats to deliver contact lenses in Japan
M&A activity hots up in eyewear
Selected major M&A activity in 2021, 2022 and 2023
Putting ethnicity and gender in the frame
German start-up Reframd launches “ Afropolitan ” sunglasses designed to fit black faces
UK Specsavers committed to changing its children’s range to ensure glasses are inclusive
Asia remains the most attractive and fast-growing market for myopia control
German Zeiss Vision sets sights on tackling myopia in China with Zeiss Myocare launch
German optical giant Hoya launches MiYOSMART Sun Spectacle Lenses globally
CVI and Essilor link to address growing myopia progression with SightGlass Vision
Implications for business
Eyewear market outlook positive over forecast period
Key drivers of global eyewear forecast growth, 2023 to 2028
Exploring white space opportunities in eyewear
Vision Express: First eyewear player to emotionally connect with consumer through inclusivity
Italian optical giant EssilorLuxottica introduces new Meta AI smart glasses in the US
Global snapshot of Contact Lenses and Solutions
Global snapshot of Spectacles
Global snapshot of Sunglasses
Regional snapshot: Asia Pacific
Regional snapshot: North America
Regional snapshot: Latin America
Regional snapshot: Western Europe
Regional snapshot: Middle East and Africa
Regional snapshot: Eastern Europe
Regional snapshot: Australasia


Eyewear is the aggregate of contact lenses, spectacles and sunglasses.

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