In 2024, eyewear consumers continue to face the adverse effects of macroeconomic challenges requiring businesses to make choices to stay ahead of the curve. Nevertheless, heightened consumer interest in eye health and rising vision challenges such as myopia, present opportunities for eyewear players. Value creation, customisation and functional-led eyewear, with a marked emphasis on myopia control, are set to be the key trends this year, as well as sustainability and artificial intelligence.
This report comes in PPT.
2024 sees another year of stable growth for the global eyewear market, with a rising ageing population and consumers’ heightened interest in health driving demand. Nevertheless, the global uncertainty regarding prices and resources will remain a significant threat for eyewear, with the impact of restrained consumer behaviour.
North America maintains leadership status in sales, achieving over USD50 billion in 2024. While Asia Pacific is poised to become the second largest region in global eyewear sales, overtaking Western Europe by 2028, delivering a healthy 3% CAGR in constant terms to 2029.
Spectacles made up the mainstay of total eyewear absolute value gains in 2024, driven by the demand for progressive lenses, customisation and new product launches. However, contact lenses emerged as the brightest spot of 2024, benefiting from the success of daily disposable lenses, which offer consumers convenience, hygiene and flexibility.
The global optical industry continues to be led by eyewear giant EssilorLuxottica SA in 2024, benefiting from a strong brand identity, not to mention expanded efforts in innovation technologies and a strengthening luxury brand portfolio. However, private label products have also exhibited strong growth, benefiting from changing perceptions around quality.
Retail e-commerce registered another year of positive growth as consumers continue to appreciate the convenience, variety and the lower costs offered through shopping online. However, to succeed, optical retailers of any size must embrace an omnichannel approach, ensuring a seamless transition between online and offline experiences.
Eyewear is the aggregate of contact lenses, spectacles and sunglasses.
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