Eyewear Industry Data Book - Traditional Eyewear, Contact Lenses and Smart Glasses Market Size, Share, Trends Analysis, and Segment Forecasts, 2023 - 2030

The global Eyewear Industry was estimated at USD 171.1 billion in 2022 and is anticipated to increase at a significant CAGR of 8.7% from 2023 to 2030.

Grand View Research’s eyewear sector data book is a collection of market sizing information & forecasts, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, all such information is systematically analyzed and provided in the form of presentations and detailed outlook reports on individual areas of research.

Contact Lenses Market Insights

The global contact lenses market size was estimated at USD 17.1 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 8.9% from 2023 to 2030. The increasing cases of refractive errors, such as myopia, hyperopia, presbyopia, and astigmatism, are the major factors driving the demand for contact lenses globally. The growing aging population, which is prone to eye disease has created the demand for contact lenses. In May 2023, during Vision Health Month, the Canadian Ophthalmological Society (COS) emphasized the significance of vision health care, especially among the senior citizens of the country.

According to a survey conducted by the COS in 2022, 41% of the citizens have been diagnosed or have experienced at least one change in eye health during the last two years. A considerable number of research and development activities have been used in optics and optometry to advance technology. Advances, such as the launch of dynamic soft contact lenses integrated with advanced technology, have propelled the growth of the market. For instance, in July 2022, Mojo Vision announced that the company has conducted one-eye testing on its latest Mojo Lens prototype. It is an augmented reality (AR) contact lens, featuring medical-grade micro-batteries, micro-LED display, new hardware, and technologies, such as communications, eye tracking, and software.

The growth of the market is being further driven by the increasing popularity of cosmetic and colored lenses for aesthetic reasons. Moreover, contact lenses are being increasingly adopted by users with active lifestyles, athletes, and those involved in physical activities, for greater convenience and comfort. Furthermore, the market's leading players engage in launching innovative products, which are expected to drive product demand. In January 2021, Alcon Vision LLC, an eye care product manufacturer, launched PRECISION1 in the U.S., a daily disposable silicone hydrogel (SiHy) lens developed for astigmatic patients.

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Smart Glasses Market Insights

The global smart glasses market size was valued at USD 1.2 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 27.1% from 2023 to 2030. The demand for smart glasses is increasing due to their ability to perform complex computer powered tasks. Moreover, the rising trend of wearable technology coupled with increasing technological advancements is expected to fuel the growth of smart glasses market further. During the COVID-19 pandemic, governments across the globe imposed stringent lockdown restrictions. This restrictions resulted in disruptions in supply chain and avaibility of raw materials, which let to shut down of manufacturing facilities. Due to difficulties in everyday operations and a loss of business continuity, the demand from end-use sectors decreased significantly.However, the market for smart glasses is projected to benefit from new developments in 5G technologies and a rising shift toward digitization in the forecast period.

The ability of platforms to work with conservational platforms such as Google Assistant and Alexa are allowing users hands free operability. Apple Inc. is working towards its own smart glasses which will be compatible with iOS operating system and will incorporate siri to offer hands free operability experience to its users. For instance, in December 2021, Huawei Technologies Co., Ltd. has announced the launch of smart glasses which is powered by their operating system Harmony OS. The operating system allows smart glasses to connect with two devices simultaneously. The increased technological innovations is expected to fuel the market growth over the forecast period.

The deployment of 5G has helped smart glasess manufacturers to improve AR experience. 5G technology has helped market players to reduce their focus on processing power and storage capacity and focus on miniaturization of devices and components enabling vendors to make their sensors more versatile by bundling additional sensors into their devices. For instance, in May 2022, T‑Mobile USA, Inc. announced the launch of T-Mobile Accelerator program which is focused on providing resources to selected six developers in the first phase. The developers such as Beem, Krikey, Inc., Mawari Inc., Mohx-games, VictoryXR, Inc., and Pluto are included in the program.

Go through the table of content of Eyewear Industry Data Book to get a better understanding of the Coverage & Scope of the study

Eyewear Industry Data Book Competitive Landscape

The key players in the eyewear industry continuously seek various initiatives including mergers and acquisitions, strategic alliances, and new product launches. These vendors have significant eyewear industry expertise and a global strategic presence. This, in turn, has enabled these companies to defend their position in the market successfully.

Key players operating in the Eyewear Industry are:

• Google LLC
• Amzon Inc.
• Microsoft Corportaion
• Lenovo
• Sony Corportaion

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