Eyewear Industry To Grow As Of Increasing Need Of Bold And Beautiful Eyewear For Every Personality

Global eyewear industry data book, published by Grand View Research 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.

The global traditional eyewear, contact lenses, and smart glasses markets cumulatively accounted for USD 171.1 billion in revenue in 2022, which is expected to reach USD 332.0 billion by 2030, growing at a compound annual growth rate (CAGR) of 8.7% over the forecast period. 

Smart Glasses Market Report Highlights

The global smart glasses market was estimated at USD 1.2 billion in 2022 and is likely to grow at a CAGR of 27.1% from 2023 to 2030. The market is expected to grow rapidly in the coming years owing to the increasing demand for wearable technology and the growing adoption of smart glasses in industries such as healthcare, education, and manufacturing. Smart glasses offer workers in these industries real-time information and instructions, which can improve efficiency and safety. Advancements in technology, such as voice and gesture recognition, improved battery life, and better display resolutions, are making smart glasses more appealing to consumers. Moreover, the rising investments in research and development to improve the functionality of smart glasses drive innovation in the market, leading to improved performance and increasing engagement of players in mergers, acquisitions, and new product launches. For instance, in December 2022, Meta acquired Luxexcel Group B.V., a 3D-printed ophthalmic and smart lens provider, to build augmented reality smart glasses.

The smart glasses market is witnessing several technological trends shaping the industry's future. Artificial Intelligence (AI) and Machine Learning (ML) are used to improve the accuracy of smart glasses and provide users with more personalized experiences. The prevalence of AR and VR technology is also driven by consumer demand for more immersive and interactive experiences in gaming, entertainment, and sports. The growing hype for smart glasses has led technology providers and lens manufacturers to develop their versions of eyewear. The Chinese start-up Rokid Corporation Ltd. launched an AR glass, Rokid Glass, equipped with Wi-Fi and Bluetooth, enabling the wearers to interact with their surroundings. The glasses feature optical corrective lenses, which can provide additional benefits to users with vision imbalances. The glass features a voice recognition system, face recognition, and object recognition capabilities. Vuzix Blade is another example of AR smart glass that works with Amazon’s Alexa AI service, featuring voice control, touchpad gesture, head motion tracking, and haptic vibration alert. The design of the Vuzix Blasé is similar to sunglasses and is lightweight, enabling people to wear them at work or leisure. This is anticipated to provide opportunities for smart glasses manufacturers to innovate their product offerings with the changing time. 

Order your copy of Free Sample of “Eyewear Industry Data Book - Traditional Eyewear, Contact Lenses and Smart Glasses Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 - 2030” Data Book, published by Grand View Research

Contact Lenses Market Report Highlights

The global contact lenses market size is expected to reach USD 21.6 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 4.3% from 2022 to 2030. The contact lenses market’s growth is driven by the upsurge in the usage of innovative materials for manufacturing contact lenses and the growing tendency of youngsters to enhance their aesthetic appearance. For instance, there is a considerable prevalence of contact lens usage by female university students in Saudi Arabia, particularly for cosmetic purposes. In addition, the rising aging population is expected to drive the demand for contact lenses over the forecast period. Moreover, a corrective lens is preferably used to correct refractive errors and compensate for visual deficiencies such as myopia, hyperopia, presbyopia, and astigmatism. For instance, in January 2022, Alcon launched DAILIES TOTAL1 for astigmatism. It is the first water gradient contact lens for astigmatism patients. The product launch extends the company’s range of premium, daily disposable lenses designed for astigmatic patients. Thus, a rise in visual disorders is expected to drive the market over the forecast period.

In December 2022, Bausch + Lomb Corporation announced that Biotrue Hydration Contact Lens Rehydrating drops, a preservative-free multi-dose rehydrating drop for use with soft gas permeable contact lenses, has gained 510(k) approval from the US Food and Drug Administration. Biotrue Hydration Boost Contact Lens drops are inspired by the biology of the eye, and it contains a combination of components influenced by the Tear Film and Ocular Surface Society's DEWS II study, including hyaluronan, a moisturizer found naturally in the eye, and other nature-inspired chemicals. It also mimics the pH of healthy tears for added comfort. The availability of Biotrue Hydration Boost for Contacts is expected to assist patients in reducing contact lens-related dryness. For instance, around 33 percent of contact lens users in the U.S. suffer from contact lens dryness.

The prevalence of ocular diseases, such as dry eye syndrome, glaucoma, and cataracts is on the rise, which is expected to boost the demand for daily disposable lenses. Daily disposable lenses are designed to be worn once and then discarded, which may help to reduce the risk of eye infections and other complications associated with long-term use of contact lenses. The rising awareness regarding the benefits of daily disposable lenses and the increasing focus of enterprises on developing and launching new products with greater comfort and ease to use is initiating the shift toward disposable lenses among the general population. The development of innovative goods and the introduction of awareness campaigns by numerous contact lens manufacturers are additional activities that are expected to enhance the sales of daily disposable lenses. For instance, in September 2022, CooperVision announced the launch of MyDay Energys daily disposable lenses to cater to the growing demand for a digital lifestyle. 

Competitive Landscape

Key players operating in the Eyewear Industry are –

• Google LLC

• Amzon Inc.

• Microsoft Corportaion

• Lenovo

• Sony Corportaion