Data Reveals Crazy Insights from the Eyewear Industry
The term “eyewear” necessarily refers to a wide range of accessories including prescription & non-prescription eyeglasses, designer luxury & protective sunglasses, spectacles, and contact lenses. The eyewear market, therefore, shows an impact of all these segments collectively.
The eyewear industry has been thriving at a brisk pace ever since people got hold of its practical use in daily life. In today’s world, glasses aren’t just a source of vision improvement but their variants are actively being used for eye protection and vision enhancement as well.
This has led to a noticeable boom in the market, as revealed by experts & statisticians. We’ve furnished some interesting numbers from the eyewear industry that you should know as a specs enthusiast. The full details are as below; the source of information is Glasses store TheShadesHut.
1. COVID-19 Impact on the Eyewear Industry
The coronavirus pandemic certainly had a severe impact on the eyewear market. The influence was to a level that the industry noted a -13.3% dip in its revenue growth rate. Booming at around $130 billion in 2019 with the expected CAGR of 8.0 percent for an eight-year forecast period, the market only rose from $104 billion in 2020 to $123 billion in 2021.
Despite all the wraith covid has brought to the markets and businesses worldwide, the eyewear Industry is still deemed to be on the course of recovery. Research studies claim that the industry is expected to grow by $172.4 billion by 2028 at an estimated CAGR of 6%.
Ease in restrictions, reopening of international borders, resumption of sports events, return of optometrists, and growing need for specs serve as the key drivers in the post-pandemic world. Let’s have a look at the eyewear industry collective revenue in the post-covid era until 2028:
Projected Revenue Post COVID-19
Forecast Period (Year)
Revenue (in billion USD)
For the ongoing year, the revenue is estimated to reach ~$136 billion and will be peaking at a staggering $172 billion in 2028.
2. Leading Countries in the Eyewear Industry: Revenue vs Export
Revenue generation vs export value by country offers some interesting numbers:
The United States secures the biggest portion of the overall market revenue. With an estimated revenue of $31,564 million in 2022, the US eyewear market is expected to remain unbeaten throughout the decade, despite China’s emergence as the leading “exporter” of optical goods. Yes, you heard it right!
China, on the other hand, dominates in terms of exports with a massive export value of $11,914 million in 2022. This should come as no surprise because China has the largest supply chain network of eyewear in the world. China’s optical goods manufacturing firms exceed 6,000 in number, so much so, that Luxottica, the world’s largest manufacturer and owner of Ray-Ban & Oakley brands, has had its facilities in China since 1997.
Have a look at the top 5 countries by revenue generation and eyewear export value respectively:
Top 5 Countries by Eyewear Market Revenue in 2022
Revenue (in million USD)
Top 5 Countries by Eyewear Export Value in 2022
Export Value (in million USD)
3. Leading Countries in Sunglasses Business: Revenue vs Export
The sunglasses segment has a significant influence on the eyewear industry. Although the eyeglasses or spectacles segment takes up 69.80% of the revenue share against sunglasses and contact lenses. Yet, the shades are gaining notable repute, courtesy of their approval as a fashion & styling accessory.
In terms of sunglasses revenue, the United States sails through the competition with an estimated revenue of $4,138 million in 2022. The US is home to the most reputed sportswear brand, Oakley, which specializes in designing and manufacturing sports sunglasses, safety glasses, and goggles.
In terms of sunglasses export share, Italy stands out, and why not? The Italian fashion and styling sense is highly acclaimed around the globe. On top of that, three of the world’s leading sunglasses manufacturers, Luxottica, Safilo Group, and Marcolin Group are headquartered in Italy.
Below are the statistics referring to the top 5 countries by sunglasses revenue generation and exports respectively:
Top 5 Countries by Sunglasses Market Revenue in 2022
Revenue (in million USD)
Top 5 Countries by Sunglasses Export Value in 2022
Export Value (in million USD)
4. Eyewear Market Size: Segmental Distribution of the Eyewear Industry
The research study conducted by Allied Market Research has divided the eyewear industry into 4 segments, namely:
Product Type: (Prescription, Non-prescription)
End-User: (Men, Women, Other/Unisex)
Distribution Channel: (Online, Offline)
Region: (North America, Asia Pacific, Europe, Rest of the World)
A segmental distribution like this provides an in-depth analysis of the market’s nitty-gritty. Check out which eyewear segment leads the way:
Prescription eyeglasses and spectacles dominate sunglasses despite their approval as a fashion statement. Rising vision problems and low costs mainly account for the bigger market size of eyeglasses compared to the sunnies.
Men remain the dominant users of sunglasses & eyeglasses. And men’s eyewear, subsequently, has a higher demand against women’s and unisex products.
Despite the severe imposition of lockdowns, offline channels of eyewear shopping remain dominant with 76.3% market share against online, virtual, and digital platforms. However, the outlets are now turning virtual or hybrid to widen their clientele and offer superb accessibility. This will lead to a decline in the traditional retail shopping trend in the coming years.
The North American region, thanks to the huge market of the United States, records the highest sales, largest revenue share, and thus the biggest market size. Asia-Pacific is deemed the fastest-growing region, yet it doesn’t seem to overrun North America anytime soon.
Market Size of the Leading Eyewear Segments
Market Size (in million USD)
The COVID-19 pandemic has indeed daunted the demand, sales, and eventually the revenue of the eyewear market. Yet, the industry is flourishing after going past the recovery phase.
The pandemic might be far from over, as quoted by the WHO, yet normalcy has almost returned, thanks to the well-organized vaccination programs. People are living their life to the fullest which is allowing them to make the best use of eyewear products.