Eyewear Industry Capital Statistics 2022

Back in 2019, the eyewear industry was thriving at $130 billion exhibiting a Compound Annual Growth Rate (CAGR) of over 8% in an 8-year forecast period (2019-2026). However, the unprecedented challenges COVID-19 had posed throughout 2020 somewhat daunted the pace of the market.

Bringing the world to a standstill, the COVID-19 made this huge eyewear industry suffer a massive -13.3% dip in 2020. So much so that the total revenue of the global market in 2020 dropped to $105 billion. The intense and immediate lockdowns primarily worked as a driving factor for sales reduction. Several forecast studies, however, indicate the demand and sales ramping up once the crisis tends to settle.

This article explains all the key insights, trends, market share, and detailed analysis for the eyewear industry:

(Please note that when we mention “eyewear”, we necessarily mean the sunglasses and eyeglasses segment, and not the contact lenses)

Eyewear: Key Market Insights

The 2021-2028 (8-year) forecast for the eyewear market indicates a CAGR of 6.0% despite all the wrath the pandemic has inflicted on the industry. Such promising forecasts are supported by the increase in consumer demands once the pandemic is over and restrictions are completely lifted.

The incredibly versatile offerings of eyewear products also account for the remarkable CAGR. Likewise, the availability of prescription lenses in sunglasses offers a unique fusion of RX and designer shades that fashion enthusiasts with short or farsightedness love to experience.

COVID-19 had almost jolted the healthcare system of the world, influencing several departments including ophthalmic hospitals and eye clinics. This, in turn, diminished the consumer influx to these clinics resulting in lower prescriptions of RX glasses. With the clinics reopening and the qualified optometrists returning to their job now, the demand for prescription glasses should surge during the forecast period.

The increasing awareness of glare & UV complications among the masses, use of spectacles as a fashion statement, and high-tech lenses for sports are also among the key driving factors for the eyewear industry.

Eyewear in today’s world is used as a fashion statement and an eyesight solution alike. The versatile designs of eyeglasses frames combined with single-vision, multifocal, and progressive options in their lenses are major driving factors for the spectacle segment. Likewise, the fusion of vision enhancement lenses with the countless styles of sunglasses has increased the demand for this particular segment.

When it comes to fashion, people’s preference for eyewear frames or style doesn’t seem to settle anywhere. Aside from some timeless designs such as aviator, the trend for frame designs keeps changing frequently. This is primarily because people prefer a particular style that matches their facial features, skin tone, and attire.

Yet, Round-Oversized emerged as the best-selling design with the contribution of $3,282 million to the sunglasses market. Sustaining its rank during the forecast period, round-oversized design is expected to peak at $3,436 million in 2027.

Here’s how eyewear is trending right now among fashion lovers:

  • Sunglasses, customizable with prescription lenses.
  • Dark-tinted sunglasses lenses; black, grey, brown, and red.
  • Designer eyeglasses with prescription lenses.
  • Cat-eye, butterfly, round-edged square, and aviator styles.

Eyewear: Variations in Consumer Behavior

Consumer patterns in the eyewear industry are rapidly evolving. They are much more aware of the quality, appearance, durability, and versatility of the pairs. Have a look at some key factors that have driven the changes in consumer behavior over time:

  • Consumers have increased awareness of the role of eyewear in their eye health – let that be protective sunglasses or prescription eyeglasses. Owing to the easily accessible information, they now have developed preferences for a particular brand, product type, and lens technology.
  • With a better understanding, the consumer perception about eyewear has also evolved. They now tend to prefer high-end, designer pairs over substandard low-cost glasses. In turn, the manufacturers have also catered to consumer demands extending their overall product offerings.
  • Multiple research studies have noted a surge in per capita consumption of eyewear which is evident after increased consumer awareness. Consumers need access to a variety of pairs that conform to their diverse attires and varying social situations. This specific pattern has led per capita eyewear consumption to increase five times over the course of 5 years.

Eyewear: Key Market Statistics

The eyewear industry stood at $130 billion in 2019 and, against all the odds, is projected to climb $172 billion by 2028. The pandemic surely influenced eyeglasses and sunglasses sales around the globe. Yet, the industry is deemed to flourish, thanks to the remarkable application of eyewear products in all niches of daily life.

We’ve rolled out some key statistics in terms of the revenue, market size, market share, and leading segments of the eyewear industry:

Revenue: Global Eyewear Market Value from 2021 to 2028

Forecast Period (2021-2028)Revenue (In billion USD)
Source: Statista

The estimated CAGR between the 8-year forecast period (from 2021 to 2028) stands at 6.0%. Such promising indicators are attributed to the rapid build-up in consumer demands after normalization in the post-pandemic world.

Revenue: Global Eyewear Market Revenue in 2022 by Country (Top 5)

RankCountryRevenue (in million USD)
1United States31,563
Source: Statista

The United States emerges as the largest revenue generator in the global eyewear industry. The US eyewear market value stands at $31,564 million in 2022. China, being home to leading eyewear manufacturers, secures the second spot with its revenue exceeding $14,650 million throughout 2022.

Revenue: Global Sunglasses Market Revenue in 2022 by Country

RankCountryRevenue (in million USD)
1United States4,138
12United Kingdom530
Source: Statista

In terms of revenue share, the United States stands out as the largest contributor to global sunglasses market value in 2022 with an estimation to generate $4,138 million throughout the year. The rest of the 11 prominent countries are expected to generate a combined revenue of $9,306 million in 2022.

Revenue: Eyewear Market Value by Segments (Spectacle Lenses, Glasses Frames, and Sunglasses) from 2018-2025

Year/ Segment20182019202020212022202320242025
Glasses Frames36,06436,43129,33134,59637,99640,71042,81644,634
Spectacle Lenses54,51554,48343,79751,85256,80660,50263,24565,517
Total Rev.129,309130,153104,282123,624135,817145,288152,464158,490
Source: Statista

In this study, the market is segmented into sunglasses, spectacle lenses, and glasses frames. The stats indicate an evident drop in total as well as per segment revenue of the eyewear market in 2020 owing to the pandemic. The market slightly recovered in 2021 and is expected to grow steadily in the later years. The expected CAGR stands at 6% until 2028.

Market Size: Top Eyewear Segments in 2022 (Product Type, Dist. Channel, End User, and Region)

SegmentLeadingMarket Size (in million USD)
Product TypePrescription/Spectacles83,439
Distribution ChannelOffline (Retail Stores)77,153
RegionNorth America41,809
Source: Allied Market Research

Studies on eyewear market size have distributed the industry into four main segments namely, product type (prescription and non-prescription), distribution channel (online and offline), end-user (men and women), and region (North America, LAMEA, Asia-Pacific, and Europe).

  • In terms of product type, non-prescription spectacles and sunglasses remain prominent due to rising vision impairments and clinical eyesight issues. The digital era has adhered everyone to their smartphones, PC, and TV screens resulting in a greater number of vision problems.
  • In terms of distribution channels, online stores are certainly having their say in the industry. But traditional channels of shopping still dominate the eyewear market due to the expanding network of retail stores in rural & remote areas.
  • In terms of end-user, men’s eyeglasses and sunglasses have a marginally higher demand as compared to women or unisex categories.
  • In terms of region, North America, since the advent of eyewear products, has been dominating the industry and is projected to remain dominant throughout the 8-year forecast period (2021-2028).

Market Size: Top Sunglasses Segments in 2022 (Lens Technology, Design, Material, Dist. Channel, and Region)

SegmentLeadingMarket Size (in million USD)
Lens TechnologyPolarized11,306
Frame DesignRound Glasses3,282
Frame MaterialInjected-Acetate6,338
Distribution ChannelOffline (Retail Stores)4,665
RegionNorth America4,138
Source: Allied Market Research

The sunglasses industry is segmented into lens technology (polarized and non-polarized), design (round, cat-eye, square, and oval), material (injected, polycarbonate, and metal), distribution channel (online and retail), and region (North America, Europe, Asia-Pacific, and LAMEA).

  • For lens technology, non-polarized sunglasses are still popular among the masses owing to various options, easy accessibility, and being inexpensive.
  • For frame design, round glasses are slightly more popular; yet, cat-eye, aviator, and oval styles are gaining significant approval and might come at par with the round segment soon.
  • For frame material, injected-acetate is less expensive & more comfortable, and thus the sunglasses made out of this material stand out among other frames.
  • For distribution channels, retail stores enjoy dominance so far, but the rising fame of online shopping might daunt their superiority in the long run.
  • For the region, the United States will remain the highest contributor to the sunglasses market until 2028 and beyond.

Market Share: Eyewear Industry Revenue Share in 2022 by Product Type (Eyeglasses and Sunglasses)

Product TypeRevenue (in million USD)Market Share
Source: Statista

Spectacles or eyeglasses have considerable superiority in the eyewear market since the masses prefer clear, translucent glasses for prescription lenses. Furthermore, the eyeglasses have gone through massive revamps over the years and are now available in a wide range of styles that further strengthen their dominance.

(Please note that the leftover share percentage is taken up by contact lenses which we are not covering in this article)

Market Share: Eyewear Industry Revenue Share in 2022 by Regions (Top 5)

RankCountryMarket Share
1United States23.23%
6Rest of the World49.6%
Source: Statista

China is the only country that poses a challenge to the US dominance in the eyewear industry. The establishment of the leading manufacturer, Luxottica, in China gives the country a clear edge to overrun the US influence on the market.

Market Share: Eyewear Industry Revenue Share in 2022 by Luxury vs Non-Luxury Products

Product TypeRevenue (in million USD)Market Share
Source: Statista

Eyeglasses and sunglasses, since long, have been more of a practical accessory; either to tackle vision/eyesight issues or to eliminate harmful solar radiation. The trend of eyewear as a fashion statement doesn’t go far back.

Moreover, luxury & designer glasses might have immense approval in developed countries. But masses in several developing countries still prefer eyewear as a problem-solving tool rather than a high-end fashion accessory. This should explain the staggering popularity of non-luxury eyewear.

Market Share: Eyewear Industry Revenue Share in 2022 by Distribution Channel

Distribution ChannelRevenue (in million USD)Market Share
Source: Statista

In 2019, the offline market share was 84.1% against the online selling of eyewear products. In 2020, when the panic around COVID-19 was peaking, consumers explored online channels of shopping. This, in turn, lowered offline sales by -6%. Traditional retail shopping is on a steady decline ever since. Thanks to the convenience and larger accessibility provided by online channels, the virtual shopping of eyewear will reach 30% by the end of the forecast period (in 2028).

Leading Eyewear Exporting Countries in 2022

RankCountryExport Value (in million USD)
5Hong Kong4,618
6Republic of Korea4,586
7Rest of Asia4,585
Source: Statista

The incredible supply chain network and an astonishing number of factories in China make this Asian country a giant in eyewear exports. China is home to over 6,000 firms that manufacture eyewear & optical goods across the country. The only country, Japan, that comes closer to China, too has its export value almost half of what China exhibits.

Leading Sunglasses Exporting Countries in 2022

RankCountryExport Value (in million USD)
3Hong Kong537
4United States277
10United Kingdom62
Source: Statista

For the sunglasses segment of the eyewear industry, Italy, quite unsurprisingly, takes the lead with the estimated export value of $2,049 million in 2022.

Italy’s lead in this industry is evident. This is mainly because sunglasses are driven by high-end, luxury brands that offer the peak of artistry in their products. Also, Italy is home to top sunglasses manufacturers & suppliers such as Luxottica, Safilo Group, and Marcolin Group.

Leading Eyewear Manufacturers Worldwide

Sunglasses and spectacles are gaining massive approval every passing day. People now have a remarkable awareness of various eyewear options. Consequently, their expectations from the brands are growing. Meanwhile, manufacturers are also evolving rapidly to offer the best user experience. The leading eyewear manufacturers include:

Safilo Group S.p.A.

Safilo is among the top Italian manufacturers & suppliers of eyewear. Established in 1934, Safilo produces goggles, sports sunglasses, and prescription frames. Being one of the largest distributors of eyeglasses, Safilo America alone has 758 employees who work ardently to generate a staggering revenue of $113 million. Aside from the US, the group deals in the quality products of luxury brands in around 130 countries across the globe. (Source: dnb.com)

Marcolin Group S.p.A

Founded by Giovanni Marcolin in 1961, the Marcolin group owns as many as 25 renowned brands including Tom Ford, Adidas sport, Bally, OMEGA, Sportmax, and many more. The company was flourishing at $539.1 million back in 2019 before taking a massive dip in 2020 when its revenue dropped down to $376 million. However, the range of brands under this Italian company’s license is promising enough to allow it a quick recovery within a few years. (Source: Statista)

Johnson and Johnson Vision Care Inc

Johnson & Johnson Vision Care Inc was founded in 1959 in NY but later moved its operations to Jacksonville in Florida. The company is home to 3,500 employees generating net revenue of $663.47 million annually. Johnson & Johnson Vision Care Inc owns 1,137 companies across USA, UK, Germany & Brazil, and is hailed for its futuristic eyeglasses, sunglasses, and contact lenses technology. (Source: dnb.com)

Essilor International S.A.

Essilor is a French manufacturer of eyeglasses and sunglasses lenses. The company designs, produces, and supplies high-tech lenses for leading luxury brands around the world. Essilor is known for its state-of-the-art prescription lens laboratories. The revenue of Essilor exceeded $7,430 million in 2020. (Source: Statista)

Luxottica Group S.p.A.

Luxottica is the undisputed king of global eyewear manufacturers. This Milan-based company designs, manufactures, and supplies shades and eyeglasses frames for the most-reputed luxury brands. The likes of Ray-Ban, Oakley, Chanel, D&G, Burberry, and Persol are all either owned or licensed by Luxottica. The company owns more than 9,000 stores, firms, and manufacturing units around the globe. (Source: Statista)


In October 2018, Luxottica and Essilor announced a merger. This turned out to be a fitting blend of a French company maestro of prescription lenses and an Italian giant with a distinctive name in eyewear frames.

EssilorLuxottica, the joint venture of both, secured a staggering revenue of $19,279 million in 2019. The company saw its sales decline in 2020 with the revenue dropping at $16,000 million. It still wasn’t enough to dethrone the company from being the world’s largest manufacturer of eyewear accessories.

Let’s have a look at total sales of EssilorLuxottica worldwide since its advent (2018-2020):

Worldwide Sales of EssilorLuxottica from 2018 to 2020 (in Million EUR)

South America1,0281,114715
Asia, Africa, & Oceania2,6942,8912,362
North America8,4339,1467,901
Source: Statista


  • The global eyewear industry is estimated to climb from $123.6 billion in 2021 to $172.4 in 2028 in an 8-year forecast period; CAGR 6.0%.
  • In-store shopping trend for eyewear is on a course of decline but still stands at 76.3% against 23.7% online shopping trend.
  • More than 4 billion people around the world wear glasses of any form.
  • China leads global eyewear exports while Italy dominates global sunglasses export with export values of $11,914 million and $2,049 million respectively.
  • The United States generates the most revenue share 23.23%; yet, Asia-Pacific is the fastest-growing region in terms of revenue generation.
  • Eyeglasses share stands at 69.80% while sunglasses share is 17.24%/ The rest is taken up by contact lenses.
  • The pandemic brought the eyewear industry to a halt but studies conclude promising indicators in the long run.
  • Increasing awareness among the people, eyewear as a fashion statement, high-tech lenses, intricate designing, and easy accessibility through online channels work as key driving factors for the global eyewear industry.

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