According to a new study published by
Polaris Market Research the worldwide eyewear market is
anticipated to reach over USD
235 billion by 2026. In 2017, the spectacles segment dominated
the global market, in terms of revenue. In 2017, North America accounted for
the majority share in the global eyewear market.
The increasing rate of diseases associated
with vision, along with growing ageing population majorly drives the market
growth. Consumers are increasingly becoming aware of eye health, which supports
market growth. The growing popularity of fashion trends, and increasing
disposable income encourage consumers to purchase designer and branded eyewear.
Other factors driving market growth include spending longer durations in front of
computers and laptops, increasing cases of myopia, hypermetropia, &
astigmatism, and changing dietary habits. New emerging markets, emerging
consumer demographics, and sale through online channels would provide growth
opportunities for eyewear market in the coming years.
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The increasing need for vision
correction and growing diseases related to vision in the geriatric population
drives the market growth. Consumers are increasingly spending more time in
front of mobile devices for work or leisure, which leads to higher cases of
vision problems. Changing dietary habits and hectic lifestyles also lead to
increasing vision problems. Increasing life expectancy and associated diseases
with old age such as presbyopia and cataract augment market growth. There is
increasing awareness among consumers regarding eye care, which encourages them
to take preventive measures, thereby boosting market growth.Sale of products
through online channels has gained significant popularity over the years.
The trend of online shopping is gaining
traction in developing economies, thereby encouraging established market
players to distribute their products globally. Emerging and new players are
also using online platforms for promotion and sale of products. Online
distribution channels offer a global platform to market players for expansion
of customer base, while reducing operation cost.
The growing disposable income has encouraged
people to buy quality eyewear products that are in perfect amalgamation with
their increasing living standards. Moreover, people are now opting for trendy
and designer sunglasses according to latest trends prevailing in the market.
Youth prefer to don contact lenses in an effort to accentuate their overall
appearance. Thus, lofty living standards and increasing fashion consciousness,
would contribute to the growth of the eyewear market, thereby positively
affecting the market growth.
The growing popularity of fashion trends has
increased the demand for branded and luxury eyewear products. Consumers are
increasingly buying spectacle frames, lenses, and sunglasses with respect to
changing fashion trends. The rising standards of living, increasing disposable
income, and increase in fashion conscious population drives the market for
luxury eyewear products. Earlier premium eyewear products were only available
at selected stores at high prices. However, with technological advancements,
and mass manufacturing processes, global players are offering these products
globally at affordable prices.
Asia-pacific is expected to grow at the
highest CAGR during the forecast period. This is due to economic growth in
countries such as China and India, leading to rising living standards and high
disposable income. Expansion of global players into these countries to tap
market potential boosts the market growth. Increasing use of mobile devices and
online shopping further augments market growth.
The various types of eyewear include
spectacles, lenses, and sunglasses. The spectacle segment is expected to lead
the market during the forecast period owing to increasing defects and diseases
associated with vision. Growing geriatric population and changing lifestyles
support the market growth. Spectacle frames can be made using materials such as
metal, plastic, and nylon. Consumers are increasing opting for lenses for
vision defects as well as for cosmetic purposes.
The
well-known companies profiled in the report include Luxottica Group S.p.A,
Bausch + Lomb Inc., Johnson & Johnson Vision Care, Prada S.p.A, Safilo
Group S.p.A, Fielmann AG, Cooper Companies, Inc., Essilor International S.A.,
GrandVision, Carl Zeiss AG, Hoya Corporation, De Rigo SpA. These companies
launch new products and collaborate with other market leaders to innovate and
launch new products to meet the increasing needs and requirements of consumers.
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About Polaris Market
Research
Polaris Market Research is a global market
research and consulting company. The company specializes in providing
exceptional market intelligence and in-depth business research services for our
clientele spread across different enterprises. We at Polaris are obliged to
serve our diverse customer base present across the industries of healthcare,
technology, semi-conductors and chemicals among various other industries
present around the world
