New York,
NY 24 Jan 2020 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.
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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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clientele spread across different enterprises.
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