ALBANY, New York, December 11, 2018 /PRNewswire/ --
The global eyewear market is highly competitive due to the presence of multiple large and small vendors operating in the market. Several companies in the market are investing heavily on product branding, especially in the developing economies. Leading players in the market are incorporating significant changes to meet up with shifting preference of consumer. These players are also emphasizing on improving their overall quality of the product to multiple sales. Big players in the market are also working on partnership and mergers to expand their geographical reach. Essilor International, Fielmann AG, Luxottica Group S.p.A., Zeiss International, Bausch & Lomb Inc., and De Rigo S.p.A are few players mentioned operating in the market.
The global eyewear market is anticipated to earn US$265.4 bn by 2025 progressing from US$132.7 bn earned in 2016. The eyewear market is projected to rise at a steady 8.3% CAGR during the forecast tenure between 2017 and 2025. Transparency Market Research provides these statistics in its recent report.
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Based on distribution, the offline distribution channel was the largest segment in the global market in 2016. However, online distribution channel is expected to lead the market during the forecast tenure. In terms of geography, North America is expected to lead the global eyewear market. High disposable income and high inclination of buyers towards premium category of eyewear made North America dominate the eyewear market. On the other hand, Asia Pacific is likely to exhibit high growth prospects in the coming years.
Eyewear as a Fashion Accessory to Fuel Demand in Eyewear Market
Nowadays, eyewear is considered as a fashion accessory, which has led the demand for sunglasses and frames. This has resulted in high growth potential for the market. This has also opened huge growth avenues for the vendor functioning in the eyewear market. Vendors are now producing new and innovative variety of eyewear products. Moreover, introduction of disposable and cheap lenses is also driving the demand in this market.
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As per the statistics provided by the World Health Organization, more than 285 million people are visually impaired. This high number of people having vision problem creates high growth opportunity for the eyewear market. The rising incidence of myopia, astigmatism, and hypermetropia/hyperopia is also expected to drive the global eyewear market.
Increasing Awareness Related To Eye Surgeries to Deter Market Growth
On the contrary, rising adoption for vision correction and increasing awareness related to eye surgeries such as PRK (photorefractive keratectomy) might restrict the growth of the market. In addition, high cost of eyewear and other eye products might limit its growth in emerging economies. This factor is also expected to hamper demand in the eyewear market.
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The information presented in this review is based on a TMR report, titled "Eyewear Market (Product Type - Spectacles (Spectacle Lenses and Spectacle Frames), Contact Lenses (Soft Contact Lenses and Rigid Contact Lenses), and Sunglasses (Plano Sunglasses, Polarized Sunglasses and Non-Polarized Sunglasses); Distribution Channel - Online Channel, Brand Stores, and Offline Channel) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025."
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The Global Eyewear Market has been segmented as presented below:
Global Eyewear Market, By Product Type
- Spectacle Lenses
- Spectacle Frames
- Contact Lenses
- Soft Contact Lenses
- Rigid Contact Lenses
- Polarized Sunglasses
- Non-Polarized Sunglasses
- Plano Sunglasses
Global Eyewear Market, By Distribution
- Online Channel
- Offline Channel
- Brand Stores
Global Eyewear Market: Geography
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of South America
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of MEA
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