Global Eyewear Market: Snapshot
The global eyewear market has been growing at a substantial rate with the rising prevalence of vision disorders across the globe. A wide range of eyewear are available in the market in terms of size, material, quality, and frame. The growing awareness among consumers worldwide regarding the importance of eye check up is one of the primary factors expected to encourage the growth of the global eyewear market in the next few years. Moreover, the increasing number of players participating in the market and the expansion of their product portfolio are some of the key factors anticipated to accelerate the growth of the overall market.
According to the research study, in 2011, the global eyewear market was valued at US$81 bn and is predicted to reach a value of US$130 bn by the end of 2018. The market is expected to register a steady 3.70% CAGR between 2012 and 2018.
Growing Number of Eye Disorders to Bolster Global Eyewear Market
The increasing disposable income of consumers and the high renewal rate of lenses are some of the primary factors expected to fuel the growth of the global eyewear market in the coming years. In addition, the expansion of the wearer base and the rising number of eye disorders are projected to supplement the growth of the market in the near future. On the other hand, the rising number of refractive surgeries taking place worldwide is anticipated to restrict the growth of the global eyewear market. Nonetheless, the growing population with uncorrected vision is one of the primary factor expected to generate promising opportunities for the leading players operating in the global market.
On the basis of product type, the global eyewear market has been classified into plano sunglasses, contact lenses, and spectacles. Among these, the spectacles segment led the global eyewear market in 2011 and is estimated to remain in the leading position in the next few years. The high growth of this segment can be attributed to the rising number of consumers who make use of eyewear. In addition, the wide range of options available for consumers and the rising fashion of wearing eyewear are estimated to accelerate the growth of this segment in the near future.
Asia Pacific to Witness Promising Growth Opportunities in Near Future
From a geographical perspective, in 2012, North America led the global eyewear market and accounted for a share of 30%. This region is likely to remain in the dominant position throughout the forecast period, thanks to the rising demand for contact lenses and sunglasses. On the other hand, Asia Pacific is projected to witness significant growth in the coming years, with the growing focus of key players on advertising campaigns and marketing activities. The Asia Pacific market for eyewear is expected to register a 9.0% CAGR between 2012 and 2018.
Some of the key players operating in the eyewear market across the globe are Bausch & Lomb, Marchon Eyewear, Hoya Corporation, Carl Zeiss AG, Fielmann AG, Safilo Group, Essilor International, Vision Express, Luxottica Group S.p.A, Specsavers Optical Group Ltd., De Rigo S.p.A, CooperVision, Johnson & Johnson Vision Care, and CIBA Vision Inc.
The growing prevalence of eyesight disorders and wearer base expansion are the primary factors augmenting the growth of the global eyewear market. Moreover, a rise in the disposable income levels of middle-class consumers is expected to drive the demand for eyewear products in the next few years. Furthermore, the rising demand for premium eyewear, loyalty programs, and personalized services and rising implementation of product bundling strategy are estimated to contribute significantly towards the growth of the market.
The global eyewear market has been bifurcated on the basis of product type and distribution channel. By product type, the market has been classified into contact lenses, spectacles, spectacle lenses, Plano sunglasses, and spectacle frames. On the basis of distribution channel, the market has been categorized into online portals, retail outlets, and healthcare service providers. The key geographical segments of the global eyewear market include Asia Pacific, North America, Europe, and Rest of the World.
The research study helps in determining the leading segments in the global eyewear market. The growth prospects, opportunities, and limitations have been highlighted in the research report in order to offer a strong understanding of the market. In addition, the product segmentation, key geographical segments, and vendor analysis of the global eyewear market have been discussed in the scope of the research report.
Overview of the Global Eyewear Market
The global eyewear market stood at US$81 bn in 2011 and is projected to register a 3.70% CAGR from 2012 to 2018, reaching a value of US$130 bn by 2018, states the market research study. The expanding distribution channels and growing marketing activities through social media are projected to drive the demand for eyewear products in the near future. Increasingly, eyewear is considered a fashion product worldwide and the innovations offered by key players are driving the global market.
On the other hand, the rising adoption of refractive eye surgeries and the rising risk from counterfeit products are hampering the growth of the global eyewear market. Moreover, issues related to the side effects of eyewear products on the health of consumers and lack of awareness in low-income economies are estimated to restrict the growth of the market in the forecast period.
Among the key geographical regions, in 2012, North America led the global eyewear market with a 30% share. The robust growth of this region can be ascribed to the rising demand for contact lenses and sunglasses. However, the Asia Pacific eyewear market is anticipated to exhibit a 9.0% CAGR from 2012 to 2018, owing to the extensive contribution from China and India.
Companies Mentioned in the Research Report
The global eyewear market is extremely fragmented in nature with the presence of several local and international players operating in the market. Key players are competing amongst each other for market share by improving their product portfolios and pricing strategies. Some of the leading players operating in the global eyewear market are CooperVision, Bausch & Lomb, De Rigo S.p.A, Carl Zeiss AG, Marchon Eyewear, Safilo Group, Johnson & Johnson Vision Care, Vision Express, CIBA Vision Inc., Specsavers Optical Group Ltd., Hoya Corporation, Luxottica Group S.p.A, Fielmann AG, and Essilor International.
Key Segments of the Global Eyewear Market
Global Eyewear Market, by Product Type:
- Spectacle lenses
- Spectacle frames
- Contact Lenses
- Plano Sunglasses
Global Eyewear Market, by Distribution Channel:
- Retail outlets
- Healthcare service providers
- Online portals
Global Eyewear Market, by Geography:
- North America
- Rest of the World
This report gives you access to decisive data such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments