Published: Dec, 2017
The global eyewear market boasts a sizeable presence of large and smaller enterprises alike, which has rendered its vendor landscape highly competitive. As competition toughens, the market players are likely to incorporate significant changes to comply with the dynamic consumer preferences and regulations, finds Transparency Market Research (TMR) in a recent study. According to the report, a majority of the companies are investing heavily on product branding, especially in emerging markets. Besides this, several manufacturers are focusing on the expansion of their production capacities other than channelizing their resources to improve the overall quality of the products to boost sales. Furthermore, TMR expects these companies to launch more innovative designs with an affordable price tag in the coming years.
Some of the most prominent companies operating in the global eyewear market are keen on extending partnership with their peers. This would not only help them attain a position of great strength in the market but will enable them woo a wider audience by offering more extensive product portfolio. In addition, the market witnessed several mergers and collaborations over the past few years intended at strengthening the global footprint. Some of the leading companies operating in the global eyewear market are Marchon Eyewear, Inc., Johnson & Johnson Vision Care, Inc., Essilor International, Luxottica Group S.p.A., Fielmann AG, Zeiss International, De Rigo S.p.A, and Bausch & Lomb Inc. Strategies adopted by these and other companies operating in the global eyewear market are likely to exert considerable influence on the prevailing trends.
According to TMR, the global eyewear market is likely to worth US$265.4 bn by the end of 2025. The market was valued at US$132.7 bn in 2016. If these figures deem true, the global eyewear market will exhibit a CAGR of 8.3% between 2017 and 2025. In terms of distribution, while offline channel currently holds lead, TMR expects the online segment to report a higher CAGR during the course of the forecast period. Regionally, North America held the dominance, however, between 2017 and 2025, Asia Pacific is likely to exhibit a higher growth.
Spread of Chronic Eye Diseases to Fuel Demand for Eyewear
“The spread of chronic eye diseases will be a prime driver of the global eyewear market,” said a lead TMR analyst. This, coupled with a hectic lifestyle and favorable demographics will aid the market’s expansion in the coming years. According to TMR, the uncorrected refractive errors, glaucoma, and cataracts are among the root causes of visual impairment. According to the WHO, more than 285 million people worldwide are visually impaired. Among them nearly 246 million people are suffering from low vision, while 39 million complain of blindness. Other causes of spurring visual problems such as hypermetropia/hyperopia, astigmatism, myopia, and presbyopia include the longer of uses of smartphones and tablets. The rising incidence of these problems will invariably have a positive effect on the global eyewear market.
Eyewear Market to Significantly Benefit from Ongoing Fashion Trends
A more unconventional driver is the ongoing fashion trend influenced by the changing consumer lifestyle. As consumers take keen interest on fashion accessories and styling even their health-related wearable, the demand for branded eyewear will escalate, in turn paving way for the eyewear market to capitalize on lucrative prospects. The rising disposable income of consumers will aid the market’s expansion as well.
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 (Polarized Sunglasses and Non-Polarized Sunglasses); Distribution Channel - Online Channel and Offline Channel) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025.”
The report segments the global eyewear market as:
Global Eyewear Market, By Product Type
- Spectacle Lenses
- Spectacle Frames
- Contact Lenses
- Soft Contact Lenses
- Rigid Contact Lenses
- Polarized Sunglasses
- Non-Polarized Sunglasses
Global Energy Efficient Lighting Technology Market, By Distribution
- Online Channel
- Offline Channel
Global Eyewear Market, By Geography
- North America
- The U.S.
- Rest of North America
- Rest of Europe
- Asia Pacific (APAC)
- Rest of APAC
- Middle East and Africa (MEA)
- South Africa
- Rest of MEA
- South America
- Rest of South America