Published: Mar, 2017
The competitive landscape in the global eyewear market is extremely fragmented. It is teeming with local and global players competing against one another for greater market share by enhancing their product portfolios and leveraging astute pricing strategies. Hoya Corporation, De Rigo S.p.A, CooperVision, Bausch & Lomb, Carl Zeiss AG, CIBA Vision Inc., Marchon Eyewear, Johnson & Johnson Vision Care, Vision Express, Specsavers Optical Group Ltd., Luxottica Group S.p.A, Fielmann AG, and Essilor International are to name a few of the heavyweights in the market.
Ambitious players are also pulling out all stops to purvey their products through different distribution channels such as online portals, healthcare service providers, and retail outlets in the global eyewear market. According to a report by Transparency Market Research, the market will likely attain a value of US$130 bn by the end of 2018.
Robust Demand for Sunglasses and Contact Lenses Propels North America Market
Depending upon the type of products, the key segments of the global eyewear market are spectacles, contact lenses, and plano sunglasses. Among them, the spectacles segment, which has been further divided into spectacle lenses and spectacle frames, leads the market with maximum share. Going forward too, it is slated to expand at a healthy clip due to a spike in the number of people who need glasses.
From a geographical standpoint, the global eyewear market can be segmented into North America, Asia Pacific, Europe, and Rest of the World. Of these, North America holds a sway over the market in terms of volume. The stellar growth of this region has been brought about by the increasing demand for sunglasses and contact lenses in the last few years. Europe is another key market. Vis-à-vis growth, however, Asia Pacific is expected to exhibit maximum growth on account of a burgeoning population in the region. The growth in the region is being mainly powered by the fast-expanding, developing nations of India and China, which are densely populated as well.
Rising Optical Deficiencies Spur Demand in Eyewear Market
A number of factors are promoting the global eyewear market. The most prominent among those is the continued growth in the world population and increase in the number of optical deficiencies. The rising instances of nearsightedness or myopia in adults and children because of genetic and environmental factors, for example, has led to an increase in demand for the prescription eyeglasses. Further, technological progress and changing work and leisure habits among people that results in their spending one too many hours parked in front of the mobile, tablet, or laptop screen, also strains the eyes and poses risk to perfect vision. This has promoted the market to some degree, as well.
Rising disposable incomes, coupled with increasing awareness about appropriate eye protection has also been helping the global eyewear market. Eyeglasses, particularly spectacle frames and sunglasses, have become a popular fashion accessory these days. To tap into the opportunity, vendors are coming up with innovative eyewear designs to cater to different consumers.
Increasing Refractive Surgeries to Crimp Uptake for Eyewear
Countering the growth in the market is the refractive surgeries. Explains the lead analyst of the TMR report, “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.”
This review is based on the findings of a TMR report, titled “Eyewear Market - Global Industry Analysis, Size, Share, Growth, and Forecast 2012 - 2018.”
Global Eyewear Market, by Product
- Spectacle lenses
- Spectacle frames
- Contact Lenses
- Plano Sunglasses
Global Eyewear Market, by Distribution
- Retail outlets
- Healthcare service providers
- Online portals
Global Poultry Pharmaceuticals Market, by Geography
- North America
- Asia Pacific
- Rest of the World
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