Asia-Pacific Eyewear Market to witness Surge in its Valuation with a Significant CAGR by 2026
Published | August 2020
According to BlueWeaves Consulting, Asia Pacific Eyewear Market is expected reach USD 114.4 billion in 2026 from USD 63.8 billion in 2019, at a CAGR of 8.7 % during the projected period 2020-2026. Rising senior population and related eye diseases, the increasing eye-related ailments among other age groups of the population, variations in eyewear and technological progressions in lenses’ material and color, propel the growth of this market. Also, more and more complaints about eye-fatigue among digital device users contribute to the demand for blue light filtered eyewear, thereby, fueling the growth of the market. The spearheading eyewear companies come up with innovative eyewear reflecting different tastes with respect to designs, shapes, sizes, and colors & materials of frame and lenses from time to time. The market is highly competitive, offering more alternatives to buyers and allowing easy entry to new players. Consequently, the market players resort to social media platforms and influencer marketing strategy to distinguish, promote and endorse their eyewear.
An eyewear market is divided into different segments based on eyewear type (i.e., Prescription Glasses, Sunglasses, Contact Lenses and Others), End-User (i.e., Men, Women, Unisex and Kids) and Distribution Channel (Online stores and Retail Stores). Based on the type of eyewear, Prescription Glasses segment holds the dominant market share and Contact Lenses accounts for lesser market share. In the End-User segment, Unisex Glasses captures the substantial market share followed by Women Glasses.
In recent times, online eyewear shopping is increasingly replacing sales at retail eyewear outlets. E-commerce sites play a crucial role in enhancing the experience of customers by facilitating eyewear selection based on facial analysis and product virtualization. Some leading brands also offer customization of frames besides lenses.
“The Key Drivers of the Asia-Pacific market are High Prevalence of Ophthalmological Diseases, Contemporary Fashion Trends and Changing Lifestyle and Urbanization. “
The extensive cases of myopia, eye fatigue, glaucoma, conjunctivitis and other eye-related ailments across all age groups of the population trigger the demand for corrective eyewear. Moreover, rising awareness about vision health and ageing population in the Asia-Pacific countries such as China, Japan, India and others contribute to the growth of the eyewear market.
The Sunglasses segment of eyewear advances rapidly in comparison to other segments as it is highly influenced by contemporary fashion trends and a significant proportion of the young population. Also, customers of all ages want to make style statements with the latest eyewear, adding more opportunities to the market. Companies develop new designs to cater to their fashion sense and styles.
Rapid urbanization, rising disposable income and changing lifestyle, lead to the more usage of elite or premium eyewear by the customers. Such customer-base is increasing with time in the developing economies of China, India and other South Asian countries besides Australia, Korea and Japan. More and more eyewear options are availed to the urban population through an online sales channel and third e-commerce parties.
“A shift towards Laser Surgeries and Ineffective Eyewear Solutions Impede the Growth of Asia-Pacific Market.”
The patients suffering from eyesight problems are shifting towards secure and advanced laser surgeries as a permanent solution. Besides, some of the regions in marginalized economies in South Asia do not have access to sufficient, reasonable and advanced eyewear solutions. Such factors hamper the growth of the eyewear market in Asia-Pacific region.
“China dominates the Asia-Pacific Eyewear Market as a Producer and Consumer.”
China holds the vital market share in Asia Pacific Eyewear Market and is expected to continue the same during the projection period due to rising demand for corrective eyewear from a growing elderly population. The widespread problems of myopia and eye fatigue among a large number of youths in India (17% of youngsters) and China (80% of college-going students) and other countries of this region, trigger the demand of prescription glasses. Also, improved disposable income and flourishing population in south Asian countries contribute to the growth of this market.
“The leading players” in this market are Prada S.P.A., Essilor International S.A., Grand Vision, Titan Eyeplus, Luxottica Group S.P.A, Fielmann AG, Carl Zeiss AG, and Johnson & Johnson, Inc., Safilo Group S.P.A and others. China is the leading manufacturer with most of its eyewear companies concentrated in Wenzhou and Dongguan cities. More than 60% of the frames, sunglasses, corrective glasses and over 40% of optical lenses are supplied from China to the world.
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The in-depth analysis of the report provides the growth potential, upcoming trends, and statistics of the Asia-Pacific Eyewear Market size & forecast. The report provides insights about state-of-the-art technology of Asia-Pacific Eyewear Market and industry, which help decision-makers to make sound strategic decisions. Furthermore, the report also analyzes the market drivers, challenges, and competitive scenario of the market.
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