Global eyewear market will bolster by rising count of population with vision correction problems, growing awareness regarding eye health and on-going fashion trends
Published | July 2019
Urbanization and rising penetration of smartphone technology and internet connectivity are projected to grow eyesight problems which can create the opportunity for the manufacturers in the market. Furthermore, contemporary innovations and technological advancements have added to the variety and quality of eyewear with an aesthetic appeal and style, making eyewear a personality-enhancing accessory that in turn, increased the sales volume of the global eyewear market.
According to BlueWeave Consulting, The Global Eyewear Market is expected to grow with a significant rate during the forecast period 2019-2025 owing to the increase in the prevalence of chronic eye diseases across the world. The prime drivers of the global eyewear market are increasing awareness about eye health hectic lifestyle and changing demographics are the other factor propelling the market of the global eyewear market. Factors such as increasing life span, growing geriatric population, and changing fashion trends have also fostered the demand in the market. The longer usage of tablets and smartphones has increased the risk of vision problems such as myopia, astigmatism, hypermetropia/hyperopia, and presbyopia that will further drive eyewear industry demand over the forecast period.
Moreover, the introduction of low cost and disposable lenses has garnered significant attraction due to its easy affordability across the global market. Furthermore, on-going fashion trends of wearing designer eyewear have emerged as one unconventional driver owing to the rising disposable income of the consumers.
Spectacles product type is projected to be the leading product of overall of the global eyewear market during the forecast period
The spectacle segmented accounted for the largest market share over the forecast period. Factors such as the concern for eye health and the fashion-conscious customers are expected to boost the growth of the segment. Moreover, the growing aging population increasingly prefers the prescription-based spectacles to tackle visual deficiencies and cure refractive errors. However, the contact lenses segment is anticipated to witness steady growth over the forecast period owing to the decline in the adoption of spectacles to enhance the visual appearance. Furthermore, the rising awareness and the consumption of corrective and cosmetic contact lenses are fuelling the demand over the forecast period.
Specialty Stores of Global Eyewear market is projected to be the leading distribution channel to the overall market during the forecast period
Specialty stores segment dominated the global eyewear market and is expected to continue its dominance over the forecast period owing to easy eye examination availability and consultation services are the key factors driving the highest demand in this segment. However, the online channel segment is expected to be the fastest-growing segment over the forecast period owing to the factors such as shopping experience, convenient home delivery, and competitive pricing. Moreover, these distribution channels enable manufacturers to offer a large product portfolio along with the option of instant testing and receiving immediate feedback from the customers.
Europe accounts for the lion’s share of the Global Eyewear market during the anticipated period.
Based on region, the eyewear market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Europe dominates the world eyewear market over the forecast period owing to the increase in the geriatric population in the region will benefit product demand. The Asia Pacific is projected to be the fastest-growing market throughout the forecast period. Due to the upsurge in demand for fashionable accessories owing to the growing population and high standard of living will propel regional industry growth.
Key players in the global eyewear market include CooperVision, Luxottica Group S.p.A, Bausch + Lomb Inc., CooperVision, Fielmann AG, Safilo Group S.p.A. and others. Acquisitions, mergers, and new product developments are key strategies used by key participants to improve their competitiveness and to cater customer bases in the global market.
The in-depth analysis of the report provides the growth potential, upcoming trends and statistics of Global Eyewear Market size & forecast. The report promises to provide state-of-the-art technology of eyewear production and industry insights which help decision makers to take sound strategic decisions. Furthermore, the report also analyzes the market drivers and challenges and competitive analysis of the market.
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