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.
Do not miss the business opportunity of Asia-Pacific Eyewear Market.
Consult our analyst, gain crucial insights, and facilitate your business
growth.
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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