Asia-Pacific Eyewear Market Continuing with Upward Trend: Projected to Grow at a CAGR of 10.8% by 2027
Published | 01 November 2021
The Asia-Pacific eyewear market is growing at a high CAGR because of the increasing prevalence of vision issues due to the growing penetration of screen devices such as smartphones, computers…
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the Asia-Pacific eyewear market was worth USD 36.2 billion in 2020. According to the study, the market is estimated to grow at a CAGR of 10.8%, earning revenue of around USD 73.6 billion by the end of 2027. The Asia-Pacific eyewear market is driven by the increasing prevalence of vision issues such as cataracts, diabetic retinopathy, macular degeneration, glaucoma, refractive errors, etc. The increasing use of screen devices, such as smartphones, computers, and televisions, emitting UV light, is affecting human vision and weakening it. As a result, the demand for eye checkups and prescription glasses is witnessing a surge worldwide, propelling the market growth. Moreover, leading brands as well as new entrants are constantly introducing eyewear with diverse shapes, sizes, designs, and colors and materials to suit the tastes of customers. Furthermore, the market players are increasingly using social media platforms for online marketing and promotion, which is favoring the market growth. Influencer marketing also plays a crucial role in eyewear brand endorsements.
Changing Lifestyle and Urbanization Leads to the Shopping of Trendy Accessories
Growing fashion consciousness and the growing presence of international eyewear brands in countries like Japan, and India will encourage the Asia-Pacific eyewear market in the forecast period. Luxury eyewear is on the rise across the Asia Pacific due to a variety of factors, including rising disposable income, urbanization, and a younger population. To establish their presence in developing countries like China, India, South Korea, and the rest of Asia-Pacific, leading brands are targeting the young adult demographic. Their eyewear products are readily available to urban customers through their online sales channels and third-party e-commerce platforms, while they also serve local customers in their physical stores. Therefore, fashion-conscious consumers and urbanization in Asia-Pacific countries are projected to drive market growth in this region.
Development Of 3D Printing for Eyewear is Favoring the Asia-Pacific Eyewear Market Growth
3D printing's application in eyewear manufacturing proved to be a game-changer for growth in the Asia-Pacific eyewear market. A major benefit of 3D printing is that it has made manufacturing eyeglasses cheaper and easier. Through this cutting-edge technology, 3D-printed glasses can be customized to fit every face size and shape. Fast fashion has also been proliferated by the use of 3D printing to create eye accessories with various shapes, colors, and styles.
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Asia-Pacific Eyewear Market - By Sales Channel
Based on sales channels, the Asia-Pacific eyewear market is segmented into retail stores and online stores. The retail store segment accounted for the largest market share in the year 2020. People prefer to shop for eyewear at retail stores because they can try on eyewear and choose based on their face shape and size. However, the online stores are projected to witness the highest CAGR during the forecast period. This segment witnessed a huge spike in its market, especially after the COVID-19 pandemic. Moreover, the availability of a wide range of products based on gender, age, fashion trends, etc., under one roof, is fueling the growth of online stores in the Asia-Pacific market.
Asia-Pacific Eyewear Market - Regional Insights
Geographically, the Asia-Pacific eyewear market is segmented into India, China, Japan, South Korea, and the rest of Asia-Pacific. China dominates the Asia-Pacific eyewear market. Due to its large population, India also covers a substantial share of the market because it has a high proportion of the target demographic. Blindness is regarded as a major issue in India, which presents an enormous opportunity for market players. Moreover, the increasing prevalence of vision problems in underage children due to the excessive use of smartphones is also playing a significant role in driving the growth of the eyewear market in India.
Impact of COVID-19 on Asia-Pacific Eyewear Market
The Asia-Pacific eyewear market was negatively affected by the unprecedented outbreak of the COVID-19 pandemic. Regular eye checkups were hindered due to lockdown, which resulted in a huge downfall in the demand for prescription glasses. Furthermore, the retail stores were also closed down due to which the demand could not be met. However, the market is anticipated to witness a high growth rate in the forecast period due to the increasing prevalence of vision issues caused by excessive screentime. As a result of the pandemic outbreak, online sales channels, such as Lenskart, have gained enormous popularity in India to meet the demand for prescription glasses and other eyewear accessories.
Asia-Pacific Eyewear Market - Competitive Landscape
The leading players in the Asia-Pacific eyewear market are Essilor International S.A., Safilo Group S.P.A, Luxottica Group S.P.A, Carl Zeiss AG, Johnson & Johnson Vision, Marcolin S.p.A., Valeant Pharmaceuticals International, Hoya Corporation., Titan Eyeplus, Grand Vision, and other prominent players.
The market is highly fragmented, with the presence of many industry participants. The companies engage in constantly launching a wide range of products to meet the changing fashion trends. They are also embedding technology into their products and launching smart glasses. Partnerships, mergers, acquisitions, joint ventures, etc., are also prevalent in this market to gain a competitive edge.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Asia-Pacific eyewear market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the Asia-Pacific eyewear market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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- Asia-Pacific Eyewear Market- Industry Size, Share, Trend Analysis, Outlook, Growth, Opportunity and Forecast, 2015-2027, Segmented By Product Type (Contact Lenses [Soft, and Rigid], Spectacles [Spectacle Lenses, and Spectacle Frames], and Sunglasses [Polarized, and Non-Polarized); By Material (Glass, Plastics, and Metal); By Category (By Lifestyle Eyewear [Fast Fashion Eyewear, Premium Eyewear, Luxury Eyewear], Sports Eyewear, Prescription Eyewear, and Specialty Eyewear) End-Users (Men, Women, Kids, and Unisex); By Distribution Chanel (Online Store, and Offline [Mono Brand Store, Multi Brand Stores, Optical Stores, Departmental Stores, and Others); By Age Group (Under 3 Years Old, 03-12 Years Old, 13-19 Years Old, 20-39 Years Old, 40-60 Years Old, and Above 60 Years Old); By Country (China, India, Japan, South Korea, and Rest of Asia-Pacific);
Publish Date: January 2022
Asia-Pacific Eyewear market is growing at a modest rate. anticipated to grow due to the increasing number of myopia cases in the Asia-Pacific.
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