Global eyewear market is anticipated to amass over US $235 billion by the year 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2017-2026.
According to the report, the escalating rate of diseases related to vision, coupled with rise in ageing population, is currently impelling the growth of the worldwide eyewear market. The market growth is further supported by consumers becoming highly aware with eye health. Other significant factors driving the market expansion are rising cases of myopia, hypermetropia, and astigmatism, working on computers & laptops for prolonged hours, as well as changing dietary habits. Emerging consumer demographics, new developing markets, along with online sales, are most likely to endow the global eyewear market with enormous growth prospects in the ensuing years.
The study further cites that the rising number of vision-related diseases among the geriatric population and the ascending need for vision correction are propelling the global market growth. Hectic lifestyles and changing dietary habits result in vision problems, plus, growing life expectancy and old age-associated diseases such as cataract and presbyopia, are said to promote market growth. With the increasing awareness regarding eye care, consumers are encouraged to take preventive measures, which has in turn boosted the eyewear market size.
Online sales of eyewear has also picked pace in recent years. Market researchers claim that the online shopping trend is growing popular in the emerging economies, allowing established market players to sell products globally. New, as well as, evolving market players are also using the online platforms for promoting and selling their products.
Based on the type of eyewear the market is bifurcated into spectacles, sunglasses, and lenses. As per the latest research, the spectacles segment had dominated the global market in the year 2017, in terms of revenue. This segment is slated to steer the market throughout the forecast period, given the surging diseases & defects associated with vision. In addition, consumers are also opting for lenses owing to several vision defects and cosmetic purposes.
With the burgeoning disposable income, consumers are eager to purchase high quality eyewear products, to keep up with their rising living standards. Furthermore, people are going for stylish and designer sunglasses, in a bid to stay updated with the latest trends. The report further cites that higher living standards, along with amplifying fashion consciousness will contribute to the global eyewear market expansion.
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Higher living standards, multiplying disposable income, and upsurge in the fashion-conscious population are driving the market for luxury eyewear products. Earlier, the premium eyewear products were available only at selected stores at high prices. Whereas, these days global players are offering these products worldwide at affordable prices because of technological enhancements and mass manufacturing.
Based on the geographical outlook, the Asia Pacific market is poised to expand over the projected timeline, depicting the highest CAGR. Growth in this regional segment is boosted by the economic progress of the APAC nations including India and China, which is leading to greater disposable income and higher living standards. Global players are penetrating into these countries to tap their market potential, thereby augmenting regional market growth. Reportedly, the North America market held the majority share in the eyewear market worldwide, in the year 2017.
Leading market contenders profiled in the report are Johnson & Johnson Vision Care, Luxottica Group S.p.A, Prada S.p.A, Bausch + Lomb Inc., Fielmann AG, Essilor International S.A., Hoya Corporation, Safilo Group S.p.A, Cooper Companies Inc., GrandVision, De Rigo SpA, and Carl Zeiss AG. These companies are presently teaming up with other market leaders and expanding their product portfolio, in a bid to innovate new products and suffice the growing needs of consumers.