A recent report published by Infinium Global Research on the eyewear market provides an in-depth analysis of segments and sub-segments in the global as well as regional eyewear market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional eyewear market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global eyewear market. According to the report, the global eyewear market is projected to grow at a CAGR of 8.3% over the forecast period of 2018-2024.
Eyewear is an essential accessory used for vision correction and protection against sunlight, debris, and harmful U.V. radiations. Apart from this, eyeglasses are used in welding procedure in order to protect against high-intensity heat and light. The common forms of eyewear include sunglasses, contact lenses, and eyeglasses. Sunglasses ideally block UVA and UVB rays and contact lenses help to correct refractive errors.
According to the WHO, globally, it is estimated that approximately 1.3 billion people live with some form of vision impairment. The form that, 188.5 million people had a mild vision impairment, 217 million had moderate to severe vision impairment, and 36 million people were blind. The excessive use of gadgets such as tablets, mobile phones, computer desktops, and television develops the vision problems resulting in the purchase of more eyewear products. This in turns, driving the growth of the eyewear market. Apart from this, the number of people suffering from various eye-related diseases such as cataract, glaucoma, diabetic retinopathy, corneal opacity, and trachoma has led the demand for prescription-based eyeglasses. Moreover, age-related macular degeneration with an increase in the elderly population across the globe is escalating the growth of the eyewear market. Furthermore, growing disposable income has resulted in increased buying power of eyeglasses particularly sunglasses and spectacle frames that have a positive impact on the growth of the eyewear market. Apart from this, the growing demand for luxury and branded U.V. protection sunglasses are fuelling the market. However, growing awareness about vision correction surgeries and procedures such as PRK (photorefractive keratectomy), LASIK (laser in-situ keratomileusis) and RLE (refractive lens exchange) are hindering the growth of the eyewear market. Furthermore, leading vendors of eyewear manufacturers are focusing on the development of new eyewear products in terms of shapes, size and material are anticipated to provide lucrative growth opportunities for the eyewear market during the forecast period.
The global eyewear market is consolidated. Geographically, North America and Europe hold maximum share in the eyewear market. Europe is expected to grow at a significant rate owing to the presence of major eyewear players such as Safilo and Luxottica. Growing awareness about eyewear products coupled with abundant disposable income is expected to drive the demand for eyewear market in the North America region. The Asia Pacific is expected to be the fastest growing region for the eyewear market owing to the increasing demand for sunglasses, transparent and spectacles eyewear products. Apart from this, the growing popularity of social media and e-commerce, growing purchasing power among consumers, changing lifestyle and easy availability of eyewear products, which is proliferating the demand for eyewear in this region. Moreover, growing penetration of branded eyewear vendors such as Dior, Rayon and many others in the Asia Pacific region has a positive impact on market growth.
The report on global eyewear market covers segments such as product, material, distribution channel, and end-user. On the basis of product, the sub-markets include spectacles, contact lenses, sunglasses, and others. On the basis of material, the sub-markets include plastic, glass, and polycarbonate. On the basis of the distribution channel, the sub-markets include online stores and retail stores. On the basis of end-user, the sub-markets include men, women, and unisex.
The report provides profiles of the companies in the market such as ZEISS International, De Rigo Vision SpA, Safilo Group S.p.A., Fielmann A.G., LUXOTTICA GROUP, CooperVision, CHARMANT Group, lenskart, CIBA VISION, Marchon Eyewear, Inc, and MAUI JIM, INC.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the eyewear market. Moreover, the study highlights current market trends and provides forecast from 2018-2024. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.