Eyewear Market Share Will Grow at 5% CAGR to Cross US$170bn by 2025: GMI
North America eyewear market demand holds more than 37% of global industry share in 2018 and is expected to grow substantially during the forecast period owing to increasing demand for corrective eyewears with rising prevalence of eyesight disorder in children at younger age.
Jun 21, 2019, 04:00 ET
SELBYVILLE, Del., June 21, 2019 /PRNewswire/ -- The eyewear market revenue is predicted to rise from USD 120 billion in 2018 to over USD 170 billion by 2025, according to a 2019 Global Market Insights, Inc. report. Growing consumer awareness towards the significance of eye checkups coupled with increasing purchasing power will propel the eyewear market in the forecasted timeframe. Factors such as hectic lifestyle, favorable demographics, vision deficiencies along with rising eyesight and vision deficiencies, is expected to drive eyewear market growth. Another significant aspect is the continuous exposure to digital displays such as smartphones and tablets has increased vision problems which has further amplified industry demand. Growing applications of corrective eyewear among people to correct refractive errors is anticipated to propel the market demand.
Robust demand for piano sunglasses in the industry is expected to augment the demand for contact lenses, minimizing the dependence on spectacles. Reasonable prices, modality and greater comfort and convenience offered by eyewear products will create greater opportunities for eyewear manufacturers. Moreover, continuously changing prescriptions for eyewear has resulted in increasing renewal of lenses positively influencing the product demand.
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Increasing demand for corrective eyewear owing to rising elderly population has resulted in expanding demand for eyewear market. Changing lifestyle and increasing beauty consciousness among the customers will propel the demand for sunglasses and prescription frames. Rising popularity of progressive lenses owing to its benefits such as clear vision and elimination of image jump will propel the demand for eyewear market.
Rapid technological advancements due to significant investments in R&D by leading manufacturers will provide a strong business outlook. Transformation of eyewear producers from unorganized to organized sector coupled with technical developments will propel the eyewear market share. Moreover, favorable government policies & regulations pertaining to the reduction of carbon & VOC emission during the manufacturing processes will boost the market growth.
North America holds more than 37% of the global eyewear industry share in 2018. Increasing demand for corrective eyewear owing to the rising prevalence of eyesight disorder in children at younger age, specifically in U.S. will drive the demand for eyewear market in North America. Increasing occurrence of chronic eye diseases causing vision loss due to uncorrected vision impairment and un-operated cataract will propel the demand for eyewear market. Increasing prevalence for myopia in the region owing to the prolonged usage of gadgets will propel the industry growth in forecasted timeframe.
Browse key industry insights spread across 930 pages with 1649 market data tables & 19 figures & charts from the report, "Eyewear Market Size By Product (Spectacles [By Product {Frame (By Material [Plastic, Metal]), Lenses (By Material [Polycarbonate, Plastic, Polyurethane, Trivex])}], Contact Lenses [By Product {RGP, Soft Contact, Hybrid Contact}, By Material {Silicone, PMMA, Polymer}], Plano Sunglasses [By Product {Polarized, Non-Polarized}, By Material {CR-39, Polycarbonate}]), By Distribution Channel [Optical Stores, Independent Brand Showrooms, Online Stores, Retail Stores] Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, Poland, Sweden, Switzerland, Norway, Belgium, Bulgaria, China, India, Japan, South Korea, Thailand, Indonesia, Malaysia, Vietnam, Taiwan, Singapore, Brazil, Mexico, Argentina, South Africa, Saudi Arabia, UAE, Egypt, Tunisia), Competitive Market Share & Forecast, 2019 – 2025" in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/eyewear-market
Spectacles dominated the global eyewear market share, holding over 55% of the volume share in 2018. Strong economic growth and rapid urbanization is surging the demand for designer and branded frames. Further product developments such as lightweight frames along with innovations in eyeglasses offering innovation in eyeglasses offering improved UV protection, fog resistance, and anti-glare properties is augmenting the business expansion.
The global eyewear market from contact lenses is projected to be the fastest growing segment by revenue over the forecast timeframe. Product availability in varied usage time options such as daily, monthly, and yearly disposable lens along with improved color options is among the key factors propelling the segment share. Manufacturers are focusing on factors such as simple to fit, high initial comfort, ease of use, and improving visual acuity. For instance, in April 2018, Johnson & Johnson announced the launch of its new Transitions Light Intelligent Technology in contact lenses, offering vision correction along with dynamic photochromic filter to balance the amount of light entering the eye.
CR-39 is among the major raw materials and is projected to witness substantial up to 2025. Rising consumer preferences for thin and lightweight eyeglasses material is projected to drive overall eyewear market growth. Key aspects such including enhanced flexibility, cost effectiveness, high durability, along with aesthetic appearance is positively influencing the material demand. Manufacturers are focused on launching new products with superior designs using innovative materials to address the customer requirement.
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Eyewear market from optical stores was valued at USD 29 billion in 2018. Optical stores offer ease in eye examinations and consultation services from practiced optometrists as lower costs. Hence, rise in consultation charges from external ophthalmologist is expected to drive the product demand through the distribution channel. Further, the stores offer large product observe high consumer loyalty owing to reasonable process as well as improved post sales service. Also, key advantages such as getting the right fit and fast & easy comparisons is attributing to considerable segmental growth.
Global eyewear market share is highly competitive owing to the presence of a large number of regional and multinationals players. The key players include Luxxotica, Essilor International S.A., Alcon, Cooper Vision, Fielmann AG, Safilo Group SpA, Johnson & Johnson, De Rigo SpA, Bausch & Lomb, Rodenstock, Hoya Corporation, Carl Zeiss, and Marcolin Eyewear. The key strategies observed among the industry participants include merger & acquisitions, new product development, capacity expansions, and technological innovations to gain competitive advantage. For instance, in January 2019, Cooper Vision acquired Blancard Contact Lenses to enhance its product portfolio.
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2. Contact Lenses Market Size By Type (RGP, Soft Contact, Hybrid Contact), By Material (Hydrogel, Polymers), By Distribution Channel (Optical Stores, Independent Brand Showrooms, Online Stores, Retail Stores), By Design (Spherical, Toric, Bifocal And Multifocal), By Product (Corrective, Therapeutic, Cosmetic [Coloured, Circle], Prosthetic), By Usage (Daily Disposable, Weekly Disposable, Monthly Disposable, Annual) Industry Analysis Report, Regional Outlook (U.S, Canada, Germany, UK, France, Spain, Italy, Switzerland, Nordic Countries, Belgium, Luxembourg, Ireland, Poland, Russia, China, India, Japan, South Korea, Thailand, Indonesia, Malaysia, Vietnam, Taiwan, Singapore, Brazil, Mexico, Argentina, Saudi Arabia, South Africa, UAE, Egypt, Tunisia), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 – 2024
https://www.gminsights.com/industry-analysis/contact-lenses-market
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Global Eyewear Market size worth $170bn by 2025
Eyewear Market size is estimated to surpass USD 170 billion by 2025; according to a new research report by Global Market Insights, Inc.
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