The global eyewear market depicts a substantially competitive vendor landscape comprising a plethora of large-scale as well as small-scale organizations, says Transparency Market Research on the basis of a recently published report. The competition is expected to get tougher with frequent entries of new players in the global eyewear market in forthcoming years. This is also expected to cause significant changes to dynamic consumer preferences and associated regulations, as businesses in this market are working on bringing about improved product quality.
Many companies operating in the global eyewear market are keen on expansion of production capacity, as well as increasing geographical reach. Our experts anticipate several of these enterprises to come up with innovative designs with inexpensive rates in the upcoming years. De Rigo S.p.A, Luxottica Group S.p.A., Zeiss International, Bausch & Lomb Inc., Marchon Eyewear, Inc., Johnson & Johnson Vision Care, Inc., HOYA Corporation, Fielmann AG, and Essilor International, are chief companies operating in the global eyewear market.
Speaking about statistics, the global eyewear market had registered a revenue gain of US$132.7 bn in 2016, which is further expected to grow up to US$265.4 bn by 2025. This growth is expected to occur alongside an impressive CAGR of 8.3% during the forecast period from 2017 to 2025.
Rising Cases of Long and Short Sightedness Fueling Eyewear Demand
A rapid rise in occurrences of myopia and hypermetropia on a global perspective is significantly driving the global eyewear market. This is mainly due to eyeglasses, spectacles, and lenses being commonly utilized treatments against long and short sightedness conditions. Extensive advancements occurring in the field of eye-wear has caused a boost in the manufacturing of state-of-the-art eyewear products. Changing lifestyles that involve excessive hours of operating smartphones, tablets, and even working on computer systems may lead to several eye problems such as deteriorating vision, glaucoma, and even bloodshot in eyes. Such issues could invite high demand for treatments using eyewear, there boosting the global eyewear market' growth substantially.
Quick and Easy Laser Treatments Hinder Eyewear Use
However, availability of less variety of eyewear products in remote and underdeveloped regions is substantially hindering the market's growth. A rising awareness among the masses to treat eyesight based problems with laser surgeries and other methods is also retraining sale of eyewear products up to a certain extent. However, a trend involving purchasing eyewear and using it from a fashion-based perspective has been increasingly spreading in recent times. This trend could offset some of the restraint's affecting the market, thereby opening up a path towards success for the global eyewear market.
North America, South America, Asia Pacific, Europe, and the Middle East and Africa are key regions depicting maximum growth of the global eyewear market. From these, maximum revenue gain has been showcased by North America owing to a myriad variety of eyewear available in leading countries such as U.S. and Canada from this geographical extent. However, rising disposable income and mushrooming retail industry in Asia Pacific is expected to make this market depict a fast growth rate during the forthcoming years.
This review is based on a TMR report, titled, "Eyewear Market (Product Type - Spectacles (Spectacle Lenses and Spectacle Frames), Contact Lenses (Soft Contact Lenses and Rigid Contact Lenses), and Sunglasses (Polarized Sunglasses and Non-Polarized Sunglasses); Distribution Channel - Online Channel and Offline Channel) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025."
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