The global eyewear market to grow at a CAGR of 7.49% during the period 2017-2021.
Global Eyewear Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
The latest trend gaining momentum in the market is Utility of eyewear as fashion product. Eyewear manufacturers and designers are increasingly focusing on the development of eyeglasses and sunglasses in new styles, shape, sizes, colors, and structural orientation. With the continuous improvisation of product development and product innovation, consumers have options to choose products depending on the occasion, such as office wear, casual wear, party wear, and beachwear. Prescription sunglasses have gained immense popularity over a period, with many consumers maintaining two pairs of glasses for daily use, one pair of regular prescription eyeglasses, and another as prescription sunglasses.
According to the report, one of the major drivers for this market is Product innovation and differentiation through functional and technological advances. Functional and technological advances by the leading marketers have increased the growth of the market in terms of value. Product innovation, the result of continuous R&D in the industry, helps companies to expand their product portfolio. To introduce multiple categories in terms of functionality and style of eyewear that suit specific functions and requirements, vendors are investing heavily in research projects. At present, lenses are being developed with improved optical designs, materials, and enhanced coatings to offer better comfort.
Further, the report states that one of the major factors hindering the growth of this market is The presence of counterfeit products. The counterfeiting of eyewear and contact lens solutions is a global challenge, with the eyewear market being equally affected. Sunglasses and contact lenses are products, which are mostly affected by fake products. China is the largest economy that produces counterfeit eyewear. Counterfeiting of design, style, and brands of eyewear is expected to experience a surge in the market in the coming decade.