As per the recent TMR report, the global eyewear market was valued at US$ 155,652.3 Mn in 2018 and is forecasted to expand at a CAGR of 8.30 % from 2019 to 2027.It is estimated to reach a value of US$ 319,015.5 Mn by 2027.
In terms of geography, the global eyewear market is segmented into five major regions namely North America, Asia Pacific, Europe, South America and the Middle East and Africa. North America currently holds the lead in the global eyewear market. In the near future as well the regional market is anticipated to rise at steady pace. This due to rising disposable income of people in the region. On the basis of segments online segment to report a higher CAGR during the course of the forecast period.
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Change In Fashion Trends To Boost The Growth of Global Eyewear Market
Ongoing fashion trends of wearing designer eyewear has emerged as one unconventional drivers of the global eyewear market. The trend is mainly because of the changing lifestyle of the consumers owing to the rising disposable income of the consumers. The growing inclination of the consumers of towards branded eyewear products will pave way for the market to capitalize on lucrative prospect. Siting the trend, the key players of the global market trying to lure the customer with designer and cost effective product launches. While, majority of the companies adopting product branding approach to seek customer attention.
Increasing Investment By Eyewear Manufacturing Process Will Lead To Technical Advancements And Transition
Owing to the strong presence of multiple prominent eye wear players such as Magrabi, Signature, Fielmann, Luxottica, Safilo. Zeiss International and Essilor International, the degree of competition in the global eyewear market is high. All the players are continuously investing in current market to enhance their market presence. Luxottica and Essilor International agreed upon the investment of US$ 49 Bn merger to build a global eyewear powerhouse with annual revenue of more than US$ 16.5 bn to collaborate on eyewear business with Marcolin.
High level of fragmentation on account of presence of plethora of companies is expected to shape the competitive contours of the global eyewear market, finds Transparency Market Research (TMR). Some of the predominant players present in the global eyewear marker are Bausch & Lomb Inc., Essilor International, Luxottica Group S.p.A., Zeiss International, Marchon Eyewear and Johnson & Johnson Vision Care. Major players in the market are focusing on product innovation and acquisitions along with partnerships to expand their business.
The global eyewear market is segmented based on:
Global Eyewear Market, By Product Type
- Spectacles
- Spectacle Lenses
- Spectacle Frames
- Contact Lenses
- Soft Contact Lenses
- Rigid Contact Lenses
- Sunglasses
- Polarized Sunglasses
- Non-Polarized Sunglasses
Global Eyewear Market, By Distribution
- Online Channel
- Offline Channel
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In the end, Eyewear industry report specifics the major regions, market scenarios with the product price, volume, supply, revenue, production, and market growth rate, demand, forecast and so on. This report also presents SWOT analysis, investment feasibility analysis, and investment return analysis.
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