The global eyewear market is expected to grow owing to factors such as high disposable income, increasing prevalence of eye disorders and growing demand for luxury sunglasses among the youth. Furthermore, growing consumer demand for eyewear products and increasing myopia rates among others has led to an increase in spectacles market. Furthermore, rise in percentage of population who can afford luxury goods, and increasing disposable income are major driving force for the expansion of the eyewear market. 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.
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Rising prevalence of acute myopia at younger ages
Myopia is an eye related prevalent disorders which is highly associated with comorbidities which increases risk of irreversible loss of vision and austere, such as retinal detachment, sub retinal neovascularization, dense cataract. Myopia prevalence was over 6.1% among children in 2018 and this disorder at younger ages in Global is expected to fuel the demand for eye wear market between 2019 and 2027
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Sales Through Online Channel Is Expected To Boost The Market Growth
In terms of distribution, the market is classified into online channel and offline channel. Offline channel was the largest segment of the eyewear market in 2018. Online channel segment is expected to grow rapidly during the forecast period due to strong distribution network. The global eye market has been segmented on the basis of product type, distribution and geography. On the basis of product type, the market is segmented into Spectacles, Contact Lenses and Sunglasses. Spectacles has been further sub-divided into Spectacle Lenses and Spectacle Frames. Contact Lenses can be sub-segmented into Soft Contact Lenses and Rigid Contact Lenses. On the basis of Sunglasses, the market is segmented into Polarized Sunglasses and Non-Polarized Sunglasses. The global eyewear market by Sunglasses is expected to be attractive for polarized sunglasses during the forecast period.
Asia Pacific is Expected to Be The Fastest Growing Market
In terms of geography, the market is segmented into five regions namely North America, Europe, Asia Pacific, Middle East and Africa and South America. Asia Pacific accounted for the highest market share in eyewear market and is expected to grow at at a higher CAGR in coming years. The primary drivers for the growth of eyewear market in Asia Pacific region are higher GDP rate, consumer demographics, and preference for luxury brand. Middle East & Africa are also anticipated to grow at a higher rate during the forecast period due to the rise in mall based eyewear stores and increasing impact of ecommerce players in consumer buying behavior.
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In last few years, organizations have changed their business models in order to incorporate the changes in demand and regulations. Major companies are focusing on product innovation and acquisitions along with partnerships to expand their business. Major eye market players profiled in the report include
- Luxottica Group S.p.A.
- Essilor International
- Zeiss International
- Johnson & Johnson Vision Care, Inc.
- Bausch & Lomb Inc.
- Marchon Eyewear, Inc.
- Fielmann AG
- HOYA Corporation
- De Rigo S.p.A
- Zeiss International.
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