The eyewear market is projected to witness notable growth especially in these covid19 lockdown and unlock times where people are mostly glued to their entertainment units such as tablets, laptops, television sets, and mobile phones. The imposition of stringent lockdowns worldwide has led to closure of retail stores and ophthalmic clinics. This caused some challenges and decline in growth rate for the eyewear market on a global level. However, the imposition of artificial intelligence and use of augmented reality apps that helps consumers to choose eyewear of their choice online is likely to fuel growth of this market in the coming years.
Online Channel sales is holding Highest Share On account of Recent imposition of Lockdown during the COVID19 Pandemic
With respect to segmentation by distribution, the global market for eyewear is bifurcated into online and offline channel. Previously, the offline channel gained the larger share on account of the number of small, medium, and large companies with their local, and international branches. But due to the recent pandemic of the coronavirus and mass number of deaths worldwide, all nations imposed stringent regulations on the business and retail sector. The fact that people were house-arrested and didn’t have the option to go out for their ocular check-ups, various manufacturers transferred their marketing and advertising to online sales channels, thereby attracting handsome revenues for themselves.
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As per the report by Transparency Market Research, the global eyewear market was valued at USD 255,652.3 million in 2018 and is projected to reach USD 319, 015.5 Million by the end of 2027 by rising at a CAGR of 8.30%.
Continuous Exposure to Digital Screens will Increase Number of Ocular Diseases, thereby Boosting Growth
Eyewear products not only helps to correct vision but also protects the eyes from various external factors such as harmful radiation, sunrays, digital screens, light and debris, and others. They are also recommended for patients with migraine issues or strain. Continuous exposure to tablets, smartphones, and laptops can also result in vision disorders or migraine. The product used for the production of eyewear such as contact lens, frames, and spectacles is usually made of plastic, glass, or carbon fiber. The increasing prevalence of vision impairment such as farsightedness or nearsightedness among people of all categories especially the aged and children is considered a prime factor augmenting the growth of the global eyewear market.
The key objective of eyewear products is basically to protect from harmful ultraviolet rays and correct vision. People with eye disorders such as astigmatism, hypermetropia, and myopia consist of a large consumer base for eyewear products. The advent of artificial intelligence for the employment of external and internal sensors to collect patient data and other varied information is also expected to help this market gain traction in the coming years.
Increasing Use of Eyewear to Alleviate Fashion Trends will Bode Well for Market
Besides being a necessary product for vision, eyewear is being sold at a rapid pace worldwide on account of the currently emerging fashion trends. The growing fashion trends have adopted eye wear of different shapes and colors as a fashion statement and a mass number of millennial are following this trend. This ultimately boosts the overall growth of the eyewear market and is likely to continue doing so in the future as well. As of now, eyewear products are available in various shapes, sizes, colors and in various forms such as spectacles, contact lenses, and sunglasses.
3D Printing Techniques Adopted by Manufacturers will Further Gain Traction for Market
Manufacturers of eyewear products are indulging in 3D printing of sunglasses and spectacles to cater to the increasing demand from social media application users and influencers. Vividly changing fashion style and statements have propelled companies to enlarge their brand presence and reach consumers all across the globe. Apart from this, manufacturers of the eyewear market are also indulging in merger and collaborations for extending their brand presence on the one hand and sharing the expense and marketing strategies on the other.
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At present, Johnsons and Johnson Services Inc. is holding the largest share in the overall eyewear market on account of its high sales of contact lenses. This is followed by Bausch and Lomb owing to their high sales of multifocal and toric contact lenses and sunglasses. Product innovation and quality control are the two key measures propelling the growth of this market. The worldwide implementation of online and retail stores for eyewear products is further expected to augment the growth of the overall market in the coming years.
Some of the significant players of the global eyewear market include:
- De Rigo S.p.A
- Fielmann AG
- Bausch & Lomb Inc.
- Zeiss International
- Luxottica Group S.Pa.
- HOYA Corporation
- Marchon Eyewear Inc.,
- Johnson & Johnson Vision Care Inc.
- Essilor International
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