New York, NY, April 20, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Eyewear Market by Product (Spectacles, Sunglasses, Contact Lenses and Sportswear), and by Distribution Channel for Optical Stores, Independent Brand Showrooms, Online Stores, and Retail Stores: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 - 2023”. According to the report, global eyewear market was valued at approximately USD 117.02 billion in 2017 and is expected to generate revenue of around USD 182.42 billion by end of 2023, growing at a CAGR of around 7.68% between 2017 and 2023.
The rise in disposable income has resulted in the increased purchase of eyeglasses, especially spectacle frames and sunglasses, which are perceived as a fashion accessory. Consumers are likely to buy a new set of eyeglasses and replace the old ones. Furthermore, the growing preferences of luxury and branded sunglasses are contributing significantly to the eyewear demand. Consumers are exhibiting preferences towards the premium product segment and are willing to spend more on these products. Vendors have introduced innovative eyewear products to cater to various needs of the customers.
Browse through 47 Tables & 18 Figures spread over 110 Pages and in-depth TOC on "Global Eyewear Market: Industry Type, Size, Share, Trends and Forecast 2016 – 2022”.
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The increasing demand for premium eyeglasses and sunglasses among the customers is growing in the European countries such as Germany, UK, France, and Spain. The personalization of eyewear products and services has helped the small eyewear marketers to develop long-term relationships with customers and encourage repeat business for the company. Additionally, the eyewear manufacturers are increasingly focusing on the development of eyeglasses and sunglasses in new styles, shapes, and sizes. This continuous improvisation has provided the consumers with more product options.
The eyewear market is segmented on the basis of product type into spectacles, sunglasses, contact lenses and sportswear. Spectacle holds the dominant share in the global eyewear market due to rising geriatric population and increasing prevalence of visual disorders being major factors. For instance, according to the WHO, about half of all 65-year-old Americans had some degree of cataract formation in their eyes with the percentage higher among 70-year-olds in 2016. The WHO estimates around 2 billion people across the world are expected to cross 60 years of age by 2050, which is triple that in 2000. This is expected to lead to rising demand for spectacles. Thus being one of the major drivers for the growth of the spectacles segment in the overall market.
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North America is the most profitable region in the global eyewear market owing to high disposable income of people in the region. While eyewear is mostly available with a higher price tag in developed economies, the fondness of consumers toward procuring premium commodities is supporting the market’s growth in this region.
Europe is the most dominant market in terms of revenue share and is expected to continue its dominance over the forecast period due to high demand for eyewear, especially for premium sunglasses coupled with the presence of major eyewear manufacturers such as Luxottica and Safilo in Europe. End-users are increasing adopting scratch proof, anti-reflective, and UV protective eyewear resulting in an increasing demand for eyewear in this region.
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The Asia-Pacific market is projected to have the highest CAGR during the forecast period. The reason being is penetration of international eyewear brands such as Rayban, Dior, and D&G in this region. Apart from this, the large population suffering from visual defects coupled with a low usage of visual correction aids provides the manufacturers with a huge untapped market. For instance, according to the Asia Pacific Optometrists Organization, India in 2014 approximately 150 million people in India required spectacles but did not have access to them.
Latin America and the Middle East and Africa are anticipated to exhibit high growth rates. Brazil accounts for a major industry share with increasing prevalence of international brands fostering eyewear market growth in this region followed by which is Saudi Arabia and UAE countries.
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North America, Europe, Asia-Pacific, Latin America and Middle East & Africa are key regional segments of global eyewear market. Europe is the largest to led the eyewear market primarily due to high average selling prices for the eyewear products and a strong inclination toward premium category. Premium buyers are increasingly opting for scratch-resistant, anti-reflective, and UV protected eyewear products, which is proliferating the demand for eyewear in this region. Further, the presence of major eyewear vendors such as Safilo and Luxottica has led the dominance of European market in the global industry
Some of the key players in eyewear market include Carl Zeiss, Bausch & Lomb, Charmant Group, CIBA Vision (Alcon), Chemilens, Daemyung, Cooper Vision, Fielmann, Essilor International, Hoya, Johnson & Rodenstock, Johnson Vision Care and Seiko. Other prominent players are De Rigo SpA., Luxottica Group, Marchon, Marcolin, and Safilo Group.
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This report segments the global eyewear market as follows:
Global Eyewear Market: Product Type Segment Analysis
- Spectacles
- Sunglasses
- Contact Lenses
- Sportswear
Global Eyewear Market: Distribution Channel Segment Analysis
- Optical Stores
- Independent Brand Showrooms
- Online Stores
- Retail Stores
Global Eyewear Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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