New York, Sept. 02, 2022 (GLOBE NEWSWIRE) -- The global eyewear market is expected to surge to a growth of US$ 206.1 Bn by the end of 2032 from its current size of US$ 115.2 Bn.
Reading glasses or spectacles have been around for a while, but over the past several years, prescription sunglasses have become much more popular. The necessity of sunglasses as an outdoor accessory has sparked widespread product innovation. The purpose of polarized sunglasses is to reduce glare from reflective surfaces such as glass, snow, and water. These lenses are mostly used by boaters and those who enjoy fishing, or people who are primarily driving or going outside, as they considerably reduce reflected glare from the water.
Additionally, photo chromatic lenses, which are a pair of eyeglasses and a pair of sunglasses bundled into a single set of frames that automatically darken when one is outdoors and lighten again when the user is indoors, thus offering reflecting adaptability and help short-haul travelers, are attracting a high number of users toward such innovation products and aiding market growth.
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Leading companies are currently moving into other lucrative segments by supplying a variety of products, such as single vision lenses, safety glasses, reading glasses, etc. Companies manufacturing eyeglasses are paying attention to product improvements and product categories in parallel with expanding demand.
Key Takeaways from Market Study
- The worldwide eyeglasses market is moderately concentrated, which gives consumers a fair negotiating power. Key players are establishing their influence with the use of strategic alliances with major international players.
- With a projected growth rate of 32.4% during the forecast period, the segment of optical retailers would see stronger development than other channels.
- When it comes to material, plastic eyewear products command a substantial market share because they offer excellent protection. The use of this material in eyewear goods is anticipated to increase significantly over the next several years.
- When it comes to product categories, sunglasses hold a sizeable market share. It it is projected that manufacturers will spend substantially on product development due to the younger generation's growing fashion consciousness.
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“Eyewear businesses are making several efforts to create environment-responsible products; examples is sunglasses made from ocean plastic debris. For instance, a Japanese company Charmant Inc. has launched glasses made entirely from recycled plastic derived from marine garbage as part of its mission to provide sustainable eyewear,” says an analyst at Persistence Market Research.
Key Market Players
The report presents ground-breaking insights into the eyewear market's competitive environment and analyzes the strategies of manufacturing companies. Some of the key players identified across the value chain include Marchon Eyewear, Inc., Charmant Inc., MAUI JIM, INC., Bausch & Lomb, Cooper Vision, De Rigo Vision S.p.A, Alcon, EssilorLuxottica, HOYA Corporation, Zeiss International, and Johnson & Johnson Vision Care, Inc.
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Know More about Report Inclusions
Persistence Market Research published a new market report on the eyewear market, covering global industry analysis of 2017-2021 and forecasts for 2022 to 2032. This research report provides compelling insights on the basis of product, material, price range, end user, and sales channel, across all major regions of the world.
The report also includes forecast factors and vital macroeconomic factors that are anticipated to boost the growth of the global market. It also addresses the restraints that are projected to hinder market growth, along with the latest trends and potential opportunities in the market.
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