Dublin, Sept. 14, 2023 (GLOBE NEWSWIRE) -- The "Eyewear Market - Growth, Trends, and Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
The global eyewear market is set to experience robust growth with a projected Compound Annual Growth Rate (CAGR) of 4.95% during 2023-2028. The market's expansion is fueled by a combination of factors, including the growing demand for corrective and prescription-based eyewear, particularly among the aging population. Additionally, changing lifestyle preferences and fashion trends are propelling the eyewear industry forward.
Key Highlights
Aging Population Driving Demand
The geriatric population's increasing need for corrective and prescription-based eyewear is a primary driver for the global eyewear industry. As people age, the risk of developing eye diseases that lead to low vision also rises. Consequently, the demand for eyewear products is growing, particularly to address visual impairments associated with aging.
Consumer Proactivity and Market Expansion
Consumers' proactive approach to eyewear is creating opportunities for manufacturers and retailers to broaden their customer base. However, the industry's growth is hindered by limited access to affordable eye care solutions, especially in marginalized economies.
Online Retailing and Marketing
E-commerce and online advertising are becoming increasingly popular as key players implement online marketing and promotional activities. This approach not only offers customers easy access but also helps vendors reduce operational costs. This trend is expected to boost eyewear sales through online platforms.
Eyewear Market Trends
Sports Sunglasses on the Rise
With more people adopting sports and fitness activities, the demand for sports sunglasses is growing. The popularity of outdoor activities, such as hiking and endurance sports, is contributing to the rising sales of sports eyewear. Major sporting events like the Tour de France and Ironman have also led to increased demand for sports sunglasses.
Asia-Pacific's Fashion-Driven Growth
In the Asia-Pacific region, changing consumer perceptions have shifted eyewear from function to fashion. As economies grow and purchasing power increases, eyewear is being embraced as a fashion statement. China, a leading manufacturer of spectacles, is witnessing significant potential due to its large consumer base and high rates of myopia.
Competitor Analysis
While the eyewear market is fragmented, key players like Safilo Group and Essilor International are gaining revenue share in developing economies. Strategies adopted by these players include product innovation, partnerships, joint ventures, and expansion. Technological innovation through new ventures, partnerships, or acquisitions is also a notable trend among industry leaders.
A selection of Companies mentioned in this report includes
- Fielmann AG
- Safilo Group S.p.A.
- EssilorLuxottica SA
- The Cooper Companies, Inc.
- Johnson & Johnson Services, Inc.
- De Rigo Vision SpA
- Carl-Zeiss-Stiftung
- Charmant Group
- Alcon Laboratories Inc.
- Burberry Group PLC
- Bausch Health Companies Inc.
For more information about this report visit https://www.researchandmarkets.com/r/hjyoy7
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