Eyewear Market Overview:
Eyewear Market is expected to garner $141.3 billion by 2020, registering a CAGR of 8.1% during the forecast period 2015-2020. Eyewear comprises accessories that are worn over the eyes for vision correction or to protect eyes from debris, harmful radiations or excessive light. Eyewear includes spectacles, lenses and sunglasses worn for vision correction or protection of eyes from harmful UV lights and dust particles. Factors such as increasing life span, growing geriatric population, and changing fashion trends have fostered the demand for eyewear, worldwide. In the present scenario, consumers not only wear eyewear for vision correction, but also for enhancing one’s appearance. Numerous market players offer innovative spectacles and lenses, owing to technological advancements and availability of lightweight materials. Emerging countries, such as India, China are exhibiting a rapid growth in the eyewear market.
Key Impacting Factors
Growing visual deficiency and eye defects
Growing visual impairment and need for vision correction have resulted in increased demand for eyewear. Presently, the younger generation is more inclined towards digital devices, spending most of their time on digital devices, such as mobile, laptops and video games. Moreover, health concerns such as diabetes also affect vision of people, resulting in blindness. Thus, people suffering from diabetes, need to undergo regular eye checkups to avoid vision problems. Hence, growing visual deficiencies and vision impairments would affect the growth of the eyewear market, during the forecast period.
Rising living standards and growing fashion trend
The growing disposable income has encouraged people to buy quality eyewear products that are in perfect amalgamation with their increasing living standards. Moreover, people are now opting for trendy and designer sunglasses according to latest trends prevailing in the market. Youth prefer to don contact lenses in an effort to accentuate their overall appearance. Thus, lofty living standards and increasing fashion consciousness, would contribute to the growth of the eyewear market, thereby positively affecting the market growth.
Collaborations between different institutions to mitigate vision disorder in rural areas
Conscious efforts are now being put into standardization of medical and vision care facilities in rural areas, in a bid to reduce eyesight related issues. Governments in various countries in partnership with different organizations are initiating programs to provide reasonable eye care facilities to the rural population. With such initiatives in place, rural population would benefit from efficient healthcare and eye care facilities. Thus, these collaborations with different institutions would drive the growth of eyewear market.
Extended live expectancy and ageing population are major factors boosting the growth of eyewear market. Old aged people tend to experience a wide gamut of vision related problems such as presbyopia and cataract, thereby fostering an increasing demand for eyewear.
The world eyewear market is segmented based on product type, end user, mode of sale and geography. By product type, the market is segmented into prescription glasses/spectacles, sunglasses and contact lenses. The end users include men and women, and the mode of sale comprised retail and online stores.
In the end user segment, men’s segment occupied a dominant share of the market in 2014. However, the women’s eyewear segment is expected to grow rapidly, registering a CAGR of 8.7% during the forecast period. The growth of this segment would be driven by the growing number of working female population and the resultant economic independency. Moreover, market players are also launching new variety of eyewear to cater to the fashion conscious female segment.
The prescription glasses/spectacle category occupies a major revenue share in the eyewear market and this trend is likely to continue during 2015‐2020. The retail mode of sales segment accounted for 89.7% share of the global eyewear market in 2014. However, the online store would be the fastest growing segment, registering a CAGR of 14.1% during the forecast period.
The key companies profiled in the report, include Carl Zeiss AG, Essilor International S.A., Grand Vision, Johnson & Johnson, Inc., Safilo Group S.p.A., Prada S.p.A., Luxottica Group S.p.A., Valeant Pharmaceuticals, Cooper Vision, Inc. and Fielmann AG. These players adopt different strategies to remain competitive in the market.
Prominent companies in the market have adopted various growth strategies, such as acquisition and product launch, to sustain themselves amidst intense market competition. In 2015, Johnson & Johnson Vision Care, Inc. launched a new pair of contact lens with tear infused design. Johnson & Johnson’s ACUVUE OASYS Brand Contact Lenses 1-Day with HydraLuxe technology facilitates a clear vision throughout the day. The key companies profiled in the report, include Carl Zeiss AG, Essilor International S.A., Grand Vision, Johnson & Johnson, Inc., Safilo Group S.p.A., Prada S.p.A., Luxottica Group S.p.A., Valeant Pharmaceuticals, Cooper Vision, Inc. and Fielmann AG.
- This report provides market estimates and forecasts of the global eyewear market for the period 2014 - 2020.
- Market intelligence for key developmental strategies adopted by top companies are explained with impact analysis.
- Detailed analysis of the key market segments such as segments such as product type, end user, mode of sale and geography; provides a comprehensive understanding of the market.
- Emphasis is laid on key factors affecting the growth of eyewear market. These factors are critically analyzed to reveal the most influencing factors.
- Competitive intelligence highlights the business practices followed by leading players across various regions.
Global Eyewear Market Segmentation:
The world eyewear market is segmented based on product type, end user, mode of sale and geography:
- Prescription glasses/Spectacles
- Contact Lenses
Mode of Sale
- Retail Stores
- Online Stores
- North America