Eyewear Market Analysis

Eyewear Market Analysis

Spectacles dominated the global eyewear market share, accounting at over 55% of the global volume demand in 2018 owing to the introduction of innovative designs supported by growth in online distribution segment. Further, transformation in the spectacle lenses technology including development of lenses with resistance to fog, smudge, scratch and UV rays will generate new growth opportunities./p>

Plano sunglasses is anticipated to witness significant gains at over 6.5% annually up to 2025. Factors such as rapid urbanization, economic growth, expansion in the distribution network, increasing influence social media, innovations in design and lens of sunglasses will foster the eyewear market segment. Strong investments in online marketing & advertising are also among the primary drivers for business expansion. Further, celebrity endorsements are among the key branding strategies adopted by the key manufacturers. Shifting preferences toward multipurpose sunglasses, need for anti-glare and ultraviolet radiation, and changing consumer lifestyles will drive the plano sunglasses industry expansion./p>

Metal-based eyewear is expected to surpass USD 52 billion by 2025. Product availability in varied metallic material options such as titanium, nickel, stainless steel, and beryllium offers flexibility in design and contributes to achieving the required characteristics. Key features such as slimness along with lightweight properties, premium designer look, superior product finishing and better aesthetic appearance with enhanced durability is fueling the eyewear market growth.  Monel is the most widely used metal in the spectacle frames production, accounting for over 20% share in 2018./p>

Optical stores accounted at over 23% of the global eyewear market share in 2018. Shifting consumer preference towards after-sales service is among the key aspects driving the product sales through the segment. In addition, the optical stores provide product variety ranging from economical brands to premium products, thus influencing the consumer buying decision. Many optical stores provide free or low-cost check-ups from trained optometrists. Henceforth, these stores are expected to be the most preferred distribution channel by customers to procure eyeglasses as they can receive a wide range of services including eye examinations and consultation services.
 

Online stores are projected to witness around 6% CAGR up to 2025. Shifting preference towards online shopping owing to busier lifestyles is propelling the eyewear market share. Technological advancements in the industry such as the launch of visualization tools to try on products online are driving the product sales through online stores. Online websites offer convenience and are working on reducing the delivery time which is anticipated to propel the industry landscape. Also, these stores offer products at low prices and promote their products through the digital network by offering large discounts.
 

North America accounted for more than 37% revenue share in 2018. High disposable incomes accompanied by the existence of leading brands in the region are among the key factors augmenting the eyewear market sales. Inclination towards for premium eyewear products is high among the consumers. Leading manufacturers in the region offer designer frames and high-end glasses. Further, prolonged usage of gadgets along with hectic lifestyle is the major driving factor propelling product penetration.
 

Asia Pacific is the fastest growing region observing over 5.5% CAGR from 2019 to 2025. Increase in preference for branded products along with product availability at lower costs is fueling the business development. Growing youth population and improved standard of living will boost demand for fashionable eyewear products. Also, countries such as China and India observe an increasing count of people suffering from eye defects such as myopia and hypermetropia. Product innovation in designs, as well as improved optical solutions, will boost the eyewear market segmentation over the projected timeline.