Eyewear Market Size By Product (Spectacles [By Product {Frame (By Material [Plastic, Metal]), Lenses (By Material [Polycarbonate, Plastic, Polyurethane, Trivex])}], Contact Lenses [By Product {RGP, Soft Contact, Hybrid Contact}, By Material {Silicone, PMMA, Polymer}], Plano Sunglasses [By Product {Polarized, Non-Polarized}, By Material {CR-39, Polycarbonate}]), By Distribution Channel [Optical Stores, Independent Brand Showrooms, Online Stores, Retail Stores] Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, Poland, Sweden, Switzerland, Norway, Belgium, Bulgaria, India, Japan, China, South Korea, Thailand, Indonesia, Malaysia, Vietnam, Taiwan, Singapore, Brazil, Mexico, Argentina, South Africa, Saudi Arabia, UAE, Egypt, Tunisia), Competitive Market Share & Forecast, 2017 – 2024

Published Date: July 2017 | 260 Pages | Report ID: GMI119 Report Format: PDF

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Summary Table of Contents Industry Coverage Methodology

Industry Trends

Eyewear Market size was worth over USD 110 billion in 2016 and is set to exceed 1.3 billion units by 2024.
 

Europe Eyewear Market Size, By Product, 2016, 2020 & 2024 (Million Units)
Europe Eyewear Market Size, By Product, 2016, 2020 & 2024 (Million Units)

 

 

Favorable demographics, hectic lifestyles accompanied by increasing chronic eye diseases is anticipated to drive the eyewear market size. Cataracts, glaucoma and uncorrected refractive errors are most common causes of visual impairment. As per analysis, about 20% of world's population is aged 50 and above. As per WHO estimation, globally more than 285 million individuals are visually impaired where 246 million have low vision and 39 million are blind.
 

Globally, longer usage of tablets and smartphones has increased the risk of vision problems such as myopia, astigmatism, hypermetropia/hyperopia, and presbyopia. This will further drive eyewear industry demand over the forecast period.
 

Increasing demand for accessories to correct refractive errors is expected to boost market growth. Rising awareness among consumers regarding the necessity of regular eye checkups will positively support the eyewear industry size.
 

Ongoing fashion trends coupled with a shift in consumer lifestyle will support the industry growth. Consumers transition from health to fashion conscious has spurred demand for luxurious and branded products. Increasing spending on luxury eyewear owing to rising disposable income will favor product demand over the forecast period.
 

New technological developments will accelerate the production at lower cost. Manufacturers are targeting customer with affordable price and on a larger scale. Increasing eye care community efforts to bring better vision to the world will support product penetration over the forecast period.
 

Medical advances in laser vision correction procedures for permanent vision such as PRK (photorefractive keratectomy) and LASIK (laser-assisted in situ keratomileusis) are expected to hamper the product demand. However, these surgeries have a low degree of acceptance owing to high onetime cost.
 

Eyewear Market, By Product

Spectacles accounted for over 55% of the overall eyewear market share in 2016. Rising preference for high quality lenses along with increasing specs replacement demand will fuel industry growth. Change in fashion along with alteration in corrective lenses will remain a key factor fueling product demand.

 

Frames are estimated to surpass USD 60 million by 2024 with premium frames being the fastest growing segment. Increase in consumer purchasing power and willingness to upgrade lifestyle will play a key role influencing demand for this segment.

 

Contact lens will witness over 3% CAGR up to 2024, easy product accessibility at competitive price due to retail industry expansion will support market growth. Disposable lenses are predicted to be the most lucrative segment in the coming years.
 

Eyewear Market, By Material

Metal is expected to surpass USD 30 billion by 2024. Increasing preference for thin and lightweight material is anticipated to propel demand. Flexibility and durability along with aesthetic appearance are among the key features driving product penetration.
 

Monel is the most common metal frame used globally and estimated to hold 18% of industry share in 2016. It is a mixture of many different materials as a result fairly corrosion resistant and is malleable enough to be durable and adjustable.
 

Trivex are expected to grow at over 3.5% up to 2024. Increasing material demand owing to UV radiation absorption and impact-resistant properties will fuel the product demand.
 

Eyewear Market, By Distribution Channel

Optical stores accounted for over 25% of the industry share in 2016. Easy eye examination availability and consultation services are the key factors driving highest demand in this segment.
 

Online stores will witness growth over 5% up to 2024.  Shift in consumer preference toward online purchasing and booming e-commerce will enhance product sales. Shopping experience, convenient home delivery, and competitive pricing are the major factors driving product sale through this channel.

 

Eyewear Market, By Region

Europe, driven by Germany and UK accounted for over 25% of the global eyewear demand in 2016. Increase in geriatric population in the region will benefit product demand. According to Eurostat, the region accounts for more than 18% of the population aged over 65 in 2016.
 

China eyewear industry holds more than 30% of the APAC market share. Upsurge in demand for fashionable accessories owing to growing population and high standard of living will propel regional industry growth. Consumer preference for disposable lenses for hygiene and convenience reasons will surge product demand.
 

LATAM is expected to witness around 4.5% CAGR up to 2024, with Brazil and Mexico being the major contributor. Brazil will account for a major industry share with increasing prevalence of international brands, will foster eyewear market growth in the region.
 

Competitive Market Share

Global eyewear market share is competitive in nature owing to the presence of considerable number of manufacturers. Key players in the market are 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.
 

Companies are investing heavily on the branding of new products in emerging markets. Industry manufacturers are expected to expand production capacity, improve quality standards to boost sales. Product cost and quality are key buying criteria for eyewear. Companies are expected to launch products at affordable price tag making the global market highly competitive.

 

Eyewear Industry Background

Eyewear are accessories, worn on the eyes such as spectacles, contact lenses, and sunglasses to improve or enhance visual acuity, protect against harsh environment, and for fashion purposes. Growing consciousness among consumer about the importance of regular eye checkup and proper eye protection will support industry growth over the forecast period.
 

Government bodies have taken the initiative to prevent growing visual impairment through the provision of comprehensive eye care services. WHO collaborated with many international partners to ensure availability of good quality eye care solutions to the people in need.
 

 


What Information does this report contain?

What was the historic market data from 2013 to 2016, what is the industry growth forecast from 2017 to 2024?
A detailed analysis of regulatory trends, growth drivers, industry pitfalls, challenges and opportunities for participants
Which are the leading market products, applications & regions and how will they perform by 2024?
What are the technology & innovation trends, how will they evolve by 2024?
Which companies lead the industry, how are they positioned in the market in terms of sustainability, competency, production capacity and strategic outlook?


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