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Global Eyewear Market worth $170 Billion by 2025

  • Published Date: July 30, 2019

According to a new research report by Global Market Insights Inc. the Eyewear Market is estimated to surpass USD 170 billion by 2025. The Optical stores segment accounted for a large share in 2018 and is anticipated to exhibit remarkable growth rate in next few years. Growing consumer awareness towards the significance of eye checkups coupled with increasing purchasing power will propel the market in the forecasted timeframe.

Factors such as hectic lifestyle, favorable demographics, vision deficiencies along with rising eyesight and vision deficiencies, is expected to drive eyewear market growth. Another significant aspect is the continuous exposure to digital displays such as smartphones and tablets has increased vision problems which has further amplified industry demand. Growing applications of corrective eyewear among people to correct refractive errors is anticipated to propel the market demand.

Robust demand for piano sunglasses in the industry is expected to augment the demand for contact lenses, minimizing the dependence on spectacles. Reasonable prices, modality and greater comfort and convenience offered by eyewear products will create greater opportunities for eyewear manufacturers. Moreover, continuously changing prescriptions for eyewear has resulted in increasing renewal of lenses positively influencing the eyewear market share.

Increasing demand for corrective eyewear owing to rising elderly population has resulted in expanding demand for eyewear and changing lifestyle and increasing beauty consciousness among the customers will propel the demand for sunglasses and prescription frames. Rising popularity of progressive lenses owing to its benefits such as clear vision and elimination of image jump will propel the eyewear market growth.

Rapid technological advancements due to significant investments in R&D by leading manufacturers will provide a strong business outlook. Transformation of eyewear producers from unorganized to organized sector coupled with technical developments will propel the eyewear market. Moreover, favorable government policies & regulations pertaining to the reduction of carbon & VOC emission during the manufacturing processes will boost the eyewear market growth.

Browse key industry insights spread across 930 pages with 1649 market data tables & 19 figures & charts from the report, “Eyewear Market 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, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents: https://www.gminsights.com/industry-analysis/eyewear-market

North America holds more than 37% in 2018. Increasing demand for corrective eyewear owing to the rising prevalence of eyesight disorder in children at younger age, specifically in U.S. will drive the demand for market in North America. Increasing occurrence of chronic eye diseases causing vision loss due to uncorrected vision impairment and un-operated cataract will propel the global market. Increasing prevalence for myopia in the region owing to the prolonged usage of gadgets will propel the industry growth in forecasted timeframe.

Spectacles dominated the global eyewear market share, holding over 55% of the volume share in 2018. Strong economic growth and rapid urbanization is surging the demand for designer and branded frames. Further product developments such as lightweight frames along with innovations in eyeglasses offering innovation in eyeglasses offering improved UV protection, fog resistance, and anti-glare properties is augmenting the business expansion.

The contact lenses is projected to be the fastest growing segment by revenue over the forecast timeframe. Product availability in varied usage time options such as daily, monthly, and yearly disposable lens along with improved color options is among the key factors propelling the segment share.  Manufacturers are focusing on factors such as simple to fit, high initial comfort, ease of use, and improving visual acuity.

CR-39 is among the major raw materials and is projected to witness substantial up to 2025. Rising consumer preferences for thin and lightweight eyeglasses material is projected to drive overall eyewear market growth. Key aspects such including enhanced flexibility, cost effectiveness, high durability, along with aesthetic appearance is positively influencing the material demand. Manufacturers are focused on launching new products with superior designs using innovative materials to address the customer requirement.

Eyewear market from optical stores was valued at USD 29 billion in 2018. Optical stores offer ease in eye examinations and consultation services from practiced optometrists as lower costs. Hence, rise in consultation charges from external ophthalmologist is expected to drive the product demand through the distribution channel. Further, the stores offer large product observe high consumer loyalty owing to reasonable process as well as improved post sales service. Also, key advantages such as getting the right fit and fast & easy comparisons is attributing to considerable segmental growth.

Global eyewear industry share is highly competitive owing to the presence of a large number of regional and multinationals players. The key players include Luxxotica, Essilor International S.A., Alcon, Cooper Vision, Fielmann AG, Safilo Group SpA, Johnson & Johnson, De Rigo SpA, Bausch & Lomb, Rodenstock, Hoya Corporation, Carl Zeiss, and Marcolin Eyewear. The key strategies observed among the industry participants include merger & acquisitions, new product development, capacity expansions, and technological innovations to gain competitive advantage. For instance, in January 2019, Cooper Vision acquired Blancard Contact Lenses to enhance its product portfolio.

Authors: Preeti Wadhwani