Eyewear Market - Growth, Trends, and Forecast (2020 - 2025)

Eyewear Market - Growth, Trends, and Forecast (2020 - 2025)

  • March 2020 •
  • 152 pages •
  • Report ID: 5786685 •
  • Format: PDF
The global eyewear market is forecasted to grow at a CAGR of 4.69% during the forecast period (2019 - 2024).

- The proactive approach of consumers is providing opportunities for eyewear manufacturers and retailers to expand their consumer base. A major roadblock in the sustainable growth of the eyewear industry is the stark divide in the access of advanced, affordable, and effective eye care solutions, especially in the marginalized economies.
- E-retailing and online advertising are gaining huge popularity across the world as the key players are aggressively implementing their online marketing and promotional activities. Online marketing and promotion does not only provide customers with easy access but also helps vendors reduce operational costs. This factor is likely to boost the sales of eyewear through an online platform in the upcoming years.

Key Market Trends
Spectacles Segment to Witness Significant Growth

The growth of the corrective glasses segment is mainly driven by the increasing population suffering from refractive errors, raising awareness, and the cost-effectiveness of eye care devices over refractive surgeries. Moreover, the occurrence of myopia is higher, around 70-90%, in some Asian countries. Compared to men, females are at a higher risk of developing refractive errors. All these factors are together responsible for driving the growth of the corrective glasses industry all over the world. Increasing acute myopia among young consumers and growing awareness about eye health are likely to drive the growth of the market during the forecast period. The significant growth in smartphone and computer users is intensifying the cases of computer vision syndrome (CVS), which is caused due to focusing the eyes on a laptop or other display devices for a long time. This factor has also been influencing the sales of corrective eyewear from the past few years.

Asia-Pacific is Likely to Experience the Highest Growth Rate

A paradigm shift has been observed in the Asia-Pacific region where the consumer perception for eyewear is changing from function to fashion. Attributed to the growing economy and increasing purchasing power, the consumers in the region are buying eyewear as a fashion statement as well. By country, China emerges as the world’s leading manufacturer of spectacles along with the largest potential consumer base. They also have the highest population rate with myopia, which suggests a huge potential for the spectacles market. Some of the major players in the market are Luxottica, Johnson and Johnson, Hoya Corp, and others who are competing on the basis of the number of in-house and licensed brands, price range, product variants of each brand, type of glasses, and other parameters.

Competitive Landscape
The market is fragmented, however key players such as Luxottica Group SpA, Safilo Group, and Essilor International are witnessing gain in revenue share across developing economies. The most adopted strategies of the key players are product innovation and development, followed by partnerships/joint ventures, and expansion. Moreover, companies are investing significantly in technology-based innovative solution through new ventures, partnerships, or acquisitions. For instance, Fielmann Ventures GmbH’s recent acquisition of the shares (20%) in augmented reality specialist, FittingBox SA, as part of a capital increase.

Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support

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