Rising commoditization is anticipated to bode well for the growth of the global eyewear market over the forecast period of 2018 to 2025. Prevalence of optical deficiencies coupled with growth in geriatric population is projected to further fuel market expansion. Increased screen exposure due to high usage of smartphones, computers, and televisions is a significant cause of eye problems. Consumer awareness regarding prevention of vision issues and availability of fashionable glasses and sunglasses are also projected to positively influence demand in the forthcoming years. Eyewear can offer preventive care, cosmetic enhancement, and vision correction. This versatility of product is poised to drive the adoption of different types of spectacles and contact lenses.
Some of the most common eyesight problems include refractive errors, presbyopia, hyperopia, astigmatism, and myopia. Most of these problems can be corrected with the help of prescription glasses and contact lenses. High prevalence of these vision problems is anticipated to drive the market for eyewear in the years to come. Growing incidence of acute myopia at young age and rising health consciousness are anticipated to boost product demand. Urbanization and rising penetration of smartphone technology and internet connectivity are projected to give rise to eyesight problems. This can create business avenues for the players operation in this market.
Changing lifestyles and nature of work give rise to prolonged exposure to electronic devices. High disposable income coupled with popularity of special sunglass and spectacle frames is anticipated to bode well for the growth. Use of eyewear as fashion accessory and efforts to introduce innovative designs, styles, and functionalities are expected to create business avenues. Popularity of branded and luxury glasses drive product demand. Rising spending capacity of consumers is also projected to promote innovation and revenue generation for key market players. Top brands are capitalizing on the latest sunglasses trends such as super skinny and thin rim frames. Introduction of disposable and cost effective lenses is also anticipated bode well for market growth.
Plano sunglasses, spectacles or prescription glasses, and contact lenses are some of the major types of products that can be found in the market for eyewear. Sunglasses can be available in two major types, namely, polarized and non-polarized. The prescription glasses segment is projected to occupy significant market share in the forthcoming years. Rising consciousness regarding eye health and prevalence of vision problems are anticipated to remain some of the major driving factors. Increasing fashion consciousness among consumers and growth in the number of aging population are also projected to impel demand over the forecast period. Rise in sporting activities is projected to bode well for the demand of polarized Plano sunglasses, especially in North America and Europe.
On the basis of regions, the market for eyewear can be categorized into Europe, North America, Asia Pacific, and rest of the world. Europe is projected to occupy significant market share over the forecast period. High average selling prices, presence of some of the top manufacturers, and strong preference for luxury, branded, and high-end products are projected to drive the regional demand. Demand for UV-protected, anti-reflective, and scratch-resistant products is anticipated to further drive the market in near future. Emerging regions like Asia Pacific are poised to witness rapid expansion in terms of CAGR over the forecast period. Evolving lifestyle, dense population, and rising disposable income are projected to drive the demand. Awareness regarding eye health can further propel regional demand for eyewear in near future.
Luxottica Group, CooperVision Inc., Safilo Group, Bausch + Lomb, Prada, Johnson & Johnson Vision Care and Fielmann AG are some of the top players operating in the eyewear market. Extensive product portfolio is the mark of most key participants. They adopt innovative distribution channels like exclusive online retailing and e-commerce websites to enable consumers gain access to an array of products. Collaborations, innovation, and focus on sophistication in terms of product, material, and latest trends remain priority for the industry manufacturers. For instance, French luxury brand Balenciaga formed new partnership with Kering Eyewear in 2018. This partnership will focus on design, production, development, and distribution of their prescription frames and sunglasses worldwide. The collection is likely to be available through a highly selective distribution channels from early 2019.
Research Support Specialist, USA