The
global eyewear market is expected to reach USD 142.18 billion by 2020, growing
at a CAGR of over 6% from 2014 to 2020.
Rising
population along with increasing number of visual deficiencies is projected to
accentuate the eyewear market growth over the forecast period. Further, rising
awareness about the importance of regular eye examination is expected to boost
the demand for spectacles and contact lenses.
Advancements
in lens materials have resulted in varied new design with enhanced quality,
style and aesthetic appeal. Further, frames and sunglasses being perceived as
fashion products and facial accessory is projected to positively impact the
eyewear market over the forecast period.
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Rising
advent of internet and growing popularity of e-commerce for selling eyewear
products is estimated to expand the retailing reach of products across the
globe. Additionally, up surge in demand for popular-priced sunglasses combined
with robust growth outlook for plastic frames and lenses is projected to drive
the industry demand.
Corrective
contact lenses find its application in compensating for visual deficiencies
along with correcting refractive errors including presbyopia, astigmatism,
hypermetropia and myopia which is expected to augment the industry demand. However,
increasing acceptance towards vision corrective alternatives can act a
restraint for the industry growth.
The
industry can be classified by product into spectacles, contact lenses and plano
sunglasses. The plano sunglasses market is estimated to exceed USD 19 billion by
2020, growing at a highest CAGR of over 8% from 2014 to 2020. Increase in
demand for sunglasses as cosmetic asset and rising implementation of
polarization technology in high-end segment is projected to drive the industry.
The
global contact lenses market can be further sub-categorized into hybrid, soft
and RGP contact lenses. Soft contact lenses offer high degree of comfort and
flexibility along with allowing more oxygen to pass through the user’s cornea. These
lenses are expected to grow at considerable growth rate of 6.9% from 2014 to
2020. Rising incidences of ophthalmic disorders owing to the changes in
lifestyle and increasing aging population is anticipated to further elevate the
industry demand.
Asia
Pacific is projected to be the fastest region, growing at a CAGR of 8.8% from 2014
to 2020. Increasing wearable base coupled with rising purchasing power is
driving industry growth in this region. North America dominated the eyewear industry
in 2013. High degree of awareness about eye examination and considerate demand
for plane sunglasses are projected to amplify industry growth in this region.
The
presence of notable industry participants including Luxottica and Safilo which
own a considerate number of licensed and in-house brands is estimated to
positively impact the European region.
Key
vendors in the industry include CIBA Vision,
CooperVision,, Bausch & Lomb, Marchon, Luxottica, Fielmann, Safilo and
Charmant. The industry participants are developing efficient distribution
channel along with vertical integration strategies to excel in the industry.
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