Eyewear Market Headed for Growth and Global Expansion by 2025
Eyewear is anything which one wears to protect the eyes or to correct the vision. It could be of different types depending on the quality, size, material, and frame. The demand for eyewear is increasing globally. People are becoming more aware and have realized the importance of regular eye checkup/examination. As a result, demand for corrective eyewear, such as contact lenses and spectacles is increasing. Also, a number of people wear it just to make a fashion statement or because it looks good on them.
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Eyewear Market Segmentation
The global eyewear market can be segmented into spectacles, contact lenses and sunglasses. Spectacles, which includes frames as well as lenses, are the preferred choice for visual inaccuracies such as hyperopia and myopia. Frames cost significantly more than the lenses, but their replacement rate is lesser. Frames can be made of different materials like nylon, plastic, metal, etc. Contact lenses can be of two types, soft contact lenses: which are easily adaptable to the eyes, and rigid gas permeable lenses: which is mainly used for correcting astigmatism.
Contact lenses are also used for cosmetic purposes or to look glamorous (example colored contact lenses). Great care should be taken while wearing lenses and they should be changed when required, or else it can lead to a condition known as contact lens-induced acute red eye (CLARE).
Globally, the demand for eyewear market is robust in North America. Europe and Asia Pacific are the other dominant regions for the eyewear market. It is anticipated that the eyewear market will witness steady growth in these regions in the future as well.
Eyewear Market Dynamics
The growth is expected to be driven by lifestyle changes due to growing urbanization, acceptance of eyewear products, high number of individuals using corrective eyewear, increased usage of silicon hydrogel, and growing ageing population. The growth of the industry can be hindered by price differentiation between branded and unbranded frames, sale of illegal novelty contact lenses, and the challenging local conditions in various countries.
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Eyewear Market: Key Players
Major players in the industry are Carl Zeiss AG, Essilor, Luxottica, Safilo Group, Acuvue, and Crizal. Distribution channels include retail chains, independent stores, drugstores, mass merchandisers as well as specialty stores. Notable retail stores include Sunglass Hut, Oliver Peoples, Sun Planet and Sunglass Icon.
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