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Eyewear Market Insight and Forecast By 2026 With Top Vendors Luxottica Group S.p.A, Valeant Pharmaceuticals International Inc., Fielmann A.G., CooperVision Inc., Safilo Group S.p.A., Carl Zeiss A.G. and Essilor International

03-27-2019 11:52 PM CET | Fashion, Lifestyle, Trends

Press release from: Worldwide Market Reports

Eyewear Market

Eyewear Market

Eyewear is an important accessory that aid in numerous visual defects such as myopia and hyperopia. Apart from this, it is used as a fashion accessory and for protection against sunlight and harmful U.V. radiations. Eyeglasses are also used in industries for protection against debris and for welding, in order for protection against high intensity light and heat. Factors such as acute myopia at a younger age and rising awareness about eye health are expected to drive growth of the eyewear market over the forecast period. For instance, according to WHO in 2017, around 253 million people had vision impairment of which 36 million were blind and 217 million had moderate to severe vision impairment, globally.

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Some of the major market players operating in the eyewear market include Luxottica Group S.p.A, Valeant Pharmaceuticals International Inc., Fielmann A.G., CooperVision Inc., Safilo Group S.p.A., Carl Zeiss A.G. and Essilor International among others.

The increasing use of computers and smartphones results has resulted in rising cases of Computer vision syndrome (CVS) caused due to focusing the eyes on a computer or other display device for long. This is expected to be another factor driving the growth of the eyewear market. Apart from this the changing fashion trends and availability of new lens technologies is expected to drive the growth of the market. For instance Chinese police have launched sunglasses with built-in facial recognition which are still in their testing stages. These factors are expected to drive the growth of the global eyewear market

Europe was the most dominant market in terms of revenue share in 2016 and is expected to continue its dominance over the forecast period. European market was valued at over US$ 32.15 billion in 2016, due to high demand for eyewear, especially for premium sunglasses coupled with the presence of major eyewear manufacturers such as Luxottica and Safilo in Europe. End-users are increasing adopting scratch proof, Anti-Reflective, and UV protection eyewear resulting in an increasing demand for eyewear in this region. Moreover, major eyewear manufacturers such as Luxottica and Safilo are based in Europe, which is another factor for the dominance of the region.

Asia Pacific is projected to be the fastest growing region in the eyewear market, witnessing a CAGR of 8.63% over the forecast period. The reason for the same is due to the rising penetration of international eyewear brands such as Rayban, Dior and D&G amongst others in the Asia Pacific region. Apart from this the large population suffering from visual defects coupled with a low usage of any visual correction aids provides the manufacturers with a huge untapped market. For instance according to the Asia Pacific Optometrists Organization, India in 2014 approximately 153 million people in India required spectacles but do not have access to them.

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