Eyewear Market CAGR to Grow at 8.1% | AMR

Eyewear Market is expected to garner $141.3 billion by 2020, registering a CAGR of 8.1% during the forecast period 2015-2020. Eyewear comprises accessories that are worn over the eyes for vision correction or to protect eyes from debris, harmful radiations or excessive light. Eyewear includes spectacles, lenses and sunglasses worn for vision correction or protection of eyes from harmful UV lights and dust particles. Factors such as increasing life span, growing geriatric population, and changing fashion trends have fostered the demand for eyewear, worldwide. In the present scenario, consumers not only wear eyewear for vision correction, but also for enhancing one's appearance. Numerous market players offer innovative spectacles and lenses, owing to technological advancements and availability of lightweight materials. Emerging countries, such as India, China are exhibiting a rapid growth in the eyewear market.

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Growing visual impairment and need for vision correction have resulted in increased demand for eyewear. Presently, the younger generation is more inclined towards digital devices, spending most of their time on digital devices, such as mobile, laptops and video games. Moreover, health concerns such as diabetes also affect vision of people, resulting in blindness. Thus, people suffering from diabetes, need to undergo regular eye checkups to avoid vision problems. Hence, growing visual deficiencies and vision impairments would affect the growth of the eyewear market, during the forecast period.

The world eyewear market is segmented based on product type, end user, mode of sale and geography. By product type, the market is segmented into prescription glasses/spectacles, sunglasses and contact lenses. The end users include men and women, and the mode of sale comprised retail and online stores.

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In the end user segment, men's segment occupied a dominant share of the market in 2014. However, the women's eyewear segment is expected to grow rapidly, registering a CAGR of 8.7% during the forecast period. The growth of this segment would be driven by the growing number of working female population and the resultant economic independency. Moreover, market players are also launching new variety of eyewear to cater to the fashion conscious female segment.

The key companies profiled in the report, include Carl Zeiss AG, Essilor International S.A., Grand Vision, Johnson & Johnson, Inc., Safilo Group S.p.A., Prada S.p.A., Luxottica Group S.p.A., Valeant Pharmaceuticals, Cooper Vision, Inc. and Fielmann AG. These players adopt different strategies to remain competitive in the market.

Source: https://www.prnewswire.com/news-releases/eyewear-market-is-estimated-to-garner-1413-billion-globally-by-2020--allied-market-research-594947091.html

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