Eyewear Market with Coronavirus (Covid-19) Effect Analysis | Likewise Industry is Booming Globally with Key Players Carl Zeiss AG, Essilor International S.A., GrandVision, Johnson & Johnson, Inc., Safilo Group S.p.A., Prada S.p.A

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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The world eyewear market has witnessed a notable growth in the recent years, especially in the emerging countries of the Asia-Pacific region, such as India and China. Increase in visual impairment and eye defects cases coupled with inclination towards latest fashion trends are the major factors driving the growth of the global eyewear market. Increasing use of digital devices and gadgets by the young generation has led to an upsurge in the number of eye disorders, thereby, increasing the demand for vision correction products. Additionally, factors such as increased disposable income and improved standard of living in the developing economies, such as India and Brazil have led to the adoption of premium quality, branded eyewear.

The market has been witnessing an increased demand from the female consumers, particularly for trendy and branded eyewear. The increasing number of female professionals and economic independency of women are the key factors fostering the adoption of eyewear products among women. Endorsement by celebrities has increased the demand of designer and premium eyewear. Increased preference for contact lenses has fostered the overall growth of the eyewear market.

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Several companies operating in the global eyewear market have adopted product launch and acquisition as their key growth strategies to sustain the intense competition in the market and to increase their market presence. The products of prominent companies, such as Carl Zeiss, Prada and Essilor International S.A., are endorsed by renowned celebrities to boost their net sales and increase their popularity. With changing technology and availability of a variety of light weight raw materials, several companies are now offering high-quality and innovative designs in eyewear models. Numerous companies are proactively setting up new retail outlets, especially in emerging countries, such as India and China, to expand their geographical presence. For instance, in 2015, FGX International, a subsidiary of Essilor expanded into India with the launch of its iconic eyewear brand - Foster Grant. Many companies have been acquiring leading regional online eyewear companies to expand their online presence and increase their customer base. Intensive marketing campaigns by prominent companies have increased brand awareness in the global market; thus, leading to the growth of the eyewear market.

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.

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.

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