Eyewear Market 2019: Business Strategies, Growth Analysis, Advance Technology and New Innovations – Luxottica Group, Hoya Corporation, Essilor International S.A, Fielmann AG

Eyewear Market:

The global eyewear market was valued at around USD 125 billion in 2018 at a CAGR of 4.7% during the forecast period 2019-2026.

Eyewear is an accessory worn on or over the eyes either for correcting vision defects, protection of the eyes from harmful UV rays, or as a style accessory to enhance one's looks. Eyewear can be a lens worn on the eyes or sunglasses. Rising global temperatures, prolonged summers, and growing awareness about the risks of UV rays are propelling the growth of the eyewear market. Moreover, the rising number of eye diseases, demand for trendy sunglasses by Millenials, and increasing use of contact lenses by the general population all over the globe are bolstering the demand for eyewear.

The increasing incidence of occupational hazards in the industrial sector has compelled industrial safety organizations to make safety goggles and safety glasses mandatory on the shop floor in manufacturing plants. Safety goggles are equipped with high impact resistance glasses, which can prevent small flying particles such as metal, steel, and wood, from damaging the eyes. According to a recent study done by the Occupational Safety & Health Administration (OSHA), around  1,000 people suffer from one eye injury in the workplace every day, and  10% of these injuries are severe. To prevent loss of man-hours, there has is a pressing demand from the industrial sector for protective eyewear.  

While several factors contribute to the growth of the eyewear market, the growing geriatric population remains one of the fundamental determinants behind the increasing demand. According to World Health Organisation’s first World Report on Vision, more than one billion people globally are living with vision impairment due to the lack of care needed for conditions such as glaucoma, cataract, and short and farsightedness. According to the same report, at least 2.2 billion people have a vision impairment or blindness, and 1 billion of these cases could be prevented. The increasing population in developing countries and the high prevalence of these vision problems are foreseen to drive the eyewear market during the forecast period.

The spectacle category occupies a significant revenue share in the eyewear market, and this trend is likely to continue during 2019–2026. Rising population growth and increasing vision defects will boost the demand for prescription spectacles during the forecast period. Contact lenses are a product of medical innovation, and their demand is on the upward trajectory among people with high disposal income. The benefits of contact lenses include better vision and higher aesthetic appeal. The growing popularity of daily and monthly disposable contact lenses, as well as internet retailing, is expected to contribute to the growth of the eyewear market. The sunglasses segment will continue to register high demand during the forecast period, but less than the prescription glasses segment. By end user, the women segment is on the rise as market players are launching the latest designs of eyewear to cater to the fashion-conscious female segment.

The fast-changing technological landscape has increased screen exposure time than ever before. The younger generation is increasingly getting addicted to smartphones and computers, which is causing prolonged exposure to blue light frequencies and radiations that are known to cause strain on the eyes and disturb the sleep cycle. Furthermore, increasing disposable income and the trend for designer sunglasses is promoting market demand. Due to these factors, eyewear producers are focussing on meeting the constantly changing demand from the fashion industry and their customers, which is anticipated to boost the growth of the eyewear market.

Government and non-government entities are conducting campaigns and programs to spread awareness about the preventions and treatments available for eyesight problems. This has led to an increase in the acknowledgment of eye health amongst consumers, which acts as a primary factor for the growth of the eyewear market. Secondly, according to the United Nations (UN), the geriatric population is expanding faster than any other age group globally. This population primarily suffers from various eye-related diseases such as cataract in the older population, which is surging the demand for prescription-based eyewear. Thirdly, the dynamic fashion industry and fashion trends have enabled the manufacturers to roll out the latest sunglasses with higher appeal and improved design and enhanced finishes.

The offline segment accounted for a sizable portion of the overall market during 2018. Delivery of eyewear through departmental stores, retailing, and hypermarkets is expected to grow over the forecast period. People still prefer going to optical ships to buy eyewear since they provide quick after-sales services with less hassle and also offer free or low-cost eye checkups whenever someone goes to buy new eyewear. However, the online mode of distribution is set to see a two-fold rise over the forecast period. Shifting preferences of consumers towards online sales channels due to busier work life and free deliveries are also expected to observe an uptick.

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The Major Prominent Players Covered in this Report:
Luxottica Group, Hoya Corporation, Essilor International S.A, Fielmann AG, Rodenstock, Safilo Group, Seiko Optical Products, Shamir Optical Industry, Ltd, Shanghai Conant Optics, Silhouette International, Uvex Winter Holding, Vision-Ease Lens, Carl Zeiss AG, Bausch + Lomb, Inc., Charmant Group, Chemilens, CIBA Vision, CooperVision, Daemyung Optical CO, De Rigo SpA, Johnson and Johnson, Marchon Eyewear, Marcolin Eyewear, Strategy Dashboard, and Qspex Technologies are some of the key players in the eyewear market.

By Product Type: Spectacles, Sunglasses, Contact lenses
By End-User: Men, Women, Unisex
By Distribution Channel: Offline, Online & More.

Geographically, this report is segmented into several key regions, with sales, revenue, market share and growth rate of Steerable Medical Devices in these regions, from 2019 to 2026, covering:
North America (United States, Canada and Mexico)
Europe (Germany, UK, France, Italy, Russia and Turkey etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)

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Key Eyewear Market Trends:
- The report identifies, determines, and forecasts the Global Eyewear Market segments based on their type, sub-type, technology used, applications, end-users, and regions.
- Industry to Industry Holds Largest Share in the Eyewear Market
- It examines the micro-markets based on their growth trends, development patterns, future prospects, and contribution to the overall market.
- Demand from Regional / geographical is Expected to Drive the Growth
- Rising Adoption of Market Segments in this Growth
- North American, Europe is Expected to Witness Higher Growth Rate over the Forecast Period
- It studies the competitive developments such as partnerships and collaborations, mergers and acquisitions (M&A), research and development (R&D) activities, product developments, and expansions in the Global Eyewear Market.

Key Questions Answered in The Report:
What will the Eyewear market growth rate?
What are the key factors driving the global Eyewear market?
Who are the key manufacturers in the Eyewear market space?
What are the market opportunities, market risk, and market overview of the Eyewear market?
What are sales, revenue, and price analysis of top manufacturers of the Eyewear market?
Who are the distributors, traders, and dealers of the Eyewear market?
What are the market opportunities and threats faced by the vendors in the global Steerable Medical Devices Industry?
What are sales, revenue, and price analysis by types and applications of the Eyewear Industry?
What are sales, revenue, and price analysis by regions of Eyewear industry?
What are the driving factors contributing to market growth during the short, medium, and long term?

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