Eyewear Market: Global Analysis, Trends, Forecast; To Double the Billion in Coming Years

The global eyewear market is worth billions of dollars and is projected to grow significantly in the coming few years. The global eyewear market is driven by the rising user base, increasing disposable income levels, and growing renewal rate of lenses. Another trend that is shaping the growth of the global eyewear market is the rising demand for eco-friendly eyewear. Many companies in the global eyewear market observing this business opportunity have launched their own eco-friendly eyewear range, while some new companies have entered the market with their green offerings.

The growing prevalence of eyesight disorders and wearer base expansion are the primary factors augmenting the growth of the global eyewear market. Moreover, a rise in the disposable income levels of middle-class consumers is expected to drive the demand for eyewear products in the next few years. Furthermore, the rising demand for premium eyewear, loyalty programs, and personalized services and rising implementation of product bundling strategy are estimated to contribute significantly towards the growth of the market.

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The global eyewear market stood at US$81 bn in 2011 and is projected to register a 3.70% CAGR from 2012 to 2018, reaching a value of US$130 bn by 2018, states the market research study. The expanding distribution channels and growing marketing activities through social media are projected to drive the demand for eyewear products in the near future. Increasingly, eyewear is considered a fashion product worldwide and the innovations offered by key players are driving the global market.

On the other hand, the rising adoption of refractive eye surgeries and the rising risk from counterfeit products are hampering the growth of the global eyewear market. Moreover, issues related to the side effects of eyewear products on the health of consumers and lack of awareness in low-income economies are estimated to restrict the growth of the market in the forecast period.

Among the key geographical regions, in 2012, North America led the global eyewear market with a 30% share. The robust growth of this region can be ascribed to the rising demand for contact lenses and sunglasses. However, the Asia Pacific eyewear market is anticipated to exhibit a 9.0% CAGR from 2012 to 2018, owing to the extensive contribution from China and India.

Companies Mentioned in the Research Report

The global eyewear market is extremely fragmented in nature with the presence of several local and international players operating in the market. Key players are competing amongst each other for market share by improving their product portfolios and pricing strategies. Some of the leading players operating in the global eyewear market are CooperVision, Bausch & Lomb, De Rigo S.p.A, Carl Zeiss AG, Marchon Eyewear, Safilo Group, Johnson & Johnson Vision Care, Vision Express, CIBA Vision Inc., Specsavers Optical Group Ltd., Hoya Corporation, Luxottica Group S.p.A, Fielmann AG, and Essilor International.

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