Eyewear Market to Reach US$ 170 Bn by 2026 – PMR Report

Factors such as strong demographic changes are expected to drive the global eyewear market

In 2015, the global eyewear market was valued at more than US$ 90 Bn, which is expected to register a CAGR of 5.8% over the forecast period to reach nearly US$ 170 Bn by the end of 2026. The global eyewear market is expected to represent absolute dollar opportunity of nearly US$ 80 Bn between 2016 and 2026. In 2015, total eyewear consumption across the globe accounted for 1,250 Mn units in volume terms, which is expected to increase to 2,147 Mn units by 2026. The global eye wear market is expected to register a CAGR of 5.1% in terms of volume over the forecast period.

The global eyewear industry has witnessed major expansion of key players with a diverse product portfolio. The global eyewear market is highly competitive with players focusing on offering unique eyewear designs. Competitors with an objective to gain high market share and increase their geographical presence are focusing on strategic acquisitions and on increasing their marketing and distribution channels.

Growing premiumization coupled with affordable luxury is boosting the global eyewear market

Modern day changing lifestyles entails individuals to purchase sunglasses, lenses, and frames according to the ongoing fashion trends. Earlier, premium range of eyewear was available only in selected stores and was not easily accessible. In the current market scenario, global eyewear manufacturers are expanding their businesses to developing economies with an aim to accommodate the high demand. Also, the number of consumers who long to experience luxury eyewear is growing. These simultaneous factors increase the penetration of premium range products. Further, companies are launching new products in growing markets with an affordable price tag in the premium range as well, making the global eyewear market highly competitive.

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Innovation in the eye care industry strengthens the growth of the global eyewear market

The eye care industry is technologically developing at a faster pace. From evolution of eyeglasses to soft contact lenses, technology is being developed in order to meet the unmet demands of consumers. In this journey of development, the important objective of manufacturers is to search and develop the technology or product that will support consumers throughout their lives. These technological advancements in the eye care industry are driving the global eyewear market.

Global Eyewear Market Forecast, By Product Type

In terms of volume, the spectacles segment is expected to register a moderate CAGR over the forecast period

In 2015, the spectacles segment was valued at nearly US$ 28 Bn, which is expected to register a CAGR of 5.3% over the forecast period to reach nearly US$ 50 Bn by the end of 2026. The spectacles segment is projected to create absolute $ opportunity of nearly US$ 22 Bn between 2016 and 2026. In 2015, total spectacles consumption stood at 404 Mn units in volume terms, which is expected to increase to 667 Mn units by 2026. This segment is expected to register a CAGR of 4.7% in terms of volume over the forecast period.

Global Eyewear Market Attractiveness Analysis, by Product Type

Plano sunglasses segment is expected to be the most attractive segment in the global eyewear market over the forecast period

Among the product type segments, the plano sunglasses segment is expected to register the highest CAGR during the forecast period. The plano sunglasses was estimated to account for the highest value share of 46.8% in 2016 and is expected to project significant market share by 2026 end.

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Key Regions

In terms of revenue, Western Europe was estimated to account for the highest revenue share of 32.4% in 2016 followed by North America. Revenue from the eyewear market in Asia Pacific Excluding Japan (APEJ) is projected to expand at a CAGR of 7.0% over the forecast period. Moreover, Asia Pacific Excluding Japan (APEJ) is expected to be the most favorable region in terms of incremental opportunity lying ahead for high revenue generation. The mature markets i.e. Western Europe and North America are more structured and likely to create a substantial demand for eyewear during the forecast period. The Latin America and Middle East & Africa eyewear markets are estimated to collectively represent 7.5% of global eyewear market value share.

Analyst Viewpoint

Collaboration between Essilor International and Luxottica Group is likely to have a major impact on the global eyewear market

In January 2017, Essilor International announced a partnership with Luxottica Group, an Italy based prominent player of eyewear products. The objective of this partnership is to grab the increasing demand for eyewear products in the global market along with creating a strong market position.

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