Eyewear Market: Clear Understanding of Competitive Landscape and key Product Segments For 2018

Global Eyewear Market: Snapshot

The global eyewear market has been growing at a substantial rate with the rising prevalence of vision disorders across the globe. A wide range of eyewear are available in the market in terms of size, material, quality, and frame. The growing awareness among consumers worldwide regarding the importance of eye check up is one of the primary factors expected to encourage the growth of the global eyewear market in the next few years. Moreover, the increasing number of players participating in the market and the expansion of their product portfolio are some of the key factors anticipated to accelerate the growth of the overall market.

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According to the research study, in 2011, the global eyewear market was valued at US$81 bn and is predicted to reach a value of US$130 bn by the end of 2018. The market is expected to register a steady 3.70% CAGR between 2012 and 2018.

Growing Number of Eye Disorders to Bolster Global Eyewear Market

The increasing disposable income of consumers and the high renewal rate of lenses are some of the primary factors expected to fuel the growth of the global eyewear market in the coming years. In addition, the expansion of the wearer base and the rising number of eye disorders are projected to supplement the growth of the market in the near future. On the other hand, the rising number of refractive surgeries taking place worldwide is anticipated to restrict the growth of the global eyewear market. Nonetheless, the growing population with uncorrected vision is one of the primary factor expected to generate promising opportunities for the leading players operating in the global market.

On the basis of product type, the global eyewear market has been classified into plano sunglasses, contact lenses, and spectacles. Among these, the spectacles segment led the global eyewear market in 2011 and is estimated to remain in the leading position in the next few years. The high growth of this segment can be attributed to the rising number of consumers who make use of eyewear. In addition, the wide range of options available for consumers and the rising fashion of wearing eyewear are estimated to accelerate the growth of this segment in the near future.

Asia Pacific to Witness Promising Growth Opportunities in Near Future

From a geographical perspective, in 2012, North America led the global eyewear market and accounted for a share of 30%. This region is likely to remain in the dominant position throughout the forecast period, thanks to the rising demand for contact lenses and sunglasses. On the other hand, Asia Pacific is projected to witness significant growth in the coming years, with the growing focus of key players on advertising campaigns and marketing activities. The Asia Pacific market for eyewear is expected to register a 9.0% CAGR between 2012 and 2018.

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Some of the key players operating in the eyewear market across the globe are Bausch & Lomb, Marchon Eyewear, Hoya Corporation, Carl Zeiss AG, Fielmann AG, Safilo Group, Essilor International, Vision Express, Luxottica Group S.p.A, Specsavers Optical Group Ltd., De Rigo S.p.A, CooperVision, Johnson & Johnson Vision Care, and CIBA Vision Inc.

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