Press release
APAC Eyewear Market to Cross 1,200 million units by 2024
Increasing prevalence of chronic diseases due to hectic work schedule will boost the eyewear market growth. According to WHO, cataract is responsible for 51% of world blindness. Factors such as ageing population, rapid urbanization and surge in diabetic incidences globally are supporting the eyewear industry growth.
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Technical advancements and transition of eyewear manufacturers from the unorganized to the organized segment will drive the eyewear market. Consumer preference for high end products will encourage companies to invest in development and marketing of technologically advanced vision wear. This will lead to high profit margin for the manufacturers.
Specialized frames for children and half-frames for reading glasses will be the major contributor to revenue growth. This is mainly because of prolong exposure to digital displays such as computers, smartphones and tablets at an early age.Frames from cellulose acetate will be the fastest growing segment accounting over 140 million units by 2024 It is lightweight and relatively low-cost compared to other counterparts. Growing demand for frames with coloring options, which include multi-colored models are expected to support eyewear market size.
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Metal for spectacles is anticipated to witness growth over 3% up to 2024. Rising demand for up-to-the-minute frames, especially among the young generation will propel markets growth. Manufacturers are targeting consumers. Contact lens accounted for over 30% market share 2016. Expansion of retail industry and rising demand for disposable lenses will drive the eyewear market growth. Transition from luxury product to a common eye accessory, replacing the heavy traditional glasses will propel product market size.
Online store was valued over USD 48 billion in 2016. Rapid expansion of the e-commerce industry and increasing spending on online shopping will propel the product demand from this segment. Competitive pricing along with lucrative discounts & offers fueling sales for eyewear through online distribution channel. Independent brand showrooms are anticipated to witness CAGR over 3% up to 2024. Customer oriented service, consultation, and brand loyalty are the major factors driving sales through this channel. After sale service provided by brands to build strong customer relationship will support market growth.
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Europe eyewear market led by Germany and UK accounted for USD 40 billion in 2016. According to analysis, 18% of the regional population aged over 65 in 2016 and a significant percentage afflicted with vision ailments such as myopia, hyperopia, presbyopia, and astigmatism. This spurred demand for corrective eyewear in the region.
APAC eyewear market is expected to witness significant growth and can reach upto 1,200 million units by 2024. Increasing penetration of luxury eyewear products along with rising standard of living will fuel the industry growth. Consumer awareness pertaining to regular eye checkup coupled with continuous government support through various health programmes will propel regional industry growth.
Global eyewear industry is competitive in nature due to large presence of numerous regional and international manufacturers. Carl Zeiss, Charmant Group, Bausch & Lomb, CIBA Vision, Chemilens, Cooper Vision, Daemyung, Fielmann, Essilor International, De Rigo SpA., Hoya, Johnson & Rodenstock, Seiko, Johnson Vision Care, Luxottica Group, Marchon, Marcolin, and Safilo Group are key industry players in the eyewear market.
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