Eyewear Market to Cross USD 180 bn by 2024

Global Eyewear Market size contribution is predicted to register CAGR of 7% during forecast timeline and surpass a revenue of $166 billion by end of 2022. Increasing population along with growing visual deficiencies like myopia, presbyopia, hyperopia and astigmatism are projected to promote eyewear industry trends during forecast timeline.

Growing use of corrective eyewear among people to correct refractive faults is projected to fuel industry demand for the products. Furthermore, increasing consciousness among people about significance of eye checkups is projected to enhance industry expansion. Rising purchasing power is predicted to favorably affect industry demand in future. Strong piano sunglasses industry demand is projected to propel contact lens acceptance and minimize dependence on spectacles. Further, recurring renewal of lenses due to constantly changing prescriptions is predicted to favorably affect the demand for eyewear during forecast timeline.

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Growing geriatric population is also a significant aspect for global eyewear industry growth. Further, reasonable costs, modality and user convenience offered by eyewear items are anticipated to develop large scale industry expansion opportunities by end of forecast timeline.

However, increasing acceptance of permanent vision correction methods like photorefractive keratectomy and laser assisted in situ keratomileusis (LASIK) are forecast to negatively affect industry demand for the products.

Global eyewear industry is segmented into various products like Contact lenses, Plano sunglasses and Spectacles.Contact lenses segment is sub-segmented into soft lenses, rigid gas permeable lenses and hybrid lenses. This segment contributed more than 31% of total shipments for 2014 due to growing demand for regular disposable lenses and cosmetic lenses.

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Spectacles segment is sub-segmented into spectacle frames and spectacle lens. It contributed greater than three-fourths of total revenue for 2014. Plano sunglasses segment is further sub-segmented on basis of material and product. Depending upon the material, it can be segregated into polyurethane, CR-39 and polycarbonate. Based on the product, it can be sub-segmented into polarized as well as non-polarized sunglasses. The growth in the segment can be credited growing customer choice and increasing adoption of corrective surgical operation.

Global eyewear market is segmented into Latin America, APAC, North America, MEA and Europe. North America eyewear market share was more than 31% of the global industry share in terms of revenue and size. Increase in growth of North American industry can be credited to growing demand for Plano sunglasses coupled with rising awareness about eye examination around the region.

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APAC eyewear industry size was more than 20.1% for 2014 in terms of revenue. Fast growing wearer base is projected to promote use of the products during forecast timeline. Europe eyewear market contributed more than 35.1% of the overall revenue for 2014, mainly owing to high selling costs as well as presence of key industry players in the region. Latin America, dominated by Brazil eyewear industry share is projected to experience consistent gains in future.

Key industry participants profiled in the report include De Rigo SpA, Carl Zeiss AG, Silhouette International, Chemilens, Fielmann AG, Bausch & Lomb Incorporation, Cooper Vision, Marchon Eyewear, Hoya Corporation, Safilo Group S.p.A., Charmant Group, Alcon, Johnson & Johnson Vision Care, Marcolin Eyewear, Daemyung Optical CO, QSpex Technologies Incorporation, Vision-Ease Lens Incorporation, Luxottica Group S.p.A., Rodenstock GmbH, Essilor International S.A and Seiko Optical Products Company Limited.

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