Eyewear

Eyewear Market - Global Trends, and Forecast to 2025
Eyewear is an important accessory that aid in numerous visual defects such as myopia and
hyperopia. Apart from this, it is used as a fashion accessory and for protection against
sunlight and harmful U.V. radiations. Eyeglasses are also used in industries for protection
against debris and for welding, in order for protection against high intensity light and heat.
Factors such as acute myopia at a younger age and rising awareness about eye health are
expected to drive growth of the eyewear market over the forecast period. For instance,
according to WHO in 2017, around 253 million people had vision impairment of which 36
million were blind and 217 million had moderate to severe vision impairment, globally. The
increasing use of computers and smartphones results has resulted in rising cases of
Computer vision syndrome (CVS) caused due to focusing the eyes on a computer or other
display device for long. This is expected to be another factor driving the growth of the
eyewear market. Apart from this the changing fashion trends and availability of new lens
technologies is expected to drive the growth of the market. For instance Chinese police have
launched sunglasses with built-in facial recognition which are still in their testing stages.
These factors are expected to drive the growth of the global eyewear market.
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However, rising awareness and implementation of techniques for vision correction such as
LASIK (Laser-Assisted in Situ Keratomileusis) in addition to PRK (Photorefractive
Keratectomy) are major restraints that could hamper growth of the global eyewear market.
Specialty stores segment dominated the global eyewear market and is expected to continue
its dominance over the forecast period. This is owing to specialty stores being the most
preferred channel for end users to purchase spectacles, as they receive a wide range of
services at these stores that include eye examination tests apart from services such as
consultation from professional optometrists. However, online channel segment is expected
to be the fastest growing segment over the forecast period. Eyewear manufacturers are
focusing on offering their products through online distribution channels such as Lenskart and
KREWE, in order to enhance their online presence and expand customer base. These
distribution channels enable manufacturers to offer a large product portfolio along with the
option of instant testing and receiving immediate feedback of the customers.
Europe was the most dominant market in terms of revenue share in 2016 and is expected to
continue its dominance over the forecast period. European market was valued at over US$
32.15 billion in 2016, due to high demand for eyewear, especially for premium sunglasses
coupled with the presence of major eyewear manufacturers such as Luxottica and Safilo in
Europe. End-users are increasing adopting scratch proof, Anti-Reflective, and UV protection
eyewear resulting in an increasing demand for eyewear in this region. Moreover, major
eyewear manufacturers such as Luxottica and Safilo are based in Europe, which is another
factor for the dominance of the region. Asia Pacific is projected to be the fastest growing
region in the eyewear market, witnessing a CAGR of 8.63% over the forecast period. The
reason for the same is due to the rising penetration of international eyewear brands such as
Rayban, Dior and D&G amongst others in the Asia Pacific region. Apart from this the large
population suffering from visual defects coupled with a low usage of any visual correction
aids provides the manufacturers with a huge untapped market. For instance according to the
Asia Pacific Optometrists Organization, India in 2014 approximately 153 million people in
India required spectacles but do not have access to them.
Among product types, spectacles is the dominant segment and accounted for 48.62% of the
market share in 2016 and is expected to increase to 49.32% by 2025. Rising geriatric
population and increasing prevalence of visual disorders are major factors expected to drive
demand for spectacles. For instance, according to the WHO, about half of all 65-year-old
Americans had some degree of cataract formation in their eyes with the percentage higher
among 70 year olds in 2016. The WHO estimates around 2 billion people across the world
are expected to cross 60 years of age by 2050, which is triple than in 2000. This is expected
to lead to rising demand for spectacles. This could be a major driver for growth of the
spectacles segment.
Companies are adopting various organic and inorganic growth strategies in order to increase
their share. For instance, in January 2017, Essilor International SA and Luxottica Group
S.p.A entered into merger agreement, in order to improve its position in the global eyewear
market.
Some of the major market players operating in the eyewear market include Luxottica Group
S.p.A, Valeant Pharmaceuticals International Inc., Fielmann A.G., CooperVision Inc., Safilo
Group S.p.A., Carl Zeiss A.G. and Essilor International among others.
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Asia Pacific is projected to be the fastest growing region in the eyewear market, witnessing a CAGR of 8.63% over the forecast period.  The rising penetration of international eyewear brands such as Rayban, Dior and D&G are the reason for the rise