Growing number of optical deficiencies expected to favorably impact the eyewear industry
The global eyewear market was valued at USD 102.66 billion in 2015. The growing population and rise in the number of optical deficiencies are expected to drive the industry over the forecast period. In addition, the rising awareness among individuals regarding the importance of eye checkups and increased purchasing power are expected to impact the industry favorably over the coming years.
The increasing prevalence of nearsightedness or myopia amongst adults and children due to genetic and environmental factors has led to an increase in demand for the prescription eyeglasses in the global market. Technological advancements and changes in lifestyles are leading to prolonged exposure to devices like smartphones and tablets causing strain on eyes and increasing the risk of future vision problems. The awareness regarding the importance of appropriate eye protection is expected to push and support the sales of such products further over the forecast period.
The increasing disposable incomes across different demographic sections of the society have led eyeglasses, especially spectacle frames and sunglasses to become a fashion accessory. Consumers are enjoying purchasing eyeglasses, not only to replace their old ones but also to update their look, thus increasing the volume of sales. Vendors are actively introducing innovative eyewear to accommodate various consumer needs and preferences.
Consumers are increasingly using the prescription contact lenses to cure the refractive errors and tackle visual deficiencies. The introduction of cheaper daily disposable and soft lenses with easy clean and maintenance features has made them popular amongst the masses. Moreover, the plano sunglasses’ demand is expected to witness a steady growth over the next eight years and positively impact the demand for contact lenses. However, the increasing acceptance towards refractive eye surgeries and treatments, such as LASIK, may hinder the industry growth over the forecast period.
North America Eyewear Market by Product, 2013 - 2024 (Volume, Million Units)
Plano sunglasses expected to witness substantial growth
The eyewear market product segmentation comprises contact lenses, spectacles, and plano sunglasses. The increasing demand for plano sunglasses amongst eye health and fashion-conscious consumer base is expected to fuel the growth of the industry. Spectacles accounted for over 50% of the overall market share by volume in 2015 and are expected to witness a steady growth over the forecast period. The rising number of aged consumers has bolstered the demand for prescription and readymade reading glasses to overcome age-related vision problems.
Spectacle frames are predominantly made out of materials such as nylon, zyl, and metal. Zyl forms a cost-effective and lightweight material that can offer a large number of color varieties. Even though the renewal frequency of spectacle frames is lower as compared to spectacle lenses, a typical frame costs higher than that of the lenses, resulting in a larger revenue share.
The contact lenses segment is expected to witness a considerable growth driven by the need for elimination of spectacles and the adoption of plano sunglasses to enhance aesthetic appearance. The segment is projected to grow at a CAGR of over 3% by sales volume over the forecast period owing to the rising awareness and the consumption of corrective and cosmetic contact lenses.
The plano sunglasses segment is projected to grow the fastest at a CAGR of over 4% by volume over the forecast period. The increasing sale of high-end luxury and branded sunglasses is the main aspect adding to the high revenue growth of this section.
Customers in Europe exhibit a preference towards premium eyewear products
The European regional market accounted for over 25% of the global eyewear industry share by volume in 2015. A strong presence of key industry participants, such as Luxottica Group and Safilo Group, has induced positive growth prospects in the region. Despite the higher prices in the regional market, consumers from the European countries prefer premium products over simple or regular eyewear as they offer higher value for money.
The Asia Pacific region is anticipated to emerge as a key market for the global eyewear manufacturers comprising for over 30% of the global eyewear demand in 2015, growing at a CAGR of over 4% over the forecast period. The dense population is estimated to be the key driving force in this region and robust eyewear demand is expected to result in an increased growth rate despite lower selling prices.
Bausch + Lomb Inc., CooperVision, Fielmann AG feature among key market players
Bausch + Lomb Inc., CooperVision, Fielmann AG, Luxottica Group S.p.A, and Safilo Group S.p.A. have marked their presence in the industry with an extensive portfolio of prescription sunglasses and plano sunglasses offerings across regions. Companies such as Luxottica and Safilo have also adopted vertical integration strategies and aim at developing an effective distribution network to drive profitability.
Optical shops are the most preferred channels for consumers to purchase eyeglasses as they can receive a range of services including eye examinations and consultations from practiced optometrists, and browse, try, and buy eyeglasses under one roof.
Vendors are increasingly adopting modern ways of distribution, such as online retailing, through exclusive online stores and other e-commerce and aggregator websites. Such channels enable vendors to offer potentially unlimited product selection for their customers along with instant testing of distinct marketing strategies and check on the response from the consumer.
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