The global eyewear market size was valued at USD 102.66 billion in 2015. The increasing dependence on electronic gadgets such as mobile phones, television, and computers has led to eyesight problems resulting in the purchase of more eyewear products. The rise in the number of optical deficiencies and growth in the elderly population is expected to augment the eyewear market growth.
The increasing occurrence of myopia has led to an increased demand for the prescription-based eyeglasses. Changes in lifestyle and technological advancements have led to prolonged exposure to electronic devices that have caused strain on eyes. The need among the individuals to protect their eyes is expected to drive the eyewear demand globally.
The rise in disposable income has resulted in the increased purchase of eyeglasses, especially spectacle frames and sunglasses, which are perceived as a fashion accessory. Consumers are likely to buy a new set of eyeglasses or replace the old ones. Furthermore, the growing preferences of luxury and branded sunglasses are contributing significantly to the eyewear demand. Consumers are exhibiting preferences towards the premium product segment and are willing to spend more on these products. Vendors have introduced innovative eyewear products to cater to various needs of the customers.
The introduction of low cost and disposable lenses has garnered significant attraction due to its easy affordability. Regular renewal of spectacle lenses due to incessant change in prescriptions is expected to impact the demand positively over the forecast period. However, increasing awareness and adoption of vision correction procedures and surgeries such as LASIK (Laser-Assisted In Situ Keratomileusis) and PRK (Photorefractive Keratectomy) are foreseen to impede the demand for such products.
The increasing demand for premium eyeglasses and sunglasses among the customers is growing in the European countries such as Germany, UK, France, and Spain. The personalization of eyewear products and services has helped the small eyewear marketers to develop long-term relationships with customers and encourage repeat business for the company. Additionally, the eyewear manufacturers are increasingly focusing on the development of eyeglasses and sunglasses in new styles, shapes, and sizes. This continuous improvisation has provided the consumers with more product options.
The spectacle segmented accounted for over 50% of the overall volume share in 2015. The concern for eye health and the fashion-conscious customers is expected to boost the segment growth over the next few years. On the contrary, the growing aging population is increasingly preferring the prescription-based spectacles to tackle visual deficiencies and cure refractive errors. Another factor contributing to the spectacles growth is the frequent replacement cycles.
The contact lenses segment is anticipated to witness a steady growth over the forecast period owing to the decline in the adoption of spectacles to enhance visual appearance. The rising awareness and the consumption of corrective and cosmetic contact lenses are fueling the segment demand in the emerging economies of the Asia Pacific region.
The Plano sunglasses segment captured a revenue share of over 12% in 2015. Polarized sunglasses have been gaining popularity in the recent years as they offer a variety of benefits for water sports and fishing, and are witnessing increasing penetration in developed economies such as North America and Europe.
Despite this, non-polarized sunglasses occupied majority market share, and are expected to continue dominating the market over the next few years due to their efficiency in varied environmental conditions. Consumers purchase sunglasses due to their fashion quotient, and polarization is only a relevant criterion for individuals that require targeted usage, such as for cycling. Non-polarized plano sunglasses offer to darken vision and shield the eyes from harmful UV rays, along with protecting them from harsh glare.
Additionally, the proliferation of the internet and online retailing services is expected to impact the regional market positively. The Japanese market is characterized by growing demand for online purchase of contact lenses and related products. However, growth in e-commerce has lowered per unit price of these products, which is expected to impact revenue generation to some extent. Increase purchase volumes are expected to curtail the impact of this trend over the forecast period.
Europe was the largest regional market with revenue of over USD 35 billion in 2015, primarily due to high average selling prices for the eyewear products and strong inclination toward premium category. Premium buyers are increasingly opting for scratch-resistant, anti-reflective, and UV protected eyewear products, which is further proliferating the demand in the region. Further, the presence of major eyewear vendors such as Safilo and Luxottica has led the European regional market to dominate the global industry.
The Asia Pacific region is expected to emerge as a key region for manufacturers comprising for over 30% of the global eyewear demand in 2015. The dense population, changing lifestyle, and increasing purchasing power is estimated to be the key drivers contributing to the regional growth. The robust eyewear demand is expected to result in an increased growth rate despite lower selling prices.
The North American regional market is expected to witness a steady growth over the next few years. This growth can be attributed to the increasing awareness for eye healthcare and a trendsetting consumer base backed by abundant disposable incomes. Growing aging population and rising acceptance of eyewear across different age groups are expected to drive the market growth across the region.
Some of the major market players include CooperVision, Luxottica Group S.p.A, Bausch + Lomb Inc., CooperVision, Fielmann AG, and Safilo Group S.p.A. These players have created a strong foothold in the market by offering an extensive portfolio of eyewear products across the globe. Further, the companies have also adopted vertical integration and an effective distribution network to drive profitability. The players are also engaging in mergers and acquisitions to capture increased market share. For instance, in January 2017, Essilor International SA and Luxottica Group S.p.A announced merger to create a global eyewear colossus.
Additionally, the vendors have introduced innovative distribution channels such as online retailing, exclusive online stores, and e-commerce websites. These channels have enabled the vendors to offer a variety of products along with instant testing of distinct marketing strategies and check the feedback of the customers. Apart from online retailing, optical shops are still 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.
Moreover, innovation within the contact lenses is fast-tracking and becoming progressively sophisticated from a material perspective. Manufacturers are upgrading the current material to offer better comfort. The product is made up of reduced silicone content in silicone hydrogel or premium hydrogel contact lenses contact lenses. The examples include Menicon’s Miru and Bausch & Lomb’s Biotrue. Plano sunglass vendors such as Luxottica own a significant number of in-house, licensed and trending eyewear brands driving them towards market domination. Adoption of modern ways of distribution such as e-commerce and online catalogs by vendors have added value to their product offering and distribution network.
This report forecasts revenue growth and provides an analysis on the latest trends in each of the sub-segments from 2014 to 2024. For the purpose of this study, Grand View Research has segmented the global eyewear market report on the basis of product, and region:
Product Outlook (Volume, Million Units; Revenue, USD Million, 2014 - 2024)
Regional Outlook (Volume, Million Units; Revenue, USD Million, 2014 - 2024)
Avail customized purchase options to meet your exact research needs:
Get your queries resolved from an industry expert.
Design an exclusive study to serve your research needs.
A testimonial for service in the form of BBB "A" Accreditation.
Your personal and confidential information is safe and secure.
"The quality of research they have done for us has been excellent..."