Eyewear Market To Record Lucrative Growth, Revenue To Surge To US$182.42 Billion By 2023

19-Apr-2018 | Zion Market Research

With the presence of a large pool of participants, the Global eyewear market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Carl Zeiss, Essilor International, De Rigo SpA, Safilo Group, Bausch & Lomb, and CIBA Vision are some of the key vendors of eyewear across the world. These players across eyewear market are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the eyewear market study.

Citing an instance, in August 2018, GlassesUSA.com introduced new sports eyewear portfolio for sportspersons for improving their performance along with protecting their eyes. Recently, Selfridges, a chain of high end department stores based in the UK, launched biggest eyewear space in the country. For the record, the new eyewear store offers nearly over two thousand eyewear styles of 50 brands and two-third from it are sunglasses.

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Browse the full "Eyewear Market by Product (Spectacles, Sunglasses, Contact Lenses and Sportswear), and by Distribution Channel for Optical Stores, Independent Brand Showrooms, Online Stores, and Retail Stores: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 - 2023" report at http://www.zionmarketresearch.com/report/eyewear-market
 

As estimated in this report, the global eyewear market stood at US$ 117.02 billion in 2017. Witnessing a tremendous rise during the period from 2017 to 2023, the revenue in this eyewear market is expected to reach US$ 182.42 billion by the end of the forecast period. The main products available in this eyewear market are spectacles, sunglasses, contact lenses, and sportswear. Among them, the demand for spectacle is relatively higher and the trend is anticipated to remain so over the next few years, notes the research report.

Global Eyewear Market

Rise In Visual Defects Among Elderly Population To Boost Product Sales

“Prominent increase in geriatric population more prone to visual disorders is expected to drive the demand for eyewear market in the years to come,” says the author of this study. Apart from this, rise in the disposable incomes has generated more preference for fashion accessories such as luxurious and branded sunglasses as well as spectacle frames. This is likely to impel the growth of eyewear market over a couple of years. In addition, launching of low priced disposable lenses by the manufacturers will further vivify the business scope.

Massive awareness pertaining to vision correction methods such as LASIK and PRK, however, will impinge the progress of eyewear market in the forthcoming years. Nevertheless, the continuous innovation in eyeglasses and sunglasses as per user requirements is expected to boost eyewear market trends, normalizing the impact of hindrances on the eyewear market, reports the study.

Presence of Advanced Healthcare Infrastructure to Support Europe Maintain Dominance

Regionally, Europe has been leading the worldwide eyewear market and is anticipated to continue on the dominant position in the years to come, states the eyewear market study. The rising popularity of the premium eyewear products such as eyeglasses and sunglasses among the customers in the European countries such as Germany, UK, France, and Spain is main factor behind the Europe’s dominance of the overall eyewear market.  In addition, the buyer of the premium products in Europe are more inclined towards purchase of scratch-resistant, anti-reflective, and UV protected eyewear products and this is likely to augment in the large-scale growth of eyewear market in Europe. The presence of major eyewear vendors such as Safilo and Luxottica in the region has further resulted in European dominance of the global eyewear market.

The global eyewear market is segmented as follows:

By Product

  • Spectacles
  • Sunglasses
  • Contact Lenses
  • Sportswear

By Distribution Channel

  • Optical Stores
  • Independent Brand Showrooms
  • Online Stores
  • Retail Stores

By Region

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

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