The latest report by IMARC Group, titled “Eyewear Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2017-2022”, finds that the global eyewear market reached a value of around US$ 109 Billion in 2016. Eyewear refers to the items or devices worn on the eyes to improve vision and protect them against the damage caused by exposure to UV rays, excessive light, dust, pollution, etc. There is a wide variety of eyewear products available in the market with different sizes, shapes and frame materials. Nowadays, eyewear is also being used as a fashion statement to enhance one’s physical appearance by complementing the shape of the face and facial features such as the colour of eyes, hair, and complexion.
Highlights of the global eyewear market:
- Increasing prevalence of visual complications is the major driving force for the market growth.
- Spectacles are the most popular product type, holding the majority of the total market.
- Europe represent the leading market, accounting for the largest share globally.
The increasing number of chronic diseases resulting from changing dietary habits and excessive exposure to electronic devices has induced the demand for eyewear products. Additionally, the governments in various countries are conducting programs to increase awareness about eyesight related issues in partnership with different organizations. This, in turn, is projected to spur the growth of the market over the next few years. Additionally, the eyewear manufacturers are expanding their businesses in the emerging economies, owing to the augmented demand in these regions. Other factors such as high disposable incomes, increasing purchasing power and aging population requiring vision correction are anticipated to contribute to the development of the market. According to the report, the global eyewear market is further expected to reach a value of around US$ 170 Million, exhibiting a CAGR of 8% during 2017-2022.
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On the basis of product type, the market is segmented into spectacles, sunglasses and contact lenses. Among these, spectacles hold the majority of the total market share. Based on end-use, the market is segregated into men, women and unisex. The market has further been analysed on the basis of distribution channels, covering optical stores, independent brand showrooms, online stores and retail stores. Region-wise, Europe dominates the market, followed by North America and Asia Pacific. Other regions include the Middle East and Africa, and Latin America. On evaluating the competitive landscape of the global eyewear market, it is found that the major players are Luxottica, Essilor, Johnson & Johnson Vision Care, Safilo and Alcon.
The report by IMARC Group has examined the global eyewear market on the basis of:
- Contact lenses
- Optical Stores
- Independent Brand Showrooms
- Online Stores
- Retail Stores
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
- Johnson & Johnson Vision Care
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