Global Eyewear Market to Surpass US$ 224.84 Bn by 2025

Published On : Feb 26, 2018

Global eyewear market was valued at US$ 114.03 Bn in 2016, according to Global Eyewear Market, by Product Type (Spectacles, Sunglasses, Contact Lenses, and Others), by Distribution Channel (Online, Supermarkets, and Hypermarkets), by End User (Men, Women, and Kids) published by Coherent Market Insights. The eyewear market is expected to register a CAGR of 7.91% over the forecast period (2017–2025) to reach US$ 224.84 Bn by 2025.

One of the major factor propelling growth of the eyewear market is rising prevalence of visual disorders such as myopia and hyperopia. For instance, according to the American Optometric Association, about 30.0% of the population in the U.S. suffered from myopia in 2016, due to visual stress, owing to excessive use of computers or laptops. Eyewear also plays an important role as a PPE equipment. According to the U.S. Bureau of Labor Statistics eye injuries alone cost more than $300 million per year, in lost production time, medical expenses and worker compensation, thus outlining the importance of eyewear as a PPE.

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/eyewear-market-767

Browse 150 market data tables* and 60 figures* on "Eyewear Market”- Global forecast to 2025.

Key Trends and Analysis of Eyewear Market:

  • Based on the product types, spectacles segment dominated the product segment in 2016 and is expected to retain its dominance over the forecast period. This is owing to rising cases of visual defects especially amongst the geriatric population. According to CBS Netherlands, in 2014, the rising demand for eyewear is directly proportional to increasing age. Majority of people in their 40s wear glasses or contact lenses. The usage rate of eyewear among people falling the age group of 50 and above is more than 90%. Sunglasses segment is expected to be the fastest growing segment with a CAGR of 8.79% over the forecast period. This is due to increasing use of sunglasses as a fashion accessory and for protection against harmful ultraviolet (UV) rays and sunlight. For instance, according to Vision Council of America, in 2016, around 85% of people in the U.S. use sunglasses.
  • Based on end user, men segment held a dominant market share in 2016 due to increasing adoption of eyewear as a fashion accessory among men. According to The Vision Council, trade association for manufacturers and suppliers of optical industry, in 2015, 73.7% of the male population were using some form of vision correction in the U.S.

Key Takeaways of the Market:

  • Europe was the dominant region in the global eyewear market, and valued at US$ 32.15 Bn in 2016. The market is projected to register a CAGR of 8.21% in terms of revenue, over the forecast period. This is owing to the presence of key players in the region such as Luxottica Group S.p.A and various others. Changing fashion trends has resulted in the introduction of sunglasses with innovative functionality and designs. For instance, Oakley Inc. is using innovative lens technologies such as Prizm, that increases the performance of sunglasses with the help of ultra-precise color tuning that is designed specifically for different environments.
  • Asia Pacific is projected to be the fastest growing market over the forecast period, and this attributed to rising demand for spectacles and sunglasses from emerging economies such as China and India. According to United Nations Economic and Social Commission for Asia and the Pacific (ESCAP), the geriatric population is anticipated to reach 1.3 billion by 2050 from 547 million in 2016, in this region. Japan is expected to witness a rise in demand for spectacles over the forecast period. For instance, according to ILC-Japan, geriatric population in Japan was estimated to be 26.3% of its total population. It is projected to reach 32.2% by 2030. Aging leads to hyperopia and therefore, demand for spectacles is expected to be high. These are expected to propel growth of the eyewear market in Asia Pacific.

Major players operating in the global eyewear market include Luxottica Group S.p.A, Valeant Pharmaceuticals International Inc., Fielmann A.G., CooperVision Inc., Safilo Group S.p.A., and Essilor International.

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