Eyewear Market Growth Gains an Impetus with Increasing Awareness about Eye Care Regimes
The global prevalence of ophthalmological diseases such as myopia, glaucoma, conjunctivitis, etc., and this is triggering the need for eyewear products worldwide. The global eyewear market is primarily driven by the regional demographic trends, such as increasing awareness about vision health.
Increasing consumer awareness regarding regular eye checkups is expected to contribute to the positive growth prospects of the eyewear market during the forecast period.
According to the Essilor Company, approximately 63% of the total population across the world needs vision correction procedure. However, approximately 42% share of the total patients either use eyewear accessories or take eye care treatments. Currently, there is an increasing awareness of new hidden growth opportunities among players regarding eyewear products provided by campaign and advertisement through social media networks.
In 2018, Gunnar Company launched a new collection of blue light reading glasses as safety measure to protect the vision of digital device users. This helped the company to increase its sales by targeting young population and attracting customers that spend a significant amount of time in front of computer.
Find Out More about the Report Coverage
- Luxottica Group SpA
- Essilor International S.A
- Carl Zeiss AG
- Hoya Corporation (Life Care)
- Johnson & Johnson Vision Care, Inc.
- Cooper Companies Inc.
- Fielmann AG.
- Safilo Group Spa
- Marcolin S.p.A.
- De Rigo S.p.A.
Modern Fashion Trends to Boost Demand for Attractive Eyewear Products
The sunglasses market is expected to grow rapidly as compared to the spectacles market due to rising trend pertaining to wear sunglasses among customers. Moreover, the trend of wearing sunglasses is not hindered by lasik eye treatment and not limited to any age category. Thus, prominent players in the market are more focused on high sales of sunglasses through product innovation and thorough launch of new designs at a regular interval of time.
Moreover, the changing trend pertaining to the fashion industry is booming the sales of goggles across the world, which in turn, is fueling the demand for eyewear products. Thereby, new fashion trends are reflecting in the growing popularity of modern eyewear products such as plano sunglasses. However, due to high prevalence of lasik eye operations around the globe, patients are creating an aversion to spectacles, contact lenses, and eye care accessories.
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Changing Lifestyle and Continuous Surge for Trendy Accessories
Change in the lifestyle of individuals is inspiring them to purchase sunglasses, frames, and lenses according to the ongoing fashion trends. Premium range of eyewear are available earlier to selected stores, and are not easily accessible. However, in present scenario, global eyewear players are penetrating in the developing economies with an aim to cater the high demand.
Also, consumers longing for experiencing the luxury eyewear is influencing the growth of the eyewear market. Further, players introducing new products in markets with affordable price in premium range also make the eyewear market highly competitive.
The eye health industry is developing at a significant pace, from evolution of eyeglasses to the soft contact lenses. In this developing phase, the aim of manufacturers or researchers is to search and develop the technology or product that will support individuals throughout their lives. These advancements in the eye health industry is one of the factors driving the global eyewear market growth.
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Demographic Changes to Play Major Role in Dictating Manufacturers’ Strategies
Change in demographics in different regions across the globe plays an important role for the eyewear industry to grow structurally. Demographic dynamics such as eye problems, age factor, disease (myopia, glaucoma, etc.), penetration of eye health awareness, and fashion style among youngsters are factors that drives the global eyewear market growth. Moreover, rising youth population is changing the perception of using eyewear products.
Urbanization, increasing adoption of changing lifestyles, and growing disposable income create a major demand for prevention and correction of vision issues. Demographic changes are rapid in emerging markets, prevailing mostly in the middle class population where easy accessibility to international brands in the eyewear market is high. Most of manufacturers of the eyewear market are targeting these emerging economies to expand their eyewear business.
Most of the key players in the eyewear market are principally engaged in offering eyewear products through their own online sales channel and third e-Commerce parties. Selling eyewear through physical stores as well as online help companies to target customers across the globe. This trend is increasing significantly in the developing countries due to increasing internet and smartphone penetration.
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A brief overview of changing the landscape of the eyewear market has led our analysts to conclude that, the market is exponentially gaining popularity. The demand from developing as well as developed countries holds a specific prominent share of the eyewear market.
Demand for premium and luxury eyewear products is increasing from developed regions such as North America and Europe. On the other hand, developing countries are estimated to hold a significant share in the eyewear market. Experiencing the trending demand for eyewear products make market players keen to invest in product innovation.
Eyewear Market: Segmentation
PMR’s research study on the global Eyewear market offers a detailed market taxonomy, wherein the key segments have been discussed in detail. The segmentation of the eyewear has been offered on the basis of product type, price range and distribution channel. Every segments have been analyzed in detail, and data pertaining to the growth of each segment has been included in the study.
The eyewear market research report includes a competitive landscape that provides a dashboard view of the key competitors operating in the market.
Some of the market players profiled in this section include Luxottica Group SpA , Essilor International S.A, Carl Zeiss AG, Hoya Corporation (Life Care), Johnson & Johnson Vision Care, Inc., Cooper Companies Inc., Fielmann AG, Safilo Group Spa, Marcolin S.p.A. and De Rigo S.p.A.
Eyewear Market: Key Questions Answered
The research study offers inclusive insights about the growth of the market in the most comprehensible manner for the better understanding of users. The key insights offered in the Eyewear market answer some of the salient questions that assist stakeholders in gauging all the emerging possibilities.
- How rapidly changing consumers’ perspective acts as major growth engines for the eyewear market?
- How does e-commerce boost the eyewear market growth?
- What are the key trends that are constantly shaping the eyewear market growth?
- Which are the prominent regions offering plentiful opportunities for the market?
- What are the differential strategies adopted by key players to command a significant chunk of the global market share?