In a new report titled “Eyewear Market: Global Industry Analysis and Forecast, 2016 - 2026” Persistence Market Research offers detailed insights and in-depth research on the global eyewear market over a 10 year forecast period 2016 – 2026. The report covers the important factors driving the growth of the global eyewear market, untapped opportunities for manufacturers, trends and developments shaping the dynamics of the global eyewear market and other insights across various key segments. The report identifies the drivers and restraints affecting the growth of the global eyewear market. Changing trends are also analyzed and incorporated in the report to present clients with exhaustive information about the market resulting in better decision making. Macroeconomic factors that directly and indirectly affect the growth of the global eyewear market are also incorporated in the report.
The prime objective of this report is to offer insights into developments in the global eyewear market that are gradually helping transform global businesses associated with the same. The global eyewear market report begins with the executive summary and defining various categories and their share in the global eyewear market. It is followed by market dynamics, overview of the global eyewear market, which includes an analysis by Persistence Market Research of market drivers, restraints, opportunities and trends that are affecting the revenue growth of the global eyewear market. Furthermore, to understand the popularity of the various market segments and regions, the market attractiveness index with elaborated insights on the same is provided, to showcase the market’s attractiveness based on key metrics such as CAGR and incremental opportunity.
The next section of the report highlights eyewear adoption by region, and provides a market outlook for 2016–2026. The study investigates the market attractiveness regionally, as well as analyses the limit to which the drivers are influencing the eyewear market in each region. The sections by product type, by price range and by distribution, evaluate the present scenario and future growth prospects of the global eyewear market for 2016–2026.
In the final section of the report on the global eyewear market, a dashboard view of the key companies is provided to compare the current industrial scenario and their contribution to the global eyewear market. Moreover, it is primarily designed to provide clients with an objective and detailed comparative assessment of key providers specific to a market segment. Report audiences can gain segment-specific manufacturer insights to identify and evaluate key competitors based on an in-depth assessment of their capabilities and success in the global eyewear market. Detailed profiles of companies are also included in the report to evaluate their long– and short–term strategies, key product offerings and recent developments in the global eyewear market.
To ascertain the global eyewear market size, the report takes into account the revenue generated by the various manufacturers. The forecast presented here assesses the total revenue generated by value across the global eyewear market and to provide an accurate forecast, the report starts by sizing up the current market, which forms the basis of how the global eyewear market is expected to develop in the future. Given the fluid characteristics of the market, the outcome is triangulated on the basis of three different types of analysis; based on supply side, downstream industry demand and the economic envelope. The report not only conduct forecasts in terms of CAGR, but also analyzes the market based on key parameters such as year-on-year (Y-o-Y) growth to understand the predictability of the global eyewear market and to identify the right opportunities across the market.
The different market segments have been analyzed in terms of basis point share (BPS) to understand individual segments’ relative contribution to market growth, which is important for identifying various key trends in the global eyewear market. Another key feature of this report is the analysis of market segments in terms of absolute dollar opportunity, critical for evaluating the scope of opportunity that a provider can look to achieve, as well as to identify potential resources from a delivery perspective in the global eyewear market. The overall absolute dollar opportunity along with the segmental split is mentioned in the report. To understand key market segments in terms of growth and adoption for eyewear globally, Persistence Market Research has developed the global eyewear market attractiveness index to help providers identify real market opportunities.
Factors such as strong demographic changes are expected to drive the global eyewear market
In 2015, the global eyewear market was valued at more than US$ 90 Bn, which is expected to register a CAGR of 5.8% over the forecast period to reach nearly US$ 170 Bn by the end of 2026. The global eyewear market is expected to represent absolute dollar opportunity of nearly US$ 80 Bn between 2016 and 2026. In 2015, total eyewear consumption across the globe accounted for 1,250 Mn units in volume terms, which is expected to increase to 2,147 Mn units by 2026. The global eye wear market is expected to register a CAGR of 5.1% in terms of volume over the forecast period.
The global eyewear industry has witnessed major expansion of key players with a diverse product portfolio. The global eyewear market is highly competitive with players focusing on offering unique eyewear designs. Competitors with an objective to gain high market share and increase their geographical presence are focusing on strategic acquisitions and on increasing their marketing and distribution channels.
Growing premiumization coupled with affordable luxury is boosting the global eyewear market
Modern day changing lifestyles entails individuals to purchase sunglasses, lenses, and frames according to the ongoing fashion trends. Earlier, premium range of eyewear was available only in selected stores and was not easily accessible. In the current market scenario, global eyewear manufacturers are expanding their businesses to developing economies with an aim to accommodate the high demand. Also, the number of consumers who long to experience luxury eyewear is growing. These simultaneous factors increase the penetration of premium range products. Further, companies are launching new products in growing markets with an affordable price tag in the premium range as well, making the global eyewear market highly competitive.
Innovation in the eye care industry strengthens the growth of the global eyewear market
The eye care industry is technologically developing at a faster pace. From evolution of eyeglasses to soft contact lenses, technology is being developed in order to meet the unmet demands of consumers. In this journey of development, the important objective of manufacturers is to search and develop the technology or product that will support consumers throughout their lives. These technological advancements in the eye care industry are driving the global eyewear market.
Global Eyewear Market Forecast, By Product Type
In terms of volume, the spectacles segment is expected to register a moderate CAGR over the forecast period
In 2015, the spectacles segment was valued at nearly US$ 28 Bn, which is expected to register a CAGR of 5.3% over the forecast period to reach nearly US$ 50 Bn by the end of 2026. The spectacles segment is projected to create absolute $ opportunity of nearly US$ 22 Bn between 2016 and 2026. In 2015, total spectacles consumption stood at 404 Mn units in volume terms, which is expected to increase to 667 Mn units by 2026. This segment is expected to register a CAGR of 4.7% in terms of volume over the forecast period.
Global Eyewear Market Attractiveness Analysis, by Product Type
Plano sunglasses segment is expected to be the most attractive segment in the global eyewear market over the forecast period
Among the product type segments, the plano sunglasses segment is expected to register the highest CAGR during the forecast period. The plano sunglasses was estimated to account for the highest value share of 46.8% in 2016 and is expected to project significant market share by 2026 end.
In terms of revenue, Western Europe was estimated to account for the highest revenue share of 32.4% in 2016 followed by North America. Revenue from the eyewear market in Asia Pacific Excluding Japan (APEJ) is projected to expand at a CAGR of 7.0% over the forecast period. Moreover, Asia Pacific Excluding Japan (APEJ) is expected to be the most favorable region in terms of incremental opportunity lying ahead for high revenue generation. The mature markets i.e. Western Europe and North America are more structured and likely to create a substantial demand for eyewear during the forecast period. The Latin America and Middle East & Africa eyewear markets are estimated to collectively represent 7.5% of global eyewear market value share.
Collaboration between Essilor International and Luxottica Group is likely to have a major impact on the global eyewear market
In January 2017, Essilor International announced a partnership with Luxottica Group, an Italy based prominent player of eyewear products. The objective of this partnership is to grab the increasing demand for eyewear products in the global market along with creating a strong market position.