Eyewear Market: Global Eyewear Share to surpass USD 182.42 Billion by 2023 – ZMR Blog
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Eyewear Market: Global Eyewear Share to surpass USD 182.42 Billion by 2023

Zion Market Research has published a new report titled “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”. According to the report, global eyewear market was valued at approximately USD 117.02 billion in 2017 and is expected to generate revenue of around USD 182.42 billion by end of 2023, growing at a CAGR of around 7.68% between 2017 and 2023.

The rise in disposable income has resulted in the increased purchase of eyeglasses, especially spectacle frames and sunglasses, which are perceived as a fashion accessory. Consumers are likely to buy a new set of eyeglasses and replace the old ones. Furthermore, the growing preferences of luxury and branded sunglasses are contributing significantly to the eyewear demand. Consumers are exhibiting preferences towards the premium product segment and are willing to spend more on these products. Vendors have introduced innovative eyewear products to cater to various needs of the customers.

The increasing demand for premium eyeglasses and sunglasses among the customers is growing in the European countries such as Germany, UK, France, and Spain. The personalization of eyewear products and services has helped the small eyewear marketers to develop long-term relationships with customers and encourage repeat business for the company. Additionally, the eyewear manufacturers are increasingly focusing on the development of eyeglasses and sunglasses in new styles, shapes, and sizes. This continuous improvisation has provided the consumers with more product options.

Global Eyewear Market

The eyewear market is segmented on the basis of product type into spectacles, sunglasses, contact lenses and sportswear. Spectacle holds the dominant share in the global eyewear market due to rising geriatric population and increasing prevalence of visual disorders being major factors. For instance, according to the WHO, about half of all 65-year-old Americans had some degree of cataract formation in their eyes with the percentage higher among 70-year-olds in 2016. The WHO estimates around 2 billion people across the world are expected to cross 60 years of age by 2050, which is triple that in 2000. This is expected to lead to rising demand for spectacles. Thus being one of the major drivers for the growth of the spectacles segment in the overall market.

Optical stores, independent brand showrooms, online stores and retail stores are the major distribution channels of the global eyewear market. The online store is the dominating segment.  The shift in consumer preference toward online purchasing and booming e-commerce is enhancing product sales. Shopping experience, convenient home delivery, and competitive pricing are the major factors driving product sale through this channel globally.

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North America, Europe, Asia-Pacific, Latin America and Middle East & Africa are key regional segments of global eyewear market. Europe is the largest to led the eyewear market primarily due to high average selling prices for the eyewear products and a strong inclination toward premium category. Premium buyers are increasingly opting for scratch-resistant, anti-reflective, and UV protected eyewear products, which is proliferating the demand for eyewear in this region. Further, the presence of major eyewear vendors such as Safilo and Luxottica has led the dominance of European market in the global industry

Some of the key players in eyewear market include Carl Zeiss, Bausch & Lomb, Charmant Group, CIBA Vision (Alcon), Chemilens, Daemyung, Cooper Vision, Fielmann, Essilor International, Hoya, Johnson & Rodenstock, Johnson Vision Care and Seiko. Other prominent players are De Rigo SpA., Luxottica Group, Marchon, Marcolin, and Safilo Group.

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