Youngsters are increasingly influenced by trending fashion today. Along with this, rising sense of smart appearance has also amplified the market for eyewear as this has made youngsters the major consumers of these products. Increased exposure towards media devices (gaming consoles and TV) along with rising participation in outdoor activities has amplified the market demand for eyewear over the past few years. The global market is witnessing expansion on the rapid basis as today individuals are displaying high interest towards sunglasses, lenses, and frames. This primarily owes to the ongoing fashion trends along with the modern day changing lifestyles.
Factors Propelling the Global Market Growth for Eyewear
- Initiatives By The Market Participants
Top most manufacturers with varied product portfolio has extensively augmented the market demand for eyewear in the recent times. Several players are also focusing on expanding their geographical presence in order to acquire high market shares. They are incessantly emphasizing on amplifying their marketing and distribution channels along with their improved attention on strategic acquisitions. This is significantly boosting the overall industry demand for eyewear market. Some of the top players operating in the global eyewear market consist of Essilor International SA, Safilo Group Spa, De Rigo Spa, Johnson &Johnson Vision Care, and Cooper Companies, Inc.
- Technological Advancement
Technologies evolving to meet the unmet demand for consumers is notably affecting the market for eyewear at the global level. Thus, the market players are aiming to manufacture a product that supports their-end-users for the long term. Augmented sales of eyewear products on e-commerce platforms have remarkably offered manufacturers the high-profit margins and extensive range of marketing opportunities.
Plano Sunglasses to Be the Market Leader in the Coming Times
Popular types of sunglasses comprise of Plano sunglasses, sportswear, spectacles, eye care, and contact lenses. Plano segment dominates the market currently and is further expected to lead with three-fourth of the total revenues.
By the end of the forecast period, spectacles will consume around US$ 50 billion with the CAGR growth of 5.3% during the predicted period. Overall consumption of spectacles was estimated at 404 units in the terms of volumes in 2015. It is further expected to rise to 667 million by the end of predicted period.
Also, the emergence of innovative eye care solutions has attributed to the market growth for eye care segment. Products such as soft contact lenses with additional features like variable foci is gaining recognition among the consumers, therefore, stimulating the segment growth.
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Geographically, in 2016, the Western Europe consumed for the highest revenue share of 32.4%. In terms of incremental prospect, APEJ is anticipated to be the most promising market. In the years to come, the eyewear market in Asia-Pacific exclusive of Japan (APEJ) will rise at the CAGR of 7.0%. Regions such as Western Europe and North America will surge substantially over the estimate period and will contribute above US$ 100,000 million revenues by 2024 end. The Middle East and Africa (MEA) along with Latin America region will collect around 7.5% of the total shares over the coming years.