Pune, India, Feb. 02, 2021 (GLOBE NEWSWIRE) -- According to the report, the eyewear market size is predicted to be worth USD 178.95 billion by the end of 2026 from USD 115.90 billion in 2018. The forecast period is set from 2019 to 2026 and the market is expected to exhibit a CAGR of 5.7%. With respect to product type, the market will be dominated by the spectacles segment owing to the rising prevalence of eye disorders such as hypermetropia and myopia. The global eyewear market size is anticipated to expand owing to the increasing awareness about ocular diseases, coupled with the rise in prevalence of vision abnormality. A report on eyewear market by Fortune Business Insights.
In 2018, North America generated an eyewear market revenue of USD 35.60 billion and dominated the market. This domination is attributable to factors such as a rise in awareness about ocular disorders, and preference for premium eye care products.
INDUSTRY DEVELOPMENT:
- July 2019: EssilorLuxottica announced that the company is planning to buy 76.72% stakes in GrandVision, a Dutch optical retailer for an estimated USD 8.8 billion.
- August 2019: CooperVision launched a soft contact lens recycling program in partnership with TerraCycle to increase its sustainability efforts.
- August 2019: The U.S FDA approves CooperVision's Paragon Contact lens manufacturing site in Phoenix, U.S.
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Rise in Prevalence of Ocular Diseases to Drive Market
Eyewear comprises of accessories and items that can be worn over the eyes. They are used for various purposes, such as for protection against environment, embellishment or fashion purpose, or for enhancing or improving vision. Eyewear products are basically in the form of contact lenses, sunglasses, and spectacles. In addition, they help to protect against UVB and UVA sun rays and aid to treat ocular diseases such as short or long-sightedness, and others.
Rise in the availability of spectacles in online channels and retail stores from both developing and developed nations is expected to increase the demand for higher-value sunglasses. The surge in brand advertising has urged consumers to become brand conscious, thus adding a boost to eyewear market growth. Rise in the geriatric population and their vulnerability towards eye disorders, infections, and diseases will promote the use of spectacles and contact lenses. This, in turn, is prognosticated to increase the eyewear market share in the forthcoming years.
The market is segmented on the basis of product type, distribution channel, and geography. In terms of distribution channel, it is anticipated that high eyewear market shares will be earned from the retail store segment in the forecast duration. This is attributable to the widespread presence of retail shops in branded stores, shopping malls, and others.
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North America to Continue Dominance Owing to Presence of Increasing Awareness about Eye Problems
The global eyewear market is geographically segmented into five regions namely Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa. In 2018, North America generated an eyewear market revenue of USD 35.60 billion and dominated the market. This domination is attributable to factors such as a rise in awareness about ocular disorders, and preference for premium eye care products. On the other side, Europe eyewear market will rise at a remarkable rate owing to an increase in affordability to buy expensive sunglasses in nations such as UK, France, and Germany.
Moreover, the market in Asia Pacific is likely to witness high CAGR in the eyewear market share on account of the rise in geriatric population, prevalence of ocular diseases, rise in disposable incomes of people, and brand advertising that urges people to opt for the expensive branded eyewear products.
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The eyewear market is fragmented in nature due to the presence of both local and international players. Currently, two players are dominating the market namely, Johnson and Johnson Services, followed by Alcon. Apart from key developments in the eyewear market, the report throws light on some of the significant players functioning in the market. These include:
- Fielmann AG
- Johnson & Johnson Services, Inc.
- Alcon (Part of Novartis AG)
- Safilo Group S.p.A
- Bausch Health Companies Inc.
- EssilorLuxottica
- Carl Zeiss
- CooperVision
- Other Prominent Players
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Global Eyewear Market Segmentations:
By Product Type
• Spectacles
o Frames
o Lens
• Sunglasses
o Plano
o Prescription
• Contact Lens
o Toric
o Multifocal
o Sphere
By Distribution Channel
• Retail Store
• Online Store
• Ophthalmic Clinic
By Geography
• North America (U.S. and Canada)
• Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
• Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
• Latin America (Brazil, Mexico, and Rest of Latin America)
• Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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