The global eyewear market size is expected to reach USD 184.03 billion by 2024, according to a new report by Grand View Research, Inc. The increase in aging population and growing acceptance of eyewear, backed by rising disposable incomes of people worldwide are expected to play an important role in market growth. Moreover, growing awareness regarding proper eye health among the consumers is projected to strengthen the growth prospects over the forecast period.
Vendors are increasingly adopting innovative distribution channels including strategies such as vertical integration for organizational growth. The internet retailing has gained increasing popularity amongst the consumers as it enables them to place online orders for eyewear at better prices as compared to the conventional brick and mortar stores.
The increasing awareness regarding refractive surgeries, such as PRK and LASIK that reduce or eliminate individual’s dependency on corrective eyeglasses is a major factor impeding the industry growth. Such procedures are being progressively made affordable for a large percentage of the population across the developing regions.
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Further key findings from the report:
Spectacles, which comprise frames and lenses, contributed to over 50% of the global eyewear market volume share in 2015 and are projected to witness stable growth owing to the high replacement rate of lenses and constantly changing prescriptions. Additionally, the introduction of progressive and high-index lenses has led to a surge in demand and is projected to continue over the next eight years.
Contact lenses contributed to over 30% of the global market volume share in 2015 and are poised for steady growth throughout the next eight years on account of the high degree of awareness among users coupled with the growing demand for the cosmetic lenses among the younger population. Moreover, the introduction of innovative easy-to-wear, cosmetic, and daily disposable lenses has positively impacted the sales of such products.
The European eyewear market was valued at close to USD 40 billion 2015 and is anticipated to witness steady growth throughout the forecast period. The presence of key eyeglasses vendors, such as Safilo Group S.p.A and Luxottica Group S.p.A in the region is anticipated to boost the regional eyeglasses sales volume in the coming years. The growth prospects for the Asia Pacific eyewear market seem very bullish owing to increase in purchasing power among consumers and wearer base expansion across the region.
Market participants are emphasizing onsupply chain integration, product innovation, and mergers and acquisitions, to gain a foothold in the industry. Establishment of an effective distribution network is the key to achieving global market expansion. The key industry participants include Luxottica Group S.p.A, Safilo Group S.p.A, Fielmann AG, CooperVision Inc., and Bausch + Lomb Inc.
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