Rise in the number of visual deficiencies and growing population are expected to drive the eyewear market over the forecast period. Increasing awareness for regular eye examinations is expected to fuel contact lenses and spectacles demand. Additionally, growth in disposable income is estimated to impact the industry positively over the next six years. Wide acceptance of laser surgeries may restrict demand for spectacles; however, it is expected to drive demand for plano sunglasses. Growing urbanization and lifestyle changes are expected to drive the eyewear market for the forecast period.
Rise in internet trading and popularity of daily disposable lenses are also expected to be key market drivers. Spreading awareness for frequent eye examinations and increasing the availability of test centers in rural markets is expected to provide new opportunities to industry participants. The global eyewear market is expected to be USD 142.18 billion by 2020. Market participants have adopted various strategies such as effective distribution channel and vertical integration to increase profitability.
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The eyewear market was 2,750.3 million units in 2012, and is estimated to exceed 3,500 million units by 2020, growing at CAGR of 3.2% for the next six years. Key eyewear products are plano sunglasses, spectacles and contact lenses. Contact lenses are used as an alternative to spectacles and also for cosmetic reasons. Contact lenses can be segmented into soft and rigid gas permeable (RGP). Soft contact lenses are easy to use and. comfortable; they allow more oxygen to pass through the user’s cornea. RGP lenses are gradually phasing out due to benefits offered by their alternatives. RGP lenses provide cleaner vision and higher durability, and are primarily used for correcting corneal defects.
Spectacles lenses and frames dominated the eyewear market with over half of the total shipments; they also contributed notably to revenue in 2012. The growth in demand for lenses is expected to continue over the next six years. Plano sunglasses segment is expected to grow significantly at a CAGR of 8.1% over the forecast period. Demand for high-end sunglasses is the key factor for high revenue generation. Polarized sunglasses accounted for 20% of shipments in 2012. CR-39 expected to remain the largest lens material segment.
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North America dominated eyewear demand, with over 30% of the overall market share in 2012. Products such as sunglasses and contact lenses have high demand in the region owing to awareness among end users. The European region dominated revenue generation, and accounted for over 40% of the market in 2012. Asia Pacific is estimated to grow at a rapid rate over the forecast period. The average selling prices of eyewear are comparatively lower in the region, and it accounted for nearly 20% of the global revenue in 2012.
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