The global eyewear market is expected to reach USD 142.18 billion by 2020, growing at a CAGR of over 6% from 2014 to 2020.
Rising population along with increasing number of visual deficiencies is projected to accentuate the eyewear market growth over the forecast period. Further, rising awareness about the importance of regular eye examination is expected to boost the demand for spectacles and contact lenses.
Advancements in lens materials have resulted in varied new design with enhanced quality, style and aesthetic appeal. Further, frames and sunglasses being perceived as fashion products and facial accessory is projected to positively impact the eyewear market over the forecast period.
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Rising advent of internet and growing popularity of e-commerce for selling eyewear products is estimated to expand the retailing reach of products across the globe. Additionally, up surge in demand for popular-priced sunglasses combined with robust growth outlook for plastic frames and lenses is projected to drive the industry demand.
Corrective contact lenses find its application in compensating for visual deficiencies along with correcting refractive errors including presbyopia, astigmatism, hypermetropia and myopia which is expected to augment the industry demand. However, increasing acceptance towards vision corrective alternatives can act a restraint for the industry growth.
The industry can be classified by product into spectacles, contact lenses and plano sunglasses. The plano sunglasses market is estimated to exceed USD 19 billion by 2020, growing at a highest CAGR of over 8% from 2014 to 2020. Increase in demand for sunglasses as cosmetic asset and rising implementation of polarization technology in high-end segment is projected to drive the industry.
The global contact lenses market can be further sub-categorized into hybrid, soft and RGP contact lenses. Soft contact lenses offer high degree of comfort and flexibility along with allowing more oxygen to pass through the user’s cornea. These lenses are expected to grow at considerable growth rate of 6.9% from 2014 to 2020. Rising incidences of ophthalmic disorders owing to the changes in lifestyle and increasing aging population is anticipated to further elevate the industry demand.
Asia Pacific is projected to be the fastest region, growing at a CAGR of 8.8% from 2014 to 2020. Increasing wearable base coupled with rising purchasing power is driving industry growth in this region. North America dominated the eyewear industry in 2013. High degree of awareness about eye examination and considerate demand for plane sunglasses are projected to amplify industry growth in this region.
The presence of notable industry participants including Luxottica and Safilo which own a considerate number of licensed and in-house brands is estimated to positively impact the European region.
Key vendors in the industry include CIBA Vision, CooperVision,, Bausch & Lomb, Marchon, Luxottica, Fielmann, Safilo and Charmant. The industry participants are developing efficient distribution channel along with vertical integration strategies to excel in the industry.
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