Eyewear is designed to be worn over the eyes to protect them from environmental causes or to improve visual impairment. Common forms of eyewear include eyeglasses, sunglasses, contact lenses and goggles. People are embracing stylish and designer sunglasses as a result of the newest trend appearing in the market, and they are also utilised as a fashion statement. In addition, safety glasses are utilised in the construction sector to protect employees from flying debris. Eyewear goods are in great demand among the elderly population, since they are predisposed to a broad range of vision-related issues.
The worldwide eyeglasses market is expected to reach roughly US$ 461.6 billion by the end of 2027. Revenue is expected to rise at a CAGR of 6.0% over the projected period (2019-2027).
Drivers
Demographic trends such as age, eye disorders such as glaucoma, myopia, and fashion choices among young people, as well as increased knowledge about eye health, are predicted to drive the worldwide eyewear industry. Furthermore, the expanding elderly population is boosting want for prescribed eyewear and readymade reading glasses, which is likely to drive eyewear market growth. Furthermore, growing urbanisation, rising disposable income, and shifting lifestyle trends are expected to boost eyewear market growth.
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People's increased expenditure on medical supplies like contact lenses and glasses is expected to stimulate the growth of the eyewear industry. For example, according to the "Centers for Medicare & Medicaid Services," (a government organisation under the United States Department of Health & Human Services), retail expenditure on durable medical equipment like eyeglasses, contact lenses, and hearing aids increased 3.9% in 2015 compared to 2014.
In terms of revenue, Europe dominated the worldwide eyeglasses market in 2018, accounting for 36% of the total, following by North America and then Asia Pacific.
Market Restraints
Because of technological developments, the global usage of laser operations is expected to stymie the expansion of the eyewear industry. For example, according to a 2016 study that appeared in the Journal of Cataract & Refractive Surgery, laser-assisted in situ keratomileusis (LASIK) has improved vision. According to the most recent studies, laser-assisted in situ keratomileusis (LASIK) has a 99% success rate for reaching 20/40 vision or better, and a 90% success rate for achieving 20/20 vision or greater. As a result, increased acceptance of laser operations is expected to limit the growth of the eyewear market.
Eyewear is not permitted during vigorous sports, and some individuals find glasses unpleasant, uncomfortable, or unsightly, which is projected to impede the growth of the eyewear industry. Furthermore, eyewear may be lost or broken, and it tends to fog in cold or humid conditions, which is expected to limit the uptake of eyewear and impede market growth throughout the projection period.
Market Opportunities
The increasing global adoption of digital gadgets that expose eyes to dangerous artificial lighting is increasing demand for eyeglasses, which is fueling the eyewear market growth. Prolonged exposure to digital screens like as mobile phones and tablets can harm human eyes and create visual strain, hence expanding digitalization is driving demand for eyewear goods throughout the world and opening up new market potential over the projection period.
Rising demand for prescription glasses and contact lenses as a result of age-related impairments like presbyopia and other factors is fueling eyewear market expansion. According to the World Health Organization (WHO), at least 2.2 billion people worldwide have a visual impairment or blindness, at least one billion people have a visual impairment that might have been avoided or is still unaddressed. As a result, increased incidences of vision impairment throughout the world are expected to fuel eyewear market expansion.
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Market Trends
The rising popularity of diversifying eyewear goods in terms of frames and forms with the most recent design in order to fit current fashion is projected to fuel eyeglasses market expansion. Consumer preferences are shifting toward more diverse eyewear designs, and celebrities are increasingly adopting iconic fashion trends, which is expected to increase demand for eyewear items, hence supporting market development.
Rising manufacturer investment in improving the distribution channel is likely to drive eyewear market growth during the forecast period. For example, in December 2019, SoftBank Vision Fund invested more than $275 million in Lenskart, an omnichannel eyeglasses shop. SoftBank will buy interests in the firm from several of its early investors as part of the transaction. According to regulatory papers, Lenskart Solutions, the Delhi-based firm that owns and manages the retail platform, will receive US$ 231 million in main capital from SVF II Lightbulb, a Cayman Islands-registered affiliate of SoftBank.
In terms of product category, the Plano sunglasses sector had the biggest market share of 50.4% in terms of value in 2018, followed by spectacles and contact lenses.
Competitive Section
De Rigo S.p.a, Marcolin S.p.A., Safilo Group Spa, Fielmann AG, Cooper Companies, Johnson & Johnson Vision Care, Inc., Hoya Corporation (Life Care), Carl Zeiss AG, Essilor International and Luxottica Group SpA are the key players in the global eyewear market.
Few Recent Developments
Luxottica Group SpA
In January 2017, the business purchased ticas Carol S.A., a major optical franchisee for prescriptive frames and sunglasses established in Brazil. This was attributable to the company's debut into the Brazilian optical retail market.
In October 2016, the business debuted Radar Pace smart eyeglasses in collaboration with Intel. This product was created by the Oakley brand and Intel.
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