IMARC Group’s latest report, entitled “Eyewear Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, finds that the global eyewear market reached a value of US$ 120 Billion in 2018, registering a CAGR of 3.4% during 2011-2018. Eyewear products help in improving the visual acuity and protecting the eyes against environmental damage. The increasing usage of electronic gadgets or devices by both the children and adults has led to a rise in the prevalence of eyesight related problems. Moreover, extreme exposure to UV rays and population aging have also led to an increase in the cases of visual ailments. In line with this, governments in many countries are initiating programs in partnership with different organizations to provide affordable eye care facilities, particularly to the rural population, which is aiding in augmenting the sales of eyewear products across the globe.
Consumers nowadays are opting for trendy and designer sunglasses and spectacles to enhance their appearances as well as to protect their eyes from damage. Further, with rising preferences of the consumers towards luxury and premium products, the manufacturers are investing in the development and marketing of technologically advanced eyewear products. For instance, Nikon Lenswear has developed innovative lenses with improved optical designs, materials and enhanced coatings. Apart from this, many government and non-government institutions are conducting programs to create awareness among people regarding the availability of advanced treatments for eye diseases. These initiatives have facilitated the expansion of the global eyewear industry. By 2024, the market is anticipated to cross the value of US$ 141 Billion, at a CAGR of 2.6% during the forecast period (2019-2024).
- On the basis of products, spectacles represent the most popular eyewear product. Other major product types include sunglasses and contact lenses.
- Based on gender, unisex eyewear products dominate the market, accounting for the majority of the global market share. Unisex eyewear products are followed by products for women and men.
- The market has also been divided based on distribution channels into retail stores, pharmacies, and online retailers. Currently, retail stores represent the most extensive distribution channel.
- Region-wise, Europe exhibits a clear dominance in the global eyewear market. Other major regions are North America, Asia Pacific, Latin America, and Middle East and Africa.
- The competitive landscape of the eyewear industry has also been examined with some of the market players being Essilor, Johnson & Johnson Vision Care, Safilo and Alcon.
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