The global eyewear market size is expected to reach
USD 184.03 billion by 2024. 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.
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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.
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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Michelle Thoras
201 Spear Street 1100,
Suite 3036, San Francisco,
CA 94105, United States
Tel: 1-415-349-0054
Toll Free: 1-888-928-9744
Mail: sales@radiantinsights.com
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