The Global Eyewear Market size is predicted to touch $ USD 110 billion in 2016 and is set to Cross 1.3 billion units by 2024.
Growing proportion of sight deficiencies and increasing geriatric population are predicted to stimulate the global eyewear market in future. Demand for corrective lenses like spectacles and contact lenses are predicted to grow due to growing consciousness regarding the significance of regular inspections/checks. The high proportion of renewed lenses owing to consistent replacements and changes in lens treatment is predicted to propel the growth of the global market during forecasted period. Rise in disposable incomes, growing consciousness among the people about eye protection and growing purchasing capacity of the people is yet another key driving aspect predicted to fuel the growth of the global industry during anticipated period. In addition to this, fast growing eye wear support along with rising proportion of presbyopes is the biggest factor promoting the growth of the market.
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But the growing amount of refractive surgical operations like LASIK is a key inhibiting factor hindering the growth of the global market as it removes the individual dependence on corrective eyewear treatment. LASIK surgeries can affect the sale of corrective lenses during the estimated period. Further, there is a high level of consciousness about LASIK surgical operations among the people as they are becoming more cost effective for large amount of population. This is predicted to be a key aspect restraining the growth of the market. But in emerging economies, these refractive surgical operations are still not cheaper for many customers and so they prefer eyewear like spectacles or contact lenses to refractive surgeries like LASIK.
Increasing modernization and rapid shift in lifestyles of the people are the factors predicted to drive the growth of the market during forecasted period. The growth of online trading and rising popularity of disposable lenses are also predicted to be main market growth drivers. Growing occurrences of ophthalmic disorders driven by lifestyle shifts have promoted the market growth. The growing proportion of individuals using eyewear for correcting or overcoming sight problems is the biggest aspect stimulating the industry growth.
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The global eyewear market product is segmented into spectacles lenses, spectacles, Plano sunglasses, spectacles frames, polarized sunglasses and contact lenses.
Spectacles section leads the product segment of the global market. It also dominated the product segment of industry in 2011 by contributing maximum market share. The section is also projected to exhibit widespread development during forecasted period. Growing number of persons using spectacles for sight correction is one of the main reasons contributing for the growth of the section.
The contact lenses section is predicted to display enormous growth during forecasted span owing to growing consciousness about the use of these products and due to its user friendly features.
Spectacles lenses and frames section led the product segment of the market in 2012. The demand for the lenses & frames is predicted to remain in future.
Plano sunglasses section is predicted to expand substantially during forecasted period. The demand for high end sun glasses is the main aspect adding to the high revenue growth of this section.
The global market is segmented into North American subcontinent, European continent, APAC zone and rest of the world.
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The North American subcontinent led the market in 2012 in terms of demand. High demand for products like contact lenses and sunglasses in the subcontinent along with high level of consciousness about eye examinations were the key factors driving the growth of the eyewear market in North America.
Europe led the global market for 2012 in terms of revenue. High demand for sunglasses and high awareness levels about eye checkups are key factors driving the growth of market in Europe.
Customers going for UV coatings, scratch resistant coatings and antireflective coatings are predicted to fuel the demand and growth of the market in the regions of Europe and North America.
The market of APAC zone is predicted to expand rapidly during forecasted period. The factors adding to the growth of the market in APAC zone include growing purchasing capacity of the people, rising use of eye wear and increase in density of population in the regions of the APAC zone.
Key industry players are implementing different business growth strategies like efficient distribution channels and vertical integration to increase their profit margins, gain maximum market share, gain competitive advantage and grow their business.
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