Eyewear Market - What to Expect in 2017? Global Analysis & Trends to Watch!

The global eyewear market has been growing at a substantial rate with the rising prevalence of vision disorders across the globe. A wide range of eyewear are available in the market in terms of size, material, quality, and frame. The growing awareness among consumers worldwide regarding the importance of eye check up is one of the primary factors expected to encourage the growth of the global eyewear market in the next few years. Moreover, the increasing number of players participating in the market and the expansion of their product portfolio are some of the key factors anticipated to accelerate the growth of the overall market.

According to the research study, in 2011, the global eyewear market was valued at US$81 bn and is predicted to reach a value of US$130 bn by the end of 2018. The market is expected to register a steady 3.70% CAGR between 2012 and 2018.

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Among the many sub-categories in the main eyewear market, the sunglasses segment is rapidly growing owing to the increasing awareness it stages in terms of benefits and trendy appeal in the accessories.

Another potential sector in the global eyewear market is the contact lenses segment. Contact lenses are easy to use, extremely convenient and hassle-free with respect to many aspects and considerations. The most preferred modality they are available is in the form of daily disposable and weekly disposable lenses which is the main reason it has become so desirable among the users. Contact lenses are definitely another major eyewear product gaining high-user acceptance across the globe. However, owing to the relatively lower retail prices of the contact lenses in comparison to other eyewear products, this is not expected to convert into high revenues in the coming years.

An expansion of the eyewear market is also mainly attributed due to children using spectacles and/or adapting to vision correction techniques at an early age.

Global Eyewear Market - Share and Size

As per the study conducted by industry’s best market research firms, the demand for eyewear products was over 2,600 million units in 2011, and is expected to grow at a CAGR of 3.7% from 2012 to 2018. In terms of revenue, the market was valued at approximately USD 81 billion in 2011 and is expected to reach USD 130 billion by 2018.

Market Drivers

Due to changing lifestyle, extensive usage of computers, increasing awareness, rising formal employment, and acceptance of corrective or refractive surgeries to eliminate the use of corrective eyewear, a large percentage of the population is familiarized with different eyewear solutions. The number of individuals requiring prescription eyewear and using corrective eyewear is one of the major driving forces for the growth of this market.

Also, rise in the number of visual deficiencies amongst the constantly growing population has created high awareness regarding the importance of regular eye examinations and methods of elimination using corrective eyewear. Such are the factors that are expected to inhibit the growth of the global eyewear market in the next six years.

By Geography

North America is the market leader in eyewear. It accounted for over 30% of the global market share in 2011. Nevertheless, North America is gradually being replaced by other geographic regions such as Asia Pacific, particularly India and China. These countries are expected to be the fastest growing market in terms of revenue over the forecast period. Due to dense population and high degree of eyewear penetration in these locales, Asia-Pacific is expected to grow at a CAGR of 9.0% from 2012 to 2018.

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