The global eyewear market is expected to surpass US$ 100 billion in revenues by 2020. In terms of unit sales, the number is expected to reach over 3 billion units in the next five years. So what factors are driving the global eyewear market? What trends are expected to shape up the market in the future? Let’s take a look.
What’s Driving the Global Eyewear Market?
The two key factors driving the global eyewear market are growing Baby Boomers population and emergence of a strong middle class in developing regions. As the world population ages, demand for prescription lenses will go up significantly. The trend is especially prominent in countries with high Baby Boomer population, including Italy, Japan, Greece, Germany, Spain, Sweden, and Belgium. Although the percentage of Baby Boomers in the US is lower than these European countries, considering its population of over 300 million, it is a lucrative market for vendors.
The second key driver is the emergence of a strong middle class in developing nations, especially China and India. Although vision impairment levels in developing countries have been similar to those in developed countries, affordability has remained a key challenge. However, decades of economic reforms have led to the emergence of a strong middle class with a healthy disposable income. This strong middle class is ramping up demand for a host of products across industry verticals, and eyewear sales have also witnessed a surge.
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Eyewear Market Segmentation
The global eyewear market is broadly segmented into spectacles, sunglasses, and contact lenses. Spectacles have remain the preferred choice for vision correction globally; however, as eyewear is also being used as a fashion accessory, demand for coloured contact lenses is also gaining traction. Popularity of sunglasses among the youth is a key driver for demand, however, proliferation of ‘first copy’ and ‘duplicate’ brands in developing countries is posing key challenges to multinational companies.
Retail outlets remain the largest distribution channel for eyewear globally; however, proliferation of e-commerce stores is growing at a robust pace. Sales through healthcare service providers are expected to shrink on account of attractive discounts and offers available through online channels.
Eyewear Market: Key Players
The global eyewear market is dominated by Italy’s Luxottica, which owns the popular brand Ray-Ban. The company also holds licenses to produce eyewear for a number of brands, prominent among them being Armani, Prada, and Chanel. Luxottica also has a strong presence in the eyewear retail segment with over 7,000 outlets of Sunglass Hut – its retail brand.
The information presented in this article is based on the report, Eyewear Market: Global Industry Analysis and Opportunity Assessment 2015-2025. You can request a free sample of the report at http://www.futuremarketinsights.com/reports/sample/rep-gb-459
The second largest player in the global eyewear market is Safilo Group. The company holds licenses for well-known brands, such as Dior and Fendi. Other key players in the market include Marcolin, Marchon Eyewear, and De Rigo.
Eyewear Market: Key Regions
North America and Western Europe remain lucrative markets for the eyewear industry; however, it is the developing regions of Asia Pacific that are anticipated to offer a plethora of opportunities. The potential of the lucrativeness of the emerging markets can be gauged by the fact that Luxottica reported growth of over 18% Q1 growth in Asia Pacific.