Fluttering high in the air, the eyewear market is sure to create some buzz. Seeing the incredible market growth, it is sure to become one of the profitable markets in the near future. The increase in vision-related diseases such as hypermetropia, myopia, and presbyopia has brought about a surge in the eyewear market. Youngsters in large numbers don’t leave the screen. This increased the number of vision disorders, thus further boosting the eyewear market.
The report provides an extraordinary assessment of the eyewear market with a good focus on market dynamics, geographical distribution, and competitive analysis. Growth rate analysis and revenue share predictions of vital segments are some significant features of the report that markets stakeholders can look upon to create great growth strategies.
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Eyewear Market: Competitive Analysis and Notable Developments
The eyewear market is a fragmented market with a large number of manufacturers. Manufacturers have to focus on technological advancements for sustaining in the eyewear market. Also, research and development are necessary to know about the latest developments. Furthermore, branding is also an important part to boost sales. In addition, online platforms have also benefitted the manufacturers to a great extent. The key players in the eyewear market industry are Carl Zeiss AG, Bausch Health Companies Inc., EssilorLuxottica, Hoya Corp, Kering SA, Rodenstock GmbH, Safilo Group Spa, Marcolin Spa, Fielmann AG, and De Rigo Vision Spa.
Recently, Nreal, a Chinese startup launched hi-tech sunglasses that blend computer graphics with the real world when you wear them. Seeing this, manufacturers should definitely focus on such hi-tech products for enhanced sales. At the same time, awareness about vision deficiencies in remote areas is also necessary. Recently, Essilor organized a business program called ‘Eye Mitra’ to provide basic knowledge about vision and some financial support to enable the people to become primary vision care providers.
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Eyewear Market: Key Trends
The premium eyewear industry is experiencing exponential growth. However, contact lenses are also gaining pace for those who crave for a spectacle-free look. In addition, technologically advanced sunglasses also see a bright future ahead. Growing awareness about the usage of Ultraviolet (UV) coating, anti-reflective coating, and the scratch-resistant coating further improves the market growth. Spectacles usage is set to rise in the female population. This is because females are more likely to develop refractive errors when compared to men. High demand for quick vision correction is also likely to fuel the eyewear market. The growing trend of goggles and sunglasses further propels the market with full throttle. Rising disposable income coupled with the urge to be fashionable among all is a growth accelerator for the eyewear market.
Eyewear Market: Regional Outlook
The eyewear market is bifurcated in the regions of the Middle East & Africa, North America, South America, Europe, and Asia-Pacific.
Asia-Pacific region is sure to dominate the eyewear market during the forecast period. This is because of the perception change in the people towards eyewear from function to fashion. In the Asia-Pacific region, China accounts for the largest market size. China is the biggest manufacturer of spectacles in the Asia-Pacific region. China also has a vast population infected with myopia. This, in turn, proves to be a breeding ground for increased use of spectacles. Therefore, China dominates the market in the Asia-Pacific region. Furthermore, China manufactures sufficient frames per day to suffice the need of the people. This, in turn, also offers a vast range of frames for the consumers to choose from. In addition, Brazil is also emerging as a huge market for premium luxury eyewear. Other regions also have a considerable share in the eyewear market.
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