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.
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.
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.
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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United States
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