Eyewear Market - A Brief Market Research Overlook

Eyewear – Introduction & Product Segmentation

Eyewear is any item worn on or in the eye just to ensure vision correction or for other reasons which is mainly for cosmetic purposes. Normally, key eyewear products include spectacles, contact lenses and Plano sunglasses. A large percentage of the population is afflicted with conditions such as presbyopia, myopia, hyperopia, and astigmatism, and hence, the usage of spectacles is ideal for such people in these situations. Spectacles include frames, as well as lenses.

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They are the conventional choice for compensating for visual inaccuracies such as hyperopia (farsightedness) or myopia (nearsightedness). In terms of demand and revenue, spectacles (spectacle lenses and spectacle frames) are the largest product segments of the Eyewear Market which were valued at over USD 63 billion in 2011.

On the other hand, Plano sunglasses are fitted with non-Rx lenses providing protection for the eyes against harmful UV radiation. They are equally effective and convenient to use, and will boost the overall demand in the coming years.

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Due to worldwide economic recession, the eyewear market once experienced a sluggish growth rate. However, with the world economy returning to normal, the global eyewear market has enjoyed a burgeoning growth in the past few years. This growth is expected to witness a significant rise in the forthcoming years.

Eyewear: Market Attractiveness Analysis

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.

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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.

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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.

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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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