Global Eyewear Market to Find Opportunities in Increasing Occurrence of Eyesight Disorders
ALBANY, New York, July 07, 2016 – Market Research Hub has added the report ‘Global Eyewear Market 2016-2020’ to its offering. This report presents a detailed evaluation of the market and is compiled by conducting both secondary and primary research. The major technological developments taking place in the global eyewear market and their impact on the development of the market have been encapsulated under this study. The vendor landscape section of the report throws light on the chief players dominant in this market by highlighting their R&D status and commercial production dates.
The global eyewear market is poised to rise at a 7.18% CAGR between 2016 and 2020. This report starts by presenting the market landscape section comprising the market overview and the five forces analysis. As stated in the report, around 35% of the population in Asia Pacific (APAC) and 75% in Europe suffer from some kind of hyperopia or myopia. This is caused due to a lot of time spent on video games and computers, shifting dietary habits of individuals, and watching television. In addition, aging is also a prime factor raising vision problems such as diabetic retinopathy, macular degeneration, and cataract. Thus, the rising occurrence of disorders related to the eye has raised the demand for eyewear.
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Moving further, the report throws light on the segmentation of the global eyewear market. In terms of product, the report segments the market into sunglasses, spectacles, and contact lenses. The segment of spectacles is further segmented into lenses and frames. Of these, on the basis of revenue, the segment of spectacles currently leads the market. This segment is predicted to exhibit a 7.0% CAGR from 2016 to 2020.
Geographically, the report segments the global eyewear market into Europe, Asia Pacific (APAC), North America, and Rest of the World (RoW). Amongst these, the region of APAC constitutes the largest share in the market and is poised to contribute revenue of approximately US$32 bn by the end of 2020. This is owing to the increasing awareness created about eyewear through new product launches, promotions, and marketing campaigns in this region. Furthermore, the growing confidence of customers in online shopping and the rising utilization of smartphones will also expedite the growth of the eyewear market in Asia Pacific.
The next section in the report provides details on the market dynamics shaping the development of this market. The increasing production advancement and the rising occurrence of eyesight disorders are amongst the major factors providing impetus to the global eyewear market. In addition, the growing demand from emerging economies and the rising disposable income of individuals globally will positively impact this market. Furthermore, eyewear products are also being highly utilized as a fashion statement especially amongst the younger generation. This has emerged as a key trend in this market. However, the increasing preference for refractive eye surgeries may pose a challenge to the growth of the global eyewear market.
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The vendors dominant in the market are Alcon, Essilor, Luxottica, Johnson & Johnson Vision Care, Safilo, Charmant, CIBA Vision, Alexander McQueen, CooperVision, and De Rigo Vision, among others.
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