As the latest report published on Reportocean.com, global eyewear market is anticipated to grow from USD 110 billion 2017 to USD 196.47 billion by the end of 2024 at a Compound Annual Growth Rate of 7.52%.
Major factors to the growth of the market are rise in the number of ophthalmic disorders leading the demand for the prescription-based eyeglasses, changing lifestyle, growing preferences of luxury and branded sunglasses, electronic devices causing strain on eyes, and technological advancements, introduction of low cost and disposable lenses, awareness and adoption of vision correction procedures and surgeries such as lasik and prk.
In the near future, the market may face the possible challenges in the growth due to and price differentiation in the sales of unbranded frames and illegal novelty contact lenses. However, the key players in the market are putting regressive efforts to provide innovative offerings and benchmark strategies in the global eyewear market market.”Polycarbonate: The highest growing lens material for the global eyewear market”
Key players in the global eyewear market are CIBA VISION, Carl Zeiss A.G., Charmant Group, CooperVision Inc., De Rigo Vision S.p.A., Essilor International, Fielmann A.G., Luxottica Group S.p.A, Marchon Eyewear, Maui Jim, Inc., Pivothead, and Safilo Group S.p.A.
Europe has accounted the leading share of total generating revenue across the globe due to primarily due to high average selling prices for the eyewear products and strong inclination toward premium category. North America is also contributing major share in the global market of eyewear due to high disposable income of people in the North American region. Middle East & Africa are also anticipated to grow at a higher rate during the forecast period due to the rise in mall-based eyewear stores. Asia-Pacific region is also anticipated to exhibit higher growth rate / CAGR over the forecast period 2018-2025, due to increase in GDP rate, consumer demographics, and preference for luxury brand of the overall economy.