According to the findings of a recent research report published by Grand View research, Inc.; the global eyewear market is estimated to reach at USD 184.03 billion by 2024. Growing target population, wide use and acceptance of eyewear, and a rise in disposable incomes across various developing regions are expected to be the key factors driving the market. In addition, increasing awareness regarding eye care and health among consumers is also projected to contribute toward the market expansion over the forecast period (2014 to 2024). Moreover, rising cases of myopia have resulted in an escalated demand for prescription-based eyeglasses.
Increased consciousness among individuals to protect their eyes from prolonged exposure to electronic devices due to drastic changes in lifestyles and various technological advancements is also likely to boost the market growth. High demand for eyeglasses, particularly sunglasses and spectacle frames, which are also considered as a fashion accessory is also expected to augment the market development over the years to come. Moreover, preferences for branded and luxury sunglasses can further impel growth of the global market.
Full Research Report On Eyewear Market Analysis: https://www.grandviewresearch.com/industry-analysis/eyewear-industry
Companies in the eyewear market are also focusing on development of innovating products to fulfill the rising and constantly evolving demand of consumers. Plus, the advent of low-cost disposable lenses has become tremendously popular due to their easy affordability and low maintenance needs. All these aspects are likely to emerge as the prominent factors for the global market expansion during the forecast period. In addition, a lot of manufacturers are also focusing on introducing eyeglasses and sunglasses in different styles, sizes, shades, and shapes; such constant innovations are also projected to fuel the market in the forthcoming years.
The worldwide eyewear market is categorized as per product type and region. On the basis of product type, the market is fragmented into spectacles (spectacle lenses and spectacle frames), contact lenses, plano sunglasses. The plano sunglasses segment is further segregated based on product (polarized and non-polarized) and material (polycarbonate, CR-39, and polyurethane). On the basis of geographies, the market is divided into Europe, Asia Pacific, North America, South America, and Middle East and Africa (MEA).
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The Europe region led the global market for eyewear with a valuation of USD 35 billion in 2015. Consumer inclination toward premium category products and high average selling prices of eyewear are the primary regional drivers. This regional market is further expected to have a steady development during the forecast years. This growth can be attributed to the presence of major companies such as Luxottica Group S.p.A. in this region. The Asia pacific region is estimated to come up as the key region for eyewear manufacturers in near future. Presence of target population, enhanced living standards, and increased disposable income are the key growth drivers for the regional market. Premium buyers are opting for anti-reflective, UV-protected, scratch-resistant, and other such high-end product. This fact is also anticipated to boost the regional product demand.
The North America eyewear market is projected to experience a steady growth rate over the next few years. This can be credited to the factors such as the presence of a trendsetting consumer base with high disposable incomes and rising awareness about eye care among consumers. In addition, increasing geriatric population base and extensive usage of various eyewear products across different age groups are likely to boost the market during the forecast period.
Some of the top companies operating in the global eyewear market include Bausch + Lomb Inc.; CooperVision, Inc.; Luxottica Group S.p.A.; Safilo Group S.p.A.; and Fielmann AG. Partnerships and M&A activities along with technology development and product portfolio expansions are some of the major strategies adopted by most companies to gain a foothold in the market. Many market players are also focusing on supply chain integration to expand their business across the globe.
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