New York, NY -- (SBWire) -- 09/12/2017 --People from different spheres and demography have become buyers of eyewear products. Eye problems and age factor are no longer the only reasons to buy an eyewear. Increasing sense of style and appearance coupled with the higher influence of trending fashion are prompting the youth to buy eyewear products such as sunglasses. Lifestyle activities that involve active participation in outdoor trips or excessive exposure to television screens have also influenced the demand for eyewear products globally.
A study conducted by Persistence Market Research (PMR) reveals that the global market for eyewear products is expected to reach US$ 166,509.5 Million over 2026. In addition, the US$ 95,000 Million market is anticipated to expand at over 5.8% CAGR between 2016 and 2026. Over 1,300 million units of eyewear were sold globally in 2016 and the number is expected to cross 2,100 million units by the end of the forecast period.
Premiumization Impact: Manufacturers are entering into emerging countries in order to tap the growing demand for such products in these countries. This, in turn, is stimulating the need of premiumization of eyewear products, especially for consumers who desire to experience luxury eyewear through premium products.
E-Commerce Gateway: Over the recent years it has become one of the most lucrative ways to expand business and offer exclusive products through E-commerce portals. An intensive market approach, a vast range of option and healthy profit margins is luring brands towards e-tailing sites.
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Supply Networking Challenges: Rising demand for such products is hampered with a weak supply chain support. New entrants are grain profits through market strategies such as price discount and attractive offers. However, the weak supply of such newly-entered products remains a major barrier to further development of the market.
Innovative Solutions in Eye Healthcare: Technological innovations is medical sector are supporting the development of advanced eye care solutions. Corrective spectacles, soft contact lenses and few other features are gaining popularity amongst consumers.
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Plano sunglasses is expected to continue registering high sales across the globe. Plano sunglasses and spectacles will collectively account for over 60% share of the market by the end of forecast period. Sales for mid-priced eyewear products is expected to remain high, whereas, low and premium price range product will witness sluggish sales in the coming years.
Eyewear franchise outlets or company outlets will continue to be most dominant distribution channels worldwide, accounting for nearly 30% revenue share of the market. In terms of revenue, e-commerce platforms or online sites will witness a CAGR of over 7.4% during the forecast period.
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On the basis of region, Western Europe and North America will continue to be the most lucrative regions for eyewear businesses – commanding to more than US$ 100,000 Million in revenues over 2026. Demand for eyewear products is also expected to grow substantially in regions such as Eastern Europe, the Middle East & Africa and Asia-Pacific.
Key players operating in the global market for eyewear products include Essilor International SA, Carl Zeiss AG, Johnson & Johnson Vision Care, Inc., Fielmann AG., Marcolin SpA, Hoya Corporation (Life Care), Cooper Companies, Inc., De Rigo SpA, Luxottica Group SpA, and Safilo Group Spa.
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Eyewear Market Is Projected to Reflect at 5.8% CAGR by 2026
Owing to their widespread availability all over the world eyewear products have become one of the popular consumer good.