Aesthetic appeal is also a prominent factor in the contact lenses segment, which is witnessing n increase in demand.
San Francisco, CA -- (SBWIRE) -- 03/25/2020 -- One of the most significant segments of the global eyewear market is the spectacles segment. It has led the market in the past and is set to continue dominating it over the period 2019 to 2029, the period of assessment for market report, prepared by Transparency Market Research. It is important to note here that the growth in this segment is a result of growing prevalence of weakening vision due to extended screen time noted across all groups. Besides, it is leading to a high lens replacement rate. Additionally, demand for scratch resistant coating and anti-glare is also driving the segment on to a higher trajectory. And, as aesthetic appeal dominates people's choices more and more, expensive and more fashionable frames are hitting the market every now and then.
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Aesthetic appeal is also a prominent factor in the contact lenses segment, which is witnessing n increase in demand. Here, it is important to note that increase in disposable income is contributing massively to this demand. Besides, these are used extensively by make-up artists and are witnessing an increase n popularity, thanks to social media influence. Players are also quite active here and recently an electronic contact lens prototype was created by e-Vision Smart Optics. These can adjust focus on own. Another notable development on the helm is the incorporation of Bluetooth
Thus, it can be gathered here that the market depends on technology and research and development and therefore would see product development and improvement on a major scale. As a result, the market would chart a sturdy growth trajectory from 2019 to 2029, creating lucrative avenues leading to growth for market players. This will also lead to growth in the worth of the market.
Asia Pacific (APAC) Region to Grow at a Rapid Pace over the Forecast Period
In the global eyewear market, the Asia Pacific region is set to grow at an impressive rate owing to growth in e-commerce and countries such as China witnessing manufacturing at low costs. Besides, nations in the region manufacture large volumes of eyewear. Additionally, it is worth noting here that the North America region would lay claim to a sizeable share of the market over this period due to high brand equity and high disposable income. Luxury eyewear is a mainstream element in the regional landscape, contributing massively to its growth. Besides, high fashion standards in North America and Europe propel the demand for eyewear in a big way.
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Fragmented Vendor Landscape of Global Eyewear market to Witness Intense Competition over the Forecast Period
Top companies in the market, keeping other players on their toes, and driivngthe market to higher standards, include EssilorLuxottica; CooperVision; Bausch + Lomb Inc.; Safilo Group S.p.A; and Fielmann AG, among others. It is important to note here that multiple players operate in the global market and the competition is quite intense.
Few are dabbling with 3D orienting and a large section is involved in technological advancement to bring the best product out in order to widen the consumer base and carve off a larger share of the market, particularly over the forecast period. A number of organic and inorganic strategies are also being deployed by the market players in order to stay ahead of the curve. These include mergers and acquisitions and partnerships and collaborations. Strategic alliances have often paved the way for growth of individual businesses as combining resources and know how starts paying off dividends. In fact, one of the most notable mergers in the global eyewear market is the one between Luxottica Group and Essilor International in the year 2018.
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