Eyewear Market Is Set to Expand at an 8.8% CAGR Between 2017 and 2023

According to report eyewear market is set to expand at an 8.8% CAGR over the period between 2017 and 2023 in terms of revenue. Growing at this rate, the market is expected to expand from US$2.75 bn in 2014 to US$5.86 bn by 2023.


Albany, NY -- (SBWIRE) -- 11/16/2017 -- A new report added to the repository of Market Research Reports Search Engine "Eyewear Market - Global Industry Analysis, Size, Share, Growth and Forecast 2017 - 2023" is a comprehensive repository of information, providing market share, size, and forecast.

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The global eyewear market is driven by the rising population of individual suffering from conditions such as myopia, presbyopia, hyperopia, and astigmatism. The demand for corrective eyewear is the major driving force behind the growth of this market

The report analyzes the global eyewear market on the basis of the product types, distribution channels, and regional markets.

Based on products, the global eyewear market is classified into the markets for spectacles, plano sunglasses, and contact lenses. By distribution channels, retail outlets, online portals, and healthcare service providers are the key segments in the market. Regionally, the global eyewear market is spread across North America, Europe, Asia Pacific, and the Rest of the World.

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The research report offers a comparative analysis of the global eyewear market on the basis of the qualitative as well as quantitative evaluation of every segment of this industry. The study also evaluates the present market dynamics and the existing trends such as the driving forces, restrictions, and future prospects the eyewear market across the globe.

Overview of the global eyewear market

According to the TMR report, the demand for eyewear products in 2011 was more than 2,600 million units and it is expected to register a CAGR of 3.7% between 2012 and 2018. In terms of revenue, the market generated approximately US$81 billion in 2011 and is projected to attain US$130 billion by the end of the forecast period.

On the basis of the types of eyewear, the market for spectacles, including both, spectacle lenses and spectacle frames, dominates the global eyewear market. In 2011, the spectacles market valued more than US$63 billion. Aided by the rising number of individuals using as well as needing prescription eyewear or corrective eyewear, the future of this market is booming.

Though the market for contact lenses is comparatively small, but its future isn't bleak at all. On account of the increasing awareness about the benefits and convenience of use, the contact lenses are gaining worldwide acceptance, which, in turn is expected to help the market expand significantly.

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In 2012, the eyewear market in North America acquired the leading position occupying more than 30% of the global market in terms of consumption. The high demand for sunglasses and contact lenses in the region was the key driver fuelling the eyewear market in North America. On the other hand, the European eyewear market generated the highest revenue of around 40% of the overall market, the same year.

The eyewear market in Asia Pacific, specifically in India and China is expected to register fastest growth in the global market at a CAGR of 9.0% during the period from 2012 to 2018 on the account of increasing usage of eyewear owing to the dense population in the region.

Though the market is reporting impressive growth at present, the rising popularity of the refractive surgeries is expected to pose significant challenge to the market in the coming future.

Companies mentioned in the research report

The global eyewear market possess a large base of participants including Luxottica, Essilor Int., Safilo, Johnson & Johnson Vision Care, CooperVision, Carl Zeiss, Bausch & Lomb, Fielmann, Marchon Eyewear, De Rigo, CIBA Vision Inc., Hoya Corp., Specsavers Optical, and Vision Express. Among these, Johnson & Johnson, CooperVision, CIBA vision, and Bausch & Lomb dominates the contact lenses market. For spectacle lenses, Carl Zeiss and Essilor are the leading manufacturers, whereas, Luxottica and Safilo are the major suppliers for plano sunglasses.

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