The global eyewear market has shown strong growth in the past few years bolstered by the rising incidence of vision disorders around the world. With consumers around the world becoming increasingly aware about the importance of eye check, in the future years analysts expect the demand for eyewear to surge at an exponential pace. Moreover, with an increasing number of players foraying, the market will witness a considerable expansion of the existing product portfolio. This trend will also accelerate growth for some of the existing players besides the overall eyewear market.
According to Transparency Market Research, the global eyewear market stood at US$81 bn in 2011 and is expected to reach US$130 bn by the end of 2018. If these figures hold true, the global eyewear market will report a moderate CAGR of 3.70% between 2012 and 2018.
Q: Which product segment will showcase most lucrative opportunities for the market?
A: The global eyewear market is significantly gaining from the increasing disposable income of consumers across the globe. Besides this, the high renewal rate of lenses is also a chief driver of the market. With the expansion of wearer base and the increasing incidence of eye disorders, the global eyewear market is expected to showcase considerable growth in the near future. On the downside, the rise in number of refractive surgeries around the world pose threat to the market. Nevertheless, due to the growing population with uncorrected vision, the leading market players are likely to witness accelerated pace of growth in the near future.
Among the various product types available, the spectacles segment is expected to generate higher revenue for the global eyewear market. In 2011, it also emerged as the dominant segment and is forecast to remain at the lead through the next few years. The growth witnessed in the spectacles segment is ascribable to the rising number of consumers in the eyewear industry. In addition, the segment will witness accelerated pace of gains as spectacles emerge as popular fashion accessories.
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For instance, aviator, tortoise shell, or cat eye glass have been the favorite of the season. To capitalize on the same, leading brands such as Ray-Ban and Burberry have launched a flurry of new designs in their glasses.
Q: What factors will encourage market’s growth in leading regions?
A: Regionally, North America dominated the global eyewear market with a share of 30% in 2012. Experts predict this region to continue leading the market throughout the next few years, thanks to the increasing demand for sunglasses and contact lenses. In addition, Asia Pacific is also forecast to exhibit lucrative opportunities for the market as leading players focus more on advertising campaigns and marketing activities in the region. As per TMR, the eyewear market in Asia Pacific is expected to report a CAGR of 9% between 2012 and 2018.