Eyewear Industry

Related to the growing economy and increasing purchasing power, consumers in the region are buying eyewear as a fashion statement. China may be the world’s leading manufacturer of spectacles and also has the largest potential consumer base. It also has the highest population rate with myopia, suggesting a huge potential for the spectacles market.

• Increased preference for contacts has boosted the entire growth of the eyewear market.
• Aside from serving visual deficiencies, fashion needs, and protection from UV sunrays, the global eyewear market caters all sorts of an individual’s needs.
• The increasing brand consciousness can be projected to drive the market globally.

global market. Additionally, the report has an elaborative analysis of the market dynamics and competitive landscape. Various key insights provided in the report include key industry developments – mergers, acquisitions, and partnerships introduction of new products/approvals . It also provides the epidemiology of major ocular disorders – key countries, key trends in the market, and a snapshot of the global market.
Despite the fact that the growth of the market will undoubtedly be slow in the coming period after the pandemic, it is likely to regain the pace with the upcoming advanced products in the coming years. The gradual growth in the market of Eyewear is likely to start during the initial quarters of 2021. The global eyewear market is likely to increase during the forecast period owing to the Increase in demand for prescription spectacles and contact lenses owing to age-related impairment such as for example presbyopia will drive the global eyewear market.

3D printing primarily has an chance of ophthalmic laboratories and eyewear companies to optimize the industry’s potential. New innovations are developing the entire market of eyewear products, such as customized 3D printed frames and new UV protection sunglasses. Popular social media platforms are giving the chance to eyewear companies to carefully analyze the requirements and choices of consumers by allowing them to sell products that are specially created for different geographies. Because of huge presence of users on media platforms such as Instagram, Facebook, and Twitter, it is enabling eyewear companies to penetrate the market more efficiently. Since millennials are referred to as the digital generation, they spend more time on social media marketing sites, where they are drawn to a common celebrities and then begin looking for products that they are wearing. As a result, social media is revolutionizing the dynamics of the eyewear industry. A paradigm shift has been observed in Asia-Pacific, where the consumer perception of eyewear is changing from function to fashion.

Based on person, the men segment is expected to dominate the eyewear market with the best share through the eyewear market forecast. This is related to men preferring superior quality and designer sunglasses, which according to them determine a social status. The shops segment accounted for the highest eyewear market share and is further expected to continue dominating the marketplace in the forecast period. The high accessibility of sunglasses and spectacle products in retail stores of shopping malls, branded stores, among others is a main factor driving the retail store segment in the market.
Additionally, the limited use of luxury sunglasses in countries such as for example India and Brazil is estimated to impact the market’s sales revenue in the upcoming years. Higher costs of luxury sunglasses and contacts owed to costly import duties are the major factors attributed to the limited product acceptance in these emerging nations. These aforementioned factors combined with the lower penetration of contact lenses in developing countries are projected to restrain the marketplace growth soon.
This can be related to the high using cell phones and digital screens, resulting in the rise in the prevalence of computer vision syndrome globally in recent years. The growing popularity of online learning has further led to children developing CVS, thereby driving the adoption of anti-fatigue and anti-glare glasses. Additionally, recent trends including the rising popularity of clear eyeglasses and bright translucent glasses have boosted the entire demand for spectacles. The exponential growth of social media marketing offers new growth avenues for the marketplace. Popular social media platforms offer eyewear companies the opportunity to carefully analyze audience demands and choices, thus enabling them to offer specially curated products according to different geographies. The current presence of a sizeable audience on platforms such as Twitter, Instagram, and Facebook enable eyewear companies to penetrate the marketplace more effectively.