Optical Industry Statistics
The market’s largest segment may be the segment Spectacle Lenses with market volume of US$56.81bn in 2022.
- About half of the U.S. population requires some vision correction, but as much as 90 percent of those over age 45 need corrective eyewear.
- This is majorly because of surge in demand for eyewear products especially in the THE UNITED STATES and Europe.
- The increasing acceptance of vision maintenance systems is estimated to improve the growth rate of the marketplace in this
- The larger the ratio, the more able a firm is to cover its interest obligations on debt.
- Increased preference for contacts has boosted the overall growth of the eyewear market.
The increased demand for eyeglasses has come from growing visual impairments and the desire to have proper eyesight. Millennial are increasingly reliant on and drawn to digital technologies such as computers, smartphones, video games, and other cellular devices. They are more likely to develop eye problems due to spending lengthy periods of time on these devices. Manufacturers have begun to create smart eyewear, such as reading spectacles featuring LED lights, so that users can continue to read even if the power goes out. Because of this, the eyewear sector has evolved dramatically throughout time, and additional advancements will probably emerge in the years to come.
By Product Type :
Several advanced technologies for testing eye health have come to the fore in recent times, which factor has overhauled the dynamics of the center East eyewear market. This trend is reflected in the regional markets, and has given a push to the growth of the Middle East eyewear market. The Middle East has heavily invested in improving optometry, which factor has aided the growth of the regional eyewear market. Among other players domestic and global, Optical Lenses market share data can be acquired for globally. About 217 million people have a vision impairment that qualifies them for a few type of corrective lenses of moderate to severe correction around the world. Probably the most significant factors behind the upsurge in vision problems is because of computer vision syndrome, which changes the focal point for a person’s eyes.
- Whereas urbanization is resulting in improved demand for branded eyewear, thus enhancing the plano sunglasses business expansion.
- These glasses can be useful to track the physical fitness of an individual by tracking steps, distance covered and calories burned in a given period.
Rising investment for enhancing the distribution channel by the product manufacturer is likely to foster the marketplace growth of eyewear on the forecast period. For example, in December 2019, SoftBank Vision Fund has invested a lot more than $275 million in omnichannel eyewear retailer Lenskart. Within the investment, SoftBank will acquire stakes from a number of the company’s early investors. Executive summary and detailed table of contents can be viewed free online.
Online Retailers
Additionally, in developed countries, you will find a surging acceptance of sportswear sunglasses among the general public. The wide product offering by manufacturers is bolstering the demand for sunglasses globally. Combined with this, the public can be adopting prescription sunglasses for vision correction and protection from Ultra violet rays. Additionally, the rising option of spectacles and sunglasses in retail and online channels in developing and developed nations is anticipated to boost the market during the forecast period.
Primary competitors in the global luxury eyewear market are focusing on strategic mergers & acquisitions to improve market share and expand their customer base. The majority of the key players involved with luxury eyewear commerce are strategically buying online distribution so that you can reach a wider customer base and gain high market share.
Emerging economies provide lucrative opportunities for growth and expansion of the marketplace. Online stores segment is likely to grow at highest CAGR of 9.0% during the forecast period. The spectacles segment is expected to lead the market during the forecast period. Latin America is estimated to operate a vehicle the adoption of spectacle in the forecast years. The market in the centre East and Africa is estimated to grow slowly compared to that of Asia Pacific and Latin America.
