Eyewear Market Size with Business Prospects, Future Demand with Overview of Competitor
Market Highlights
The global eyewear market is growing worldwide due to
changing consumer preferences and increasing purchasing power. The global
eyewear market size expected to expand and reach a market value of USD 185
Billion by 2024 at a CAGR of 5.5% during the period of 2019 and 2024. A
variety of eyewear have been introduced by companies with different
characteristics to cater to the demand for convenient, durable, and innovative
products. The global eyewear market is monopolistically competitive in
nature due to the presence of several vendors and customers in the market and
limited barriers for the entry of new players. To overcome the challenges in
the global eyewear market outlook, prominent players are focusing on product
launches, partnerships, mergers & acquisitions, and expansions in terms of
production capacity and geographic reach. This is expected to drive the
demand for eyewear among consumers across the world.
The global eyewear market report has segmented the market by
type, distribution channel, and region.
Based on product type, the global eyewear market
has been segmented into spectacles, sunglasses, contact lenses, and others. The
spectacles segment is projected to be the largest during the forecast period.
Increasing concerns about eyesight-related issues and increasing cases of eye
disorders are expected to boost the eyewear
market size. Additionally, the increasing aging populations is widely
preferring the prescription-based spectacles to tackle visual deficiencies and
cure refractive errors. The sunglasses segment is expected to register the
highest growth rate during the review period owing to the presence of new and
advanced products in the market. For instance, prescription sunglasses is
expected to be a more convenient option for outdoors. Prescription sunglasses
help with visual deficiency as well as protection from UV rays.
By distribution channel, the global eyewear market report has
segmented the market into store-based and non-store-based. The store-based
segment has further been divided into supermarkets and hypermarkets, specialty
stores, and others. The store-based segment is projected to account for
the larger market share due to the widespread availability of variety of
eyewear in supermarkets and hypermarkets. Moreover, there is a higher
preference for store-based channels as they provide a one-stop shopping
experience where the consumers can try out the products and then purchase them.
However, the non-store-based segment is projected to register the higher CAGR
due to the increasing adoption of e-commerce in the retail sector.
Key Players
Some of the key players in the global eyewear market are The
Cooper Companies Inc. (US), Carl Zeiss AG (Germany), Bausch Health
Companies Inc. (Canada), Safilo Group S.p.A. (Italy), Fielmann AG (Germany),
Luxottica Group S.p.A. (Italy), Johnson & Johnson Vision Care, Inc.(US),
GrandVision (Netherlands), Alcon Vision LLC (US), Marchon Eyewear Inc. (US), De
Rigo Vision S.p.A. (Italy), Essilor International (France), Rodenstock GmbH
(Germany), Marcolin SpA (Italy), and Charmant Inc. (US).
Browse Full Report Details @ https://www.marketresearchfuture.com/reports/eyewear-market-7999
Regional Analysis
The global eyewear market has been segmented, on
the basis of region, into North America, Europe, Asia-Pacific, and the rest of
the world.
The market in Europe is expected to dominate the
global eyewear market owing to the growing preference for premium
eyewear, changing eyewear trends, and availability of wide range of options.
The growing preference of the consumers for branded eyewear products is
expected to pave the way for the market players to capitalize on lucrative
prospects. Also, due to the changing trends regarding the use of various types
of eyewear in countries including Italy and France, there has been a rise in
the creation of new products, to meet the growing market demands, which have
been successfully marketed in other regions.
The market in the Asia-Pacific, as per the Asia-Pacific
eyewear market outlook, is expected to be the fastest-growing due to the
expanding consumer goods industry, increasing prevalence of visual deficiency,
and growing consumer awareness of consumers regarding eye protection from UV
rays
Key Developments
- In
2016, Safilo Group S.p.A. expanded its business in India by
strengthening its presence in the top 60 cities of the country. The company
made 24 of 31 brands, of its portfolio, avaliable in the country
- In
2018, Marcolin SpA signed an exclusive global licensing deal to
manufacture, design, and market sunglasses and optical eyewear for luxury
brand Bally.
- In
2018, Marchon Eyewear, Inc., manufacturer and distributor of eyewear
and sunwear, and Cutler and Gross Ltd., British eyewear brand, entered
into an agreement for the distribution of Cutler and Gross sun and optical
eyewear throughout the US.
- In
2018, Johnson & Johnson Vision Care, Inc. launched contanct lenses
with Transitions Light Intelligent Technology named Acuvue Oasys under its
brand Acuvue. The contact lens provided vision correction to the wearer,
along with a dynamic photochromic filter that helped to constantly balance
the amount of light entering the eye.
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